Author Archives: enterpriseam admin

Private sector raise could become mandatory? Business associations signed on Tuesday the initiative that would see 18 mn private sector employees receive a 10% hardship raise, AMAY reports. The raise was set at a minimum EGP 165 and maximum EGP 330 a month and companies are being asked to “voluntarily” implementing the raise as of […]

M&A WATCH- EFG Hermes announced it has entered “into definitive agreements to invest” USD 21.5 mn in Frontier Investment Management (FIM). The transaction, once completed, will leave EFG Hermes owning a 50% stake in FIM, with the remaining half still owned by FIM’s founder and CEO, Hedi Ben Mlouka. FIM will become part of EFG […]

M&A WATCH- Suez Bags is reportedly an acquisition target, sources close to the transaction tell Al Borsa. The company — a subsidiary of Suez Cement — has received two competing bids, one of which reportedly comes from international packaging and paper firm Mondi. Sources did not disclose the second bidder. The newspaper puts the size […]

IPO WATCH- Pioneers Holding is set to list 30% of its shares in Rooya Real Estate Investment Company on the EGX in 2H17, board member Khaled El Tayeb tells Reuters. Arab African International Bank was selected to advise on the listing and a local and an international issuance manager will be chosen within weeks, El […]

Ride-hailing app Uber decided on Tuesday to follow in the footsteps of competitor Careem and hike its fares after recent fuel prices hikes, Daily News Egypt says. The base fare for Uber’s standard service will rise to EGP 6 from EGP 5, while the fare for its premium Uber Select service increased to EGP 7 […]

French market research firm Ipsos is getting an assist from the French embassy in Cairo to try and clear up the order of closure issued by the Manpower Ministry on Monday, according to a note from France’s Foreign Affairs and International Development Ministry. The company had come under scrutiny by the Manpower Ministry for alleged […]

Egypt has not suspended exports of grapes, strawberries or any other agricultural product, the Trade and Industry Ministry confirmed in a Tuesday statement picked up by AMAY, dismissing rumors suggesting otherwise. The ministry is working on boosting exports, the statement adds, and recently reached an agreement to begin exporting grapes to China. The newly-established Export […]

Supply Ministry announces new wheat milling prices: The Supply Ministry announced it will pay public wheat mills EGP 500 per tonne of wheat, while private mills will receive EGP 480 per tonne. The news came after the ministry reached an agreement with mill owners, ministry spokesman Mohamed Sewed tells Al Borsa. The pricing scheme will […]

Cyber Crimes Act could up Egypt’s surveillance game: The Cyber Crimes Act currently being reviewed by justice and communication ministry committees is will facilitate social media surveillance, Rep. Ahmed Refaat, a member of the House’s Communications Committee, said on Tuesday, according to Al Shorouk. This increased surveillance will not infringe on the privacies of law-abiding […]