Author Archives: enterpriseam admin

M&A WATCH- Beltone Financial has landed a mandate as sell-side advisor for a retail company with operations in three Asian countries, Sobhy El Sehrawy, the firm’s deputy head of investment banking, told Al Borsa. El Sehrawy did not name the company but says the transaction is Beltone’s first beyond Egypt’s borders. He expects the transaction […]

IPO WATCH- Zaki Hashem & Partners will be legal advisor to BPE Partners on the private equity outfit’s planned IPO this year, with Sigma Capital managing the issuance, Al Mal reports. BPE Partners Chief Investment Officer Abdel-Monem Omran said earlier this month the company is looking at September or October to list on the EGX.

IPO WATCH- NI Capital expects Enppi will list on the EGX before the end of 2017, Reuters reports. It expects to raise between USD 100-150 mn from the offering. NI Capital, the government’s investment bank and coordinator of the program to offer via IPO stakes in select state-owned companies, says it “will also offer shares […]

MOVES- Algebra Ventures announced thatKarim Hussein has joined it as a partner. Hussein was previously senior VP of products and engineering at WebMD, founder of DKimia, and has also made a number of angel investments in Egypt and the US, including Shezlong, Simplex CNC Solutions, Integreight and Eonite Perception. Algebra Ventures is now led by […]

Egypt’s GDP grew by 4.2% y-o-y in the first three quarters of FY2016-17, Planning Minister Hala El Said said, according to Reuters. El Said said the growth was led by “several industries, including communication, tourism and manufacturing,” which saw year-on-year growth of 10.7%, 80%, and 7.9%, respectively, according to Al Mal. The ministry sees the […]

Look for additional spending on bread subsidies in the 2017-18 state budget as the Supply Ministry and Federation of Chambers of Commerce both lobby the Finance Ministry for more generous earmarks for the subsidy, Al Mal reports. Spending on bread subsidies is presently set to ring in at EGP 37.1 bn in the next budget […]

Saudi Arabia issued on Thursday a temporarily ban on imports of Egyptian strawberries over concerns of high levels of pesticides, El Watan reports. The ban, effective from 11 July, follows an inspection of a strawberry shipment from April. The Saudi ban prompted Egypt’s Agriculture Export Council to ratify yesterday new rules on pesticides it wants […]

The Ismail government signed off on minor amendments to the Consumer Protection Act during its weekly meeting on Thursday, according to a statement. It appears the government is approving amendments to the act piecemeal, after having signed off on other revisions earlier this month. Certain amendments, including provisions that would allow the government to set […]

Protesters gathered on Friday to demonstrate against parliament’s vote in favor ofhanding over Tiran and Sanafir to Saudi Arabia, leading to the closure of the Sadat metro station, according to Al Mal. Security forces arrested around 40 protesters in the Greater Cairo area, Al Shorouk reports. The Associated Press also took note of the protests […]

A Cairo Criminal sentenced 31 Islamists to death on Saturday for the 2015 assassination of Prosecutor General Hisham Barakat, the Associated Press reports. The court will issue the final verdict, which is subject to appeal, on 22 July. Reuters also has the story.