Author Archives: enterpriseam admin

Moving forward with the eurobond issuance plan: The Finance Ministry has asked cabinet to approve its two planned eurobond issuances, sources told Reuters. “The first issuance would range between EUR 1-2 bn before the end of 2017. The second would range from USD 4-8 bn and would be in 2018.” Finance Minister Amr El Garhy […]

The nation’s banks appear to have “learned their lesson” and are working hard to cement their control of the FX market, Reuters’ Ihab Farouk writes. Before the float of the EGP last November, the central bank had tightened the regulations governing privately-owned FX bureaux in a bid to control the flow of FX in the […]

Pharos Holding held its Egypt Banking Day event last week, which highlighted industry to international and local fund managers. Pharos COO Angus Blair gave a welcome speech that was followed by a panel discussion led by Head of Research Radwa El-Swaify. Panelists included CIB Consumer Banking CEO Ahmed Issa, EG Bank Head of Corporate Banking […]

M&A WATCH- Beltone Financial is reconsidering its planned acquisition of microfinance firm Reefy, Beltone chairman Sameh El Torgoman told Al Mal. He says the acquisition of Reefy would require new preparations in a time when Beltone is looking to expand internationally and to strengthen its brokerage and investment banking arms. Beltone had planned to acquire […]

M&A WATCH- For the “nth” time, analysts suggest TE could be forced to divest its stake in Vodafone Egypt as the state-owned giant enters the mobile market, rolls out 4G services.Stop us if you’ve heard this one before: Telecom Egypt may be forced to divest its full 45% stake in Vodafone Egypt because it needs […]

IPO WATCH- The Transport Ministry has reportedly abandoned a plan to list the Alexandria and Damietta Container and Cargo Handling companies on the EGX under the state’s IPO program. Sources tell Al Mal that both companies have enough available liquidity to finance planned expansions and upgrades without resorting to an initial public offering.

INVESTMENT WATCH- Home services marketplace FilKhedma announced closing a second investment round led by Algebra Ventures and Glint Consulting. “The investment will help attract more talent to its operations, development and marketing teams and significantly grow its user base,” FilKhedma notes. The value of the investment was not disclosed. In addition to Algebra and Glint, […]

INVESTMENT WATCH- German and Polish investors have signed five agreements to invest a combined EUR 150 mn to open manufacturing facilities in Port Said. The plants will manufacture tractors, buses, irrigation systems, armored doors, steel locks and boats. Representatives from the unnamed companies met Prime Minister Sherif Ismail on Sunday to follow up on the […]

Count on Parliament to ruin everything good — this time the proposed reform of the thanaweya amma high-school education system: House Education Committee chairman Gamal El Sheeha has all but signalled his opposition to the government’s plan to reform the outdated thanaweya amma secondary school education system. He struck all the familiar antagonistic tones in […]