Author Archives: enterpriseam admin

Tanmiya Capital Ventures has announced first close on TCV1, its midcap investmentfund. Anchor limited partners include the Egyptian-American Enterprise Fund and EFG Hermes. TCV is looking “to capitalize on our first-mover advantage in the mid-cap space with the goal of deploying EGP 250-300 million in investments by the end of this year,” said Managing Partner […]

IPO watch- Raya Holdings subsidiary Raya Contact Center will list on the EGX in 2Q2017, sources told Al Mal. EFG Hermes is managing the offering. Al Mal says Raya had mulled the listing last June and had even appointed Beltone Financial to manage it before backing out because of poor market conditions.

M&A Watch- A Saudi outfit called NAD Development & Investment Company said it is presenting an offer to acquire 100% of the shares of Egypt for Poultry (Egypco), according to a bourse filing. NAD, which is chaired by Nawaf Abdullah bin Dayel, is offering to buy all of the shares at EGP 2.57 per share. […]

M&A Watch- Gulf law firms, including Emirati firm Mahmoud Hussein and Qatar’s Al-Sulaiti, are looking to expand in Egypt by partnering or merging with domestic firms, Al Mal reports. According to Salman Al Taweel, a partner at Mahmoud Hussein, the law firm has been looking to enter the Egyptian market for some time, and is […]

The House of Representatives’ Economic Committee signed off on Egypt’s USD 12 bn bailout agreement with the IMF on Sunday during a joint meeting with members of the Budgeting Committee and Finance Minister Amr El Garhy, Al Mal reports. The committees will prepare a report on the agreement before it’s sent to the House general […]

Business community agrees to Investment Act split: Business associations appear to be nodding in agreement to the House Economic Committee’s decision to split the Investment Act into two separate bills in order to simplify the law for investors, Al Borsa says. Investors are mostly interested in the conventions and conditions for incentives and tax breaks […]

Public Transport Authority to hike bus fares? Apparently emboldened by the decision to raise metro ticket prices, the cash-strapped, debt-laden Public Transport Authority is reportedly studying raising bus fares 15-20% to cover its widening budget shortfall, Al Mal reports. The final decision is Cabinet’s to make. In a clear attempt to spin the issue, the […]

Five banks raked in 43% of the banking system’s EGP 53.1 bn in profits last year, according to a CBE report that’s making the rounds in the local press. DNE suggests these include the National Bank of Egypt, Banque du Caire, CIB and QNB Al Ahly. The news came as an unnamed “top banking official” […]

The Federation of Egyptian Industries’ pharmacies division is leveling accusations of corruption at Health Minister Ahmed Rady, claiming that he was involved in securing profitable agreements for pharma companies at the expense of pharmacists and patients, Ahram Gate reports. Division head Mahmoud Abdel Maksoud accused Rady of pressuring pharmacists to bear the brunt of losses […]

MOVES- CIB Chairman Hisham Ezz Al Arab was reelected as head of the Federation of Egyptian Banks on Sunday,AMAY reports. The National Bank of Egypt’s Hisham Okasha was re-elected as deputy chief, while Barclays Egypt’s Hala Sakr becomes the first woman on the association’s board of directors.