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The Alexandria Petroleum Company signed a contract with Petrojet to manufacture NMP, a petrochemical used in refining petroleum, Youm7 reports. Under the agreement, EGP 100 mn were allocated for installation and construction, and Petrojet will handle all business and management operations. The new facility is expected to have an annual production capacity of 16k tonnes. […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Juhayna targets 40% increase in sales to EGP 7 bn in 2017
Juhayna is targeting a 40% increase in sales to EGP 7 bn in 2017, Al Borsa reports. The company expects sales to recover as consumers see improved purchasing power in the second half of the year. Juhayna will increase prices by 5% if the EGP : USD rate settles at EGP 16-18 to the USD.
Posted inBasic Materials + Commodities
Kuwait bans peppers imports from Egypt
Kuwait banned imports of peppers from Egypt following advice from the Committee on Food Safety in Kuwait, Al-Qabas newspaper reports, picked up by Al Borsa. Saudi Arabia had done the same last December over allegations the peppers were contaminated with pesticide residues.
Posted inManufacturing
Kuwaiti company looking to establish EUR 480 mn pipe factory in Egypt
An unnamed Kuwaiti company is looking to establish a EUR 480 mn pipe factory in Egypt, and has presented the necessary studies on the factory to the Industrial Development Authority (IDA) for review, Youm7 reports. IDA head Ahmed Abdel Razek had met with a delegation of businessmen from an association of Gulf businessmen promoting investments […]
Posted inTelecoms + ICT
Vodafone Egypt secured largest market share in 2016
Vodafone Egypt secured the largest market share of cellphone users in 2016 with over 40 mn customers, Youm7 reported. The company’s customer base rose 4% year-on-year in 4Q2016, while its net profits dropped 68.4% year-on-year in 3Q2016.
Posted inBanking + Finance
EFG Hermes concludes advisory on Emirates NBD REIT’s listing on Nasdaq Dubai
EFG Hermes successfully concluded on Thursday its advisory on Emirates NBD REIT’s USD 105 mn IPO on Nasdaq Dubai. The transaction included an offering of ordinary shares outside the US to institutional investors, the investment bank said in an emailed statement. EFG Hermes was joint global coordinator and bookrunner on the transaction with Emirates NBD […]
Posted inBanking + Finance
Sarwa Capital wants to issue securitization bonds worth EGP 1 bn maximum
Sarwa Capital is seeking regulatory approval for an EGP 1 bn issuance of securitized bonds, Managing Director Amr Lamei tells Al Mal. The offering is expected within two months.
Posted inOther Business News of Note
Arab Contractors signs EGP 10 bn contract with Kuwait’s Public Works Ministry to develop Kuwaiti road
Arab Contractors signed a EGP 10 bn contract with Kuwait’s Public Works Ministry to develop the Al-Nuwaiseeb road in Kuwait, Al Borsa reports. The project, which entails developing 37 km of road, will take up to 36 months to complete, Arab Contractors Chairman Mohsen Salah said. The company is currently working on the fourth phase […]
Posted inOther Business News of Note
Amer Group expects GDRs to begin trading on LSE before end of 1H2017 -sources
Egypt’s Amer Group expects its GDRs to begin trading on the London Stock Exchange (LSE) before the end of 1H2017, sources close to the matter tell Al Mal. The company is waiting to receive the final okay from the Egyptian Financial Supervisory Authority. EFG Hermes is managing the program.
Posted inLegislation + Policy
Federation of Egyptian Industries completes review of Labor Act
The Federation of Egyptian Industries (FEI) completed the review of the new Labor Act ahead of hearing sessions at the House this week, Al Shorouk reports. The FEI’s labor committee issued recommendations for a number of amendments to be discussed at the House.