Author Archives: enterpriseam admin

IFC pledges USD 660 mn to major solar power project in Egypt: The International Finance Corporation’s executive board signed off last Thursday on a USD 660 mn funding agreement to help finance the USD 730 mn solar power complex in Benban, Aswan, an Investment and International Cooperation Ministry statement said on Thursday (pdf). The funding […]

M&A WATCH- Al Ahly for Development and Investment (ADI) inked an MoU with Sigma Capital on Thursday to kickstart due diligence and the preparation of a fair value report ahead of a planned merger, according to a bourse filing (pdf). Last month, ADI’s board approved merger talks with Sigma Capital and set a deadline for […]

In other news from the finance industry, EFG Hermes has moved into Kenya. Subsidiary EFG Hermes Kenya announced it obtained a license to provide brokerage services on the Kenyan exchange, according to a bourse statement. The investment bank says the move comes as part of its expansion in frontier markets.

IPO WATCH- Rooya Real Estate Investment Company is actively looking for an investment bank to lead its upcoming initial public offering, CEO Hisham Shoukry said on Sunday, according to Al Shorouk. Pioneers Holding, which currently owns 60% of Rooya, is looking to list half of its shares in the company on the EGX by October. […]

MOVES- The government confirmed the appointment of Mohsen Adel as deputy chairman of the Egyptian Exchange. News of the appointment was leaked on Wednesday.

MOVES- The Ministry of Electricity appointed Dr. Mohamed El Khayat as new executive chairman of the New and Renewable Energy Authority,according to Al Borsa. The confirmation of his appointment should take place within the next few days.

A number of manufacturers have signaled that they are pressing ahead with expansion plans despite high costs of capital after successive interest rate hikes. Packaging manufacturer HiPack, for example, plans to invest EGP 3.5 bn in new production lines over an unspecified period, HiPack’s export director Ihab El Shoury tells Al Shorouk. The company is […]

Tax Authority signs off on new income tax breaks: Tax Authority boss Emad Samy signed off on income tax breaks on Thursday, Al Mal reports. The House of Representatives had approved income tax cuts last month ranging from 5-80% for those earning under EGP 200k a year and exempting those earning anything below minimum wage. […]

Remember last year’s exposé of corruption in the wheat subsidy smart card system by Reuters’ Eric Knecht? On Thursday, the Illicit Gains Authority referred “two employees from the Smart Cards Applications Company to criminal court on charges of graft allegedly worth EGP 60 mn,” Ahram Online reports. The employees allegedly work for one of three […]

The Ismail government approved on Thursday amendments to the law regulating the Administrative Control Authority (ACA), granting the nation’s top anti-corruption watchdog complete technical, financial, and administrative autonomy, according to a Cabinet statement. The amendments stipulate that the ACA is now affiliated with the presidency, rather than the prime minister, and the head of the […]