Author Archives: enterpriseam admin

EFG Hermes subsidiary finalizes Pakistan brokerage majority stake acquisition: EFG Hermes Frontier Holding, a wholly-owned subsidiary of EFG Hermes, has finalized the acquisition of a 51% stake in Pakistani brokerage Invest and Finance Securities Limited. The transaction, agreed to in August, was closed at a price of PKR 15 per share for a total of […]

IPO WATCH- Law firm Zaki Hashem & Partners has filed a formal request on behalf of MM Group for Industry and International Trade to float 30% of its shares on the EGX at EGP 6.06 per share, firm partner Helal El Hossary tells Al Borsa. The Group’s is one of six capital raisings that could […]

Abou Hashima to IPO Egyptian Media Group? The Egyptian Media Group, controlled by Ahmed Abou Hashima, is planning an initial public offering, according to FEP Capital CEO Abdullah Al-Shaheen, who stopped short of specifying a timeline for transaction, Youm7 reports. FEP Capital is advising EMG on the planned listing. Al-Shaheen also said FEP plans to […]

AUC has to collect tuition fees fully in EGP, the administrative court ordered, according to Al Shorouk. Payment of tuition fees cannot include foreign currency, the court added. Al Shorouk notes that AUC has been collecting half of the tuition fees in USD and the other half in EGP since 2014. As far as the […]

Is Amazon looking to open an export logistics center in Egypt? A number of Egyptian companies are in talks with e-commerce behemoth Amazon to become part of an Egypt logistics center that could connect Egypt to Amazon’s global network. Mintra Paper Industries CEO Hany Casis tells Al Borsa that Amazon had said that Amazon will […]

** EARNINGS WATCH: Cleopatra Hospitals Group announced net income of EGP 89.4 mn in 2016, up 73% y-o-y. Revenues increased by 16% y-o-y to EGP 864.4 mn during the year. The largest contributor to group revenues was Cleopatra Hospital at (44%), followed by Cairo Specialised Hospital (21%), Nile Badrawi Hospital (18%) and Al Shorouk Hospital […]

MOVES- Bank of Alexandria announced the appointment of Hassan Ghanem as executive board member and Sherif Lokman as head of retail and small business.

Proposed Investment Act comes under fire during House committee hearing: Abla Abdel Latif, head of the President’s Economic Development Council, and Egyptian Competition Authority chief Mona El Garf leveled criticism at the Investment Act in testimony before the House Economic Committee yesterday, Al Shorouk reports. Abdel Latif said the bill alone is not enough to […]

Contractors are losing their minds over what they see as “delays” in the House of Representatives passing a bill meant to compensate them for losses on government contracts incurred as a result of the float of the EGP. The bill — the text of which we are yet to see — would presumably allow the […]

The population of Greater Cairo is set to grow by 500,000 in 2017, more than any other major city in the world, Reuters’ Arwa Gaballa reports, citing a Euromonitor International report. Greater Cairo, a metropolitan area including Cairo and parts of the Giza and Qalyubia provinces, is home to some 22.8 mn currently, Gaballa notes. […]