Author Archives: enterpriseam admin

Egypt has paid off the final USD 200 mn installment of a USD 1 bn loan obtained from Turkey in 2012 during former President Mohamed Morsi’s tenure, Reuters reports. The government also paid Libya a USD 250 mn installment for its USD 1.5 bn loan, leaving USD 500 mn remaining and that would be paid […]

IPO WATCH- Dice Sport and Casual Wear announced yesterday (pdf) that its institutional offering was 3.1x oversubscribed, generating EGP 2 bn in demand. Ordinary shares on the EGX have been priced at EGP 22.60 following the successful conclusion of the book-building process. At the offer price, the company’s market cap stands at EGP 1.2 bn. […]

M&A WATCH- SPE Capital, formerly Swicorp Private Equity,announced that during its investment period in Orchidia, the company’s revenues have increased more than four-fold, according to an emailed statement. On Thursday, the Egyptian American Enterprise Fund (EAEF)’s investment manager Lorax Capital Partners announced it will subscribe in an upcoming capital increase along with Orchidia founder Ossama […]

Germany's KfW is currently financing EUR 1.8 bn-worth of projects in Egypt, the bank’s country director Burkhard Hinz told the press on Friday, the state news agency reports. The development-centered institution focuses on three main areas in Egypt, he added, listing infrastructure projects (including water, solid waste management, and renewable energy), vocational training programs, and […]

Trade and Industry Minister Tarek Kabil met on Thursday with the IMF delegationvisiting the country to conduct its second review of the economic reform program, Al Masry Al Youm reports. Discussions centered around the ministry’s industrial and trade development strategies, with Kabil pointing to declining imports, better economic growth, and lower unemployment. The delegation, whose […]

The government has reportedly issued the streamlined guide on wheat imports Supply Minister Ali Moselhy had promised, according to Reuters. The guide reportedly includes instructions to ports to accept wheat shipment containing poppy seeds that are not cultivated for opium. The French Embassy in Egypt had suggested that blocking a French wheat shipment to Egypt […]

EARNINGS WATCH- ‘Tis the season, folks, although we expect many companies will report their 3Q earnings only after coming home from the EFG Hermes London conference. Among those now out: Real estate developer Palm Hills Developments reported an increase of 15.5% y-o-y in net profit after tax for 9M2017, which came in at EGP 467 […]

Fifty-five former Barclays outlets in Egypt were rebranded to Attijariwafa Bank Egypt as of 3 November,the Moroccan lender announced in a statement (pdf). Attijariwafa had bought Barclays Egypt’s operations last year in a USD 400-500 mn transaction. The bank plans to commence a five-year strategy that should see it grow to capture a greater share […]

Could the controversial NGO Act be watered down? A number of statements from members of the House of Representatives imply that the NGO Act, which has been criticized by US Congressional leaders including John McCain, could be watered down. The message was carried by House Speaker Ali Abdel Aal himself during visit by a House […]