Author Archives: enterpriseam admin

The International Monetary Fund has approved release of the second USD 1.25 bn tranch of the USD 12 bn IMF Extended Fund Facility to Egypt, following an IMF Executive Board review on Thursday. The funds should already have hit Egypt’s coffers, according to MENA. “The continued fiscal consolidation aims to place public debt on a […]

Gov’t presents its figures for FY2016-17: Planning Minister Hala Saeed appeared to respond to the IMF’s macro indicators with its own forecast, seeing GDP growth for FY2016-17 landing at no less than 4% from an initial projection of 3.8-4%, she said in a press conference on Saturday, according to Reuters. She projects that GDP growth […]

Meanwhile, foreign interest in Egyptian debt remains strong. Foreign holdings of Egyptian debt topped EGP 204 bn (USD 11.4 bn) as of 11 July, the last treasury sale before Thursday's, the head of public debt at the Finance Ministry Sami Khallaf told Reuters on Thursday. Foreigners bought EGP 7.9 bn (USD 440.1 mn) during last […]

IPO WATCH- It seems state-owned Banque du Caire will list no more than 20% of its shares during its upcoming initial public offering, according to comments by BdC Vice President Soha Suleiman picked up by Al Masry Al Youm. If true, the report throws cold water on previous reports, which suggested that the bank’s IPO, […]

IPO WATCH- Nile Financial Leasing is planning to list 25-40% of its shares on the EGX in 4Q17, company chairman Mohamed Amer tells Al Borsa. The will use the proceeds from the offering to expand into SME leasing, Amer said. Nile Financial has yet to settle on a lead manager or bookrunner for the transaction.

EFSA issues new financial solvency regulations for brokerage houses: The Egyptian Financial Supervisory Authority (EFSA) has issued new financial solvency regulations that will require securities and brokerage firms to keep cash on-hand equivalent to 10% of their total liabilities, Al Mal says. Brokerage houses will also have to electronically file a daily liquidity report to […]

Orascom Telecom Media and Technology (OTMT) is planning to use c. EGP 3 bn of excess liquidity to grow its investments in 2017, Investor Relations Director Marwan Hussein tells Al Borsa, without disclosing further detail.

Apache, Shell, and Apex among the winners of Oil Ministry’s Western Desert oil exploration tender: The Oil Ministry is expecting to sign contracts “soon” with the winners of its crude oil exploration tender in the Western Desert, Minister Tarek El Molla said, according to Youm7. Apache, Royal Dutch Shell, Apex International Energy and Merlon will […]

US companies operating in any one of the four countries boycotting Qatar could run afoul of American anti-boycott laws if they are pressured to also sever ties with Qatar, the Associated Press reports. Under obscure tax and export provisions designed decades ago to protect Israel, US companies can be punished if they accept a foreign […]

Global PR outfit Weber Shandwick is withdrawing from a public relations contract with Egypt six months after signing, PR Weekly said last week. The move followed a decision by Cassidy & Associates last month to begin a management buyout from Interpublic Group — parent company of both Weber and Cassidy. Weber has reviewed its lobbying […]