Author Archives: enterpriseam admin

US to withhold over USD 290 mn in civilian and military aid to Egypt? The US government has reportedly decided to withhold nearly USD 300 mn in aid to Egypt — most of it earmarked for military programs — “because of its failure to make progress on respecting human rights and democratic norms,” two sources […]

Raising interest rates, floating EGP improved banking conditions but dampened investments: The CBE’s decision to raise interest rates and float the EGP have improved conditions for the banking sector, said our friend Mohamed Ozalp, CEO at BLOM Bank Egypt. However, the former appears to have slowed investments and dampened consumer demand, Ozalp tells Reuters in […]

M&A WATCH- Egyptian direct carrier billing platform TPay has acquired 100% of DCBEgypt, the second largest direct carrier billing platform service provider in Egypt after TPAY, for an undisclosed fee. “TPay’s purchase of DCBEgypt represents the first wholesale acquisition by a fintech company in Egypt,” Wamda’s Radwa Rashad says. TPay is a portfolio company of […]

M&A WATCH- Television broadcaster al Al Hayat, which was recently swirling the drain after allegedly failing to make good on payments owed to state-owned broadcast services providers, is now in play, according to Al Mal. The newspaper reports that owner Al Sayed Al Badawi is in sale talks, with prospective buyers said to include Yasseen […]

MOVES- Ayman El Saie was appointed as head of the Egyptian Mineral Resources Authority (EMRA), according to Ahram Gate. El Saie succeeds Omar Taima, who was at loggerheads with the largest gold explorers in the country over the terms of the most recent gold exploration tender. Centamin, Aton Resources, and Thani Stratex had all refused […]

MOVES- Former EGX head and current interim EFSA Chairman Mohamed Omran has been appointed to the board of directors of the Central Bank of Egypt, a source told Al Masry Al Youm. Omran would take the board seat by virtue of being at the helm of EFSA.

EARNINGS WATCH- London-listed Integrated Diagnostics Holdings, the leading player in Egypt by market share on the strength of its Al Mokhtabar and Al Borg brands, reported at 26% surge in its bottom line to EGP 160 mn in 1H2017, driven by a 24% growth in its top line to EGP 685 mn, strong interest income […]

Cairo court acquits Hussein Salem of money laundering: A Cairo criminal court acquitted former shareholder in East Mediterranean Gas Company Hussein Salem of charges of money laundering linked to the export of gas to Israel on Tuesday, Ahram Online reports. His son and daughter, who were also defendants in the case, were acquitted. The three […]

Insider trading, brought to you by WhatsApp: The US Federal Bureau of Investigation is facing new challenges clamping down on insider trading now that information is being transmitted on encrypted mediums such as WhatsApp, reports the Financial Times (paywall). In a first, the UK’s Financial Conduct Authority recently fined a banker at Jefferies for using […]