Author Archives: enterpriseam admin

IPO WATCH- EFG Hermes expects Banque du Caire to IPO in 1H2018, after the transaction was initially expected to take place last fall, Co-head of Investment Banking Mostafa Gad told AMAY. Gad attributed the delay to what he called the many changes which impacted the banking sector this year, including the interest rate hikes and […]

M&A WATCH- FRA rejects ADM’s counter offer for NCMP: The Financial Regulatory Authority (FRA) rejected again yesterday Archer Daniel Midland’s (ADM) offer to acquire 100% of the National Company for Maize Products (NCMP), according to a regulatory bourse filing. The statement contains no detail on why the bid was refused, ADM submitted a counter offer […]

EgyptAir, Bombardier sign letter of intent for USD 1.1 bn aircraft purchase: EgyptAir Holding Company signed yesterday a letter of intent with Canada’s Bombardier to purchase up to 24 C-Series planes for USD 1.1 bn, the Canadian company said in a statement. The agreement will see Egypt’s national flagship carrier purchase at least 12 CS300 […]

USD 3.1 bn extended financial repo transactions carries same collateral: The USD 3.1 bn expanded financial agreement with global banks secured as part of a repurchase (repo) transaction in 2016 carried the same collateral and came with favorable terms, CBE Sub-Governor Rami Aboul Naga said in a phone interview with Bloomberg. “The funding is based […]

Elsewedy Electric replaced Orascom Telecom Media and Technology Holding on the MSCI Global Small Cap Index. The move is part of the MSCI Global Standard Indexes’ semi-annual revision, which will start as of 30 November.

EARNINGS WATCH- Telecom Egypt reported net profit growth of 16% y-o-y to EGP 1 bn in 3Q2017, up from EGP 866 mn last year. Revenue for the quarter grew 34% y-o-y to EGP 4.43 bn, the company said in a statement (pdf).

MOVES- Sarah Shabayek has left Arqaam Capital to join Telecom Egypt as head of investor relations, according to Bloomberg. Ziad Itani replaces her as head of telecom research at Arqaam.

The Suez Cement Company gave a preliminary nod yesterday to merging the Helwan Cement Company’s operations into its own, according to an EGX filing (pdf). The company will be working on determining the legal and financial framework and setting a timeline for the transaction before bringing the matter to the general assembly for a vote. […]

Cruise lines now see the Middle East as an attractive place to move their Europe fleets in the winter season, Fran Golden writes for Bloomberg. Travelers also see the itineraries provided by cruise lines around the Middle East as an easy way to check off several bucket list attractions they may not previously have visited. […]

Federal court allows partial implementation of Trump’s ‘Muslim ban’; Egypt is on the list: A federal appeals court yesterday allowed for a partial implementation of President Donald Trump’s travel ban, which places restrictions on the processing of refugee cases from 11 MEA countries, including Egypt, Sudan, Libya, Iraq, Iran, Syria, and Yemen. “Lawyers on both […]