Author Archives: enterpriseam admin

IPO WATCH- Investment banks including Pharos Holding, HC, Cairo Financial Holding, and Prime are bidding for a piece of Enppi’s listing on the EGX, Al Mal reports. CI Capital, Beltone, and Arqaam Capital have already presented bids to NI Capital to manage the issuance, and both EFG Hermes and Renaissance Capital are interested, we’re told. […]

EARNINGS WATCH- CIB delivered record top- and bottom-line performances to start 2017 as it released its first quarter earnings late last night. The lender delivered 29% revenue growth to EGP 3.32 bn, while its bottom line swelled 34% over the same period last year to EGP 1.73 bn. The bank’s management team noted in a […]

Companies exporting food to the GCC face new regulations imposed Wednesday by the Agriculture Ministry after the Kuwaiti government suspended on Tuesday its imports of a number of Egyptian products that did not meet the required health standards, Youm7 reported. The Agriculture Ministry had promised last month to issue new quality control measures for exported […]

Stamp tax on all capital market transactions back with the House for a final vote: Maglis Al Dawla (Council of State) has finished reviewing amendments to the Income Tax Law that will incorporate a stamp tax on EGX transactions, Deputy Finance Minister Amr El Monayer told Al Borsa on Wednesday. The amendments, which the Ismail […]

Trade Ministry to amend the proposed automotive directive? The Trade and Industry Ministry is reportedly looking to revisit unspecified sections of the so-called “automotive directive” before sending it back to the House of Representatives for review and a final vote, Al Mal said on Wednesday. The news comes a little more than a week after […]

After what felt like a lifetime of postponements, House passes 10% hardship raise: The House of Representatives finally approved the 10% hardship raise for state bureaucrats not covered under the Civil Service Act, Al Borsa reports. The bonus will be calculated using the base salary, and not the gross salary, the House’s Manpower Committee secretary […]

HeidelbergCement says its 1Q2017 sales dropped sharply in Egypt due to weak market conditions. While it did not give a specific figure for sales in Egypt, the company says its consolidated revenues increased by 34% y-o-y to EUR 3.8 bn. The company’s losses increased to EUR 35 mn from the EUR 31 mn recorded in […]

Take investors’ money, don’t give them disclosure, don’t execute — and pay the price. You may recall our rather intense dislike of Snap, the maker of the app Snapchat (which, for whatever reason, describes itself as “a camera company”). That has nothing to do with our collective inability to figure out the app beloved by […]

On the international news front this morning: Eni reported its best quarterly profits in two years in 1Q2017 on higher oil prices and production, Reuters reports. Eni is developing Egypt’s supergiant Zohr gasfield, which the development of which is “progressing ahead of schedule,” CEO Claudio Descalzi said. KSA’s Olayan Financing Co. may be looking to […]

Among the most-clicked stories in Enterprise in the past week: The Ikhwan are running their own parallel lobbying mission in DC, and it’s every bit as crazy as you would imagine. (Enterprise) Bilingual speakers experience time differently from people who only speak one language, study finds. (The Independent) Buffett confronts search for next big thing […]