Author Archives: enterpriseam admin

The Ismail cabinet signed off yesterday on the draft Consumer Protection Act and referred it to the Council of State for review, an official statement said. The legislation sets stricter penalties for violations such as price gouging, hoarding of goods, and failing to meet health and quality requirements to name a few. It also makes […]

Members of the House of Representatives clamored yesterday to prove they’re tough on terror as the House discussed legislation relevant to the state’s security clampdown following Sunday’s devastating attacks. At the top of the agenda was granting preliminary approval to amendments to the Criminal Procedures Act that are designed to expedite the prosecution of terror […]

IPO WATCH- The subscription period for the retail offering of Raya Contact Center’s IPO will begin today and run until Sunday, 16 April, Al Borsa reports. The company is offering around 49 mn shares at a maximum price of EGP 17.91 per share for both retail and institutional investors. The final share price will be […]

EFG Hermes has a pipeline of five to six IPOs and acquisitions worth a total of USD 500-700 mn for execution this year, the firm’s co-head of investment banking, Mostafa Gad, tells Reuters. The transactions are in sectors including consumer goods, healthcare, and banking. Meanwhile, EFG Hermes’ RX Healthcare Fund may invest up to 30% […]

MOVES- Refaat El Genedy was appointed the new CEO of state-owned Telecom Egypt’s ISP subsidiary TE Data, taking over from Ahmed Osama, Al Mal reports. Osama and his deputy, Ismail Said, have been moved to advisor positions in the mother company.

EARNINGS WATCH- Al Ezz Dekheila Steel reported a net profit of EGP 91 mn in 2016, compared with a net loss of EGP 263 mn in 2015, according to filing with the EGX. The company’s sales grew 26.9% in 2016 to EGP 13.51 bn. Meanwhile, Faisal Islamic Bank of Egypt reported a net profit of […]

Say your company arranges to have someone beaten up. It doesn’t matter why you thought it was necessary to beat that person up — this is not how you respond in public: United Airlines over-booked a flight. It asked for “volunteers” to get off the plane so that four of its crew members (needed elsewhere, […]

Finally, for journalism geeks this morning: The Pulitzer Prizes for excellence in journalism were announced yesterday. Yes, it’s a US thing, but they’re the Oscars of journalism. Check out the Pulitzer website.

CORRECTION- The Saudi Egyptian Industrial Investments Company acquired a 38% stake in medical disposables company Farcomake for Advanced Medical Industries for EGP 35 mn on Sunday. The transaction was managed by Sigma Capital. We had mentioned the name of the acquired company incorrectly in yesterday’s issue. We apologize for the error. The entry has been […]