Author Archives: enterpriseam admin

M&A WATCH- Total has acquired Engie’s 5% stake in the first train of the Idku LNGproject in Egypt as part of a larger transaction worth up to USD 2 bn that also includes other assets in the United States, Africa and Europe, the company said in a statement overnight. The transaction, which should close by […]

M&A WATCH- Veon Holdings is seeking approval from the Financial Regulatory Authority (FRA, formerly EFSA) for a mandatory tender offer to buy 1.998 bn shares of Global Telecom Holding (GTH) at EGP 7.90 per share, according to Reuters. FRA says it is studying the offer. Veon is the name VimpelCom gave itself in June. It […]

INVESTMENT WATCH- Port operator and logistics services provider DP World announced yesterday (pdf) the details of its agreement with the Suez Canal Economic Zone (SCZone), which will see it “develop an integrated industrial and residential zone” in Ain Sokhna. The agreement, which was signed on the sidelines of the World Youth Forum in Sharm El […]

You now need general assembly approval to buy back treasury stocks: The Financial Regulatory Authority (FRA) has made it mandatory for companies to seek general assembly approval before buying treasury shares, Al Shorouk reports. The decision aims to protect the rights of minority shareholders by putting a policy in place to ensure that all investors […]

There are some concerns that state-owned Telecom Egypt (TE) is experiencing a pattern of “unfair privileges” with its entry in the mobile operator market, according to a piece by AFP. The privileges include a potential conflict of interest given its stake in Vodafone Egypt as well as an exemption from an NTRA-imposed price hike. “It […]

Egypt is confident it can achieve a primary budget surplus for the first time years in FY2017-18 and is working to reduce government debt to 98% of GDP, Vice Minister of Finance Ahmed Kouchouk told the IMF delegation in town reviewing progress on the economic reform agenda. Positive indicators from the first quarter of the […]

House preliminarily gives initial approval to Labor Unions Act after heated debate: The House of Representatives’ general assembly granted an initial nod yesterday to the Labor Unions Act following heated debate, Al Masry Al Youm reports. The House decided to postpone full debate of the law to a later date after MPs disagreed over some […]

Prime Minister Sherif Ismail has approved the composition of the Ministerial Committee for Settlement of Investment Disputes to be headed by the PM himself and to include the ministers of justice, investment, trade and industry, finance, public enterprise, as well as the Deputy Justice Minister for Arbitration and International Disputes, our friend Moustafa El Bahabety. […]

President Abdel Fattah El Sisi fielded questions and addressed some of the mostpressing topics facing Egypt and the region during the Meet the Press segment of the World Youth Forum on Wednesday. El Sisi spoke on the issue of his reelection, saying he would not consider a second term until after he delivers in a […]