Author Archives: enterpriseam admin

IPO WATCH- DICE Sport and Casual Wear announced yesterday its intention to float (pdf)up to 33.05 mn existing ordinary shares, representing 62.35% of its outstanding share capital listed on the EGX. The selling shareholders are National Textile S.A.E, which holds 56.0% of DICE’s share capital, and other minority investors who hold a combined 6.4% stake. […]

International Financial Law Review (IFLR) named Allen & Overy the international law firm of the year in its IFLR Middle East Awards 2017. Matouk Bassiouny took home the national award for law firm of the year in Egypt. The equity transaction of the year award went to Baker McKenzie, Helmy Hamza & Partners, and White […]

EARNINGS WATCH- Juhayna Food Industries reported a net profit of EGP 76 mn in 3Q2017, a 34% y-o-y increase over the same period last year. Revenues for the quarter jumped 34% y-o-y to EGP 1.7 bn, the company said in an earnings statement (pdf).

EARNINGS WATCH- Orange Egypt reported a consolidated net loss after tax of EGP 1.77 bn in 9M2017, down from EGP 133.9 mn a year ago, the company said in a regulatory filing (pdf). Consolidated revenues for the period rose 6.26% to EGP 9.35 bn, up from EGP 8.80 bn last year. The company said that […]

SME Development Authority looking for EGP 5 bn in loans from international institutions: The SME Development Authority is in talks with international financing institutions, including the European Bank for Reconstruction and Development and French development agency AFD for EGP 5 bn in funding, Al Mal reports. The funds will be used to finance SMEs, as […]

House agrees to a third term of emergency rule: The House of Representatives unanimously agreed yesterday to extend the state of emergency for another 90-day period effective 13 October, Al Shorouk reports. Ahead of the vote, Prime Minister Sherif Ismail briefed MPs on the reasons behind the decision, assuring them that the exceptional measures, which […]

This will not make Turkey happy: The Cypriot government is planning to submit coordinates regarding its exclusive economic zone (EEZ) in the sea to its north to the United Nations in the coming days, Cyprus Mail reports. Cyprus will also “try to engage in discussions with Turkey about the delineation of its EEZ, in that […]

INVESTMENT WATCH- Per Bloomberg this morning: Dubai-listed Emaar Properties “will sell 20 percent of its real-estate development business, according to emailed statement on Sunday.” News of the offering on the Dubai Financial Market sent the company’s shares down 2% as investors had expected a larger sale. “The market expected Emaar Properties to distribute a one-off […]