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The central bank will be reviewing the Federation of Egyptian Banks’ (FEB) notes on the draft of changes to the Banking and Central Bank Act this week, sources tell Al Borsa. The same sources say to expect central bank officials to be in and out of meetings with members of the FEB in the weeks […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
Telecom Egypt will launch its mobile network after the Eid break (inshallah), with numbers beginning with 0155. Since the news is yet again based on “sources” and “after Eid” being a pretty broad and flexible deadline, we won’t hold our breaths.
Posted inEnterprise+: Last Night’s Talk Shows
Education (sort of) tops the bill on a slow night for the nation’s talk shows
Education (sort of) topped the bill on a slow night for the nation’s talk shows Yahduth fi Masr’s Sherif Amer hosted Education Minister Tarek Shawky for a talk about the 28 schools that will be following a Japanese model when they launch this fall. Shawky said the curricula will still be Egyptian, but the management […]
Posted inSpeed Round
Saudi’s Sharbatly, El Shobokshi to invest USD 2.15 bn in Egypt
INVESTMENT WATCH- Saudi’s Sharbatly, El Shobokshy to invest USD 2.15 bn in Egypt: Abdulrahman Sharbatly’s Al Nahla Group and Fahd El Shobokshy’s Al Ahli Investment and Development will jointly invest USD 2.15 bn in Egyptian projects, according to an Investment Ministry statement. The pair, whose investments in Egypt together are presently worth a combined USD […]
Posted inSpeed Round
Intro Group reportedly acquires 50% of TBS
M&A WATCH- The Abbas family’s Intro Group has reportedly bought 50% of the company that owns bakery TBS and the Four Fat Ladies chain, among other brands, by acquiring a stake held by HM Partners, Al Mal reports, citing unnamed sources. Al Mal’s sources say TBS’ capital is “valued at over EGP 50 mn,” but […]
Posted inSpeed Round
EFSA approves Modern Waterproofing Company’s MBO, window opens today to 28 September
M&A WATCH- A rare management Buyout. The Egyptian Financial Supervisory Authority reportedly gave the management team at Modern Waterproofing the green light on Sunday to tender for 34% of the company at EGP 0.8 per share, which could bring their collective stake up to 100%, according to Al Borsa. With 119 mn shares said to […]
Posted inSpeed Round
EuroMena to sell stake in three Egyptian companies as part of shifting regional strategy
PE WATCH- EuroMena to sell stake in three Egyptian companies as part of shifting regional strategy: Lebanese private equity firm EuroMena Funds is preparing to exit its stakes in three Egyptian companies from its EuroMena I Fund as part of its strategy to shift its focus to Lebanon as well as Africa-based companies with ties […]
Posted inSpeed Round
President El Sisi signals we’re moving on the Dabaa contracts
President Abdel Fattah El Sisi signaled yesterday that Egypt may soon sign final contracts for the Dabaa nuclear power plant. El Sisi stressed the issue during a meeting yesterday with the CEO of Rosatom State Atomic Energy Corporation Alexey Likhachev in Cairo, according to an Ittihadiya statement (pdf). Likhachev and El Sisi both “expressed their […]
Posted inSpeed Round
Transport Ministry to issue global tender for rail management and operations in three months
Transport Ministry to issue global tender for rail management and operations in three months’ time: The Transport Ministry is planning to issue a global tender in three months’ time for the management and operation of the Egyptian National Railway, Minister Hisham Arafat said on Sunday, according to Al Borsa. The news comes one day after […]
Posted inSpeed Round
CBE sub-governors say financial inclusion prioritized, reserves to continue growing
CBE sub-governors say financial inclusion prioritized, reserves to continue growing in AMAY interviews: Al Masry Al Youm ran a couple of interviews with central bank sub-governors May Abulnaga and Rami Abulnaga to discuss the future of the banking system and financial markets. May says the central bank is currently prioritizing the promotion of financial inclusion […]