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EGX says goodbye to Mohamed Omran: As of yesterday noon, Mohamed Omran is no longer chairman of the EGX following a four-year run as head of the bourse. Omran said his goodbyes at a presser yesterday afternoon, Al Ahram reports. The newly constituted board of directors took their seats yesterday, helmed by the recently appointed […]
Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
What we’re tracking this week
The Finance Ministry will cut the exchange rate for customs the first time in four months to EGP 16.25 to the greenback, Finance Minister Amr El-Garhy told Reuters. The new rate, a drop from EGP 16.50, will come into effect from Tuesday. The reduction came in line with the “drop in the FX rate … […]
Posted inEnterprise+: Last Night’s Talk Shows
Bread and housing dominate the airwaves
The talking heads are clearly concerned about the lot of the nation’s poor — or, at least, what the poor might do to them if their concerns aren’t addressed. That manifested itself in extensive talk of the phase-out of the wheat subsidy system, affordable housing and the ‘redevelopment’ of slum areas. Supply Minister Ali El […]
Posted inSpeed Round
Economy returning to brighter prospects, need balance between monetary targets and fiscal reforms -BNP Paribas
Three factors have helped the Egyptian economy “return to brighter prospects,” Pascal Devaux writes in a research note for BNP Paribas (pdf): The EGP float, major fiscal reforms with the support of international donor funds, and the “accelerated” development of natural gas resources that are expected to “trigger a significant reduction in the trade deficit […]
Posted inSpeed Round
Omran says EGX will reconsider GDR restrictions, Amer and Porto get EFSA nod for GDR listing
The EGX is considering removing restrictions on global depository receipt (GDR) transactions, outgoing bourse chairman Mohamed Omran said yesterday on his last day in charge, according to Ahram Gate. The restrictions were put in place when access to FX became restricted, he says. Omran hints that the EGX could cancel a regulation that forces the […]
Posted inSpeed Round
Gripes from the private sector on interest rate hikes, inflation hit the pages of the FT
Gripes from the private sector on interest rate hikes, inflation hit the pages of the Financial Times: With the end of the FX crunch, Egypt's private sector has been squeezed by inflation and the 700 bps in interest rate hikes pushed through in its wake, the Financial Times’ Heba Saleh writes. Despite making Egypt an […]
Posted inSpeed Round
Rooya reportedly files for listing
IPO WATCH: Rooya Real Estate Investment Company reportedly filed yesterday to list its shares on the EGX, according to Al Borsa. As we noted yesterday, the firm has tapped Helmy and AAIB as advisor, though it is not yet clear if a lead manager of the listing has been chosen.
Posted inSpeed Round
House Economics Committee set on making changes to the Investment Act’s executive regulations?
The House Economics Committee seems set on making changes to executive regulations of the Investment Act, which it began reviewing yesterday, despite its input not being required at all. MPs want to raise the minimum local manufacturing component requirements to 60% from 50% and minimum export requirement to 40% from 20% for businesses to be […]
Posted inSpeed Round
Pierre Finas appointed Credit Agricole Egypt’s Managing Director
MOVES- Pierre Finas was appointed managing director of Credit Agricole Egypt, replacing François-Edouard Drion, according to a filing with the EGX. The appointment is yet to be approved by the Central Bank of Egypt.