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Maersk Drilling agreed to sell its 50% stake in Egyptian Drilling Company to the EGPC for USD 100 mn, Reuters reports. The cash transaction leaves the EGPC as the sole shareholder of Egyptian Drilling Company.
Author Archives: enterpriseam admin
Posted inInfrastructure
Red Sea Ports Authority to sign agreement with China’s CRBC for three projects
The Red Sea Ports Authority is scheduled to sign today an MoU with the China Road and Bridge Corporation (CRBC) for three port projects, authority head Hisham Abou Senna tells Al Borsa. Chief among the projects is a USD 250 mn multipurpose terminal with the capacity to handle 1.2 mn containers per year at the […]
Posted inBanking + Finance
First EGP 10 bn phase of CBE’s Mortgage Finance Fund handed out
Local banks have handed out 100% of the first EGP 10 bn phase of the CBE’s Mortgage Finance Fund, CBE Sub-Governor Gamal Negm announced, Al Mal reports. The second EGP 10 bn tranche, which the CBE had decided to allocate in October, will now be distributed, according to Negm. The fund seeks to boost financing […]
Posted inBanking + Finance
Beltone increases assets under management by 50% in 2017
Beltone Financial Holding raised its assets under management this year 50% to EGP 27 bn, Head of Brokerage Mustafa Abdel Aziz said to Al Mal. The company is looking to acquire a European asset management house next year although nothing concrete has materialised, he also said.
Posted inBanking + Finance
Banque Misr sells EGP 275 mn worth of shares in MNHD
Banque Misr has sold 25 mn shares in Medinet Nasr for Housing and Development (MNHD) for a total value of EGP 275 mn, according to a bourse disclosure. The sale reduces the bank’s stake in MNHD to 3.47% from 5.97%.
Posted inBanking + Finance
Cleopatra capital increase now 100% subscribed
Cleopatra Hospital Group’s second round of subscriptions for their capital increase closed out the entire amount, according to a regulatory filing. The EGP 700 mn capital increase was 99.8% subscribed in the initial phase announced on 10 December and now the full 1.4 bn shares have been picked up. Proceeds will be used to fund […]
Posted inOther Business News of Note
Dice Sport and Casual Wear to export to Levi’s in the US
Dice Sport and Casual Wear reached an agreement with Levi Strauss & Co (Levi’s) to export kids wear to the US market in 2018, according to a bourse statement. The agreement is expected to increase Dice’s sales by USD 10.8 mn. Dice says its agreement with Levi’s allows for the export orders to be canceled […]
Posted inEgypt Politics + Economics
National Elections Commission denies issuing schedule for presidential elections
The National Elections Commission denied yesterday it had set a timeline for next year’s presidential elections, Ahram Online reports. Under the constitution, election proceedings must begin no later than 120 days before the current presidential term expires. The commission, which is headed by the chief justice of the Court of Cassation, was formed in August […]
Posted inLegislation + Policy
Council of State completes review of amendments to Nationality Act
The Council of State’s legislative division has completed its review of proposed amendments to the Nationality Act and will send the legislation back to Cabinet for approval, Al Shorouk reports. The amendments would strip citizenship from those found guilty of belonging to or affiliated with a terrorist organization or any other group whose aim is […]
Posted inSports
Hegazi signs permanent transfer to West Brom
West Bromwich Albion has activated a clause to sign Ahmed Hegazi on a permanent agreement, according to Sky Sports. The Egypt international was on loan from Al Ahly since July and he has signed a four-and-a-half-year agreement for an undisclosed fee.