Author Archives: enterpriseam admin

Egypt’s next set of economic reforms should “focus on making its bureaucracy more transparent for investors,” World Bank MENA Vice-President Hafez Ghanem told Reuters. Ghanem believes Egypt should implement reforms aimed at encouraging more private investment and moving away from subsidies toward targeted transfers for the poor. “The next set of reforms need to focus […]

M&A WATCH- Archer Daniels Midland (ADM)’s Swiss unit is seeking to buy a stake in Egyptian sweeteners-maker National Company for Maize Products (NCMP), according to a regulatory filing. The transaction could see ADM acquire Misr Capital Investment’s 43% stake in NCMP, but there are no details on price or conditions. ADM will also bid for […]

Zooming out to a regional scale: Amazon could be buying Souq.com after all. Seattle-based Amazon has reportedly restarted talks to acquire Dubai-based regional e-commerce platform Souq.com for a reported USD 650 mn, Bloomberg reports. Amazon and India’s Flipkart had walked away from talks to acquire the company January after disagreeing over price, after which it […]

Toyota could be sourcing parts from Egypt and Turkey to develop a potential auto factory in Saudi Arabia, Reuters reports. Toyota Motor plans to launch a feasibility study as early as this year on building the factory in Saudi Arabia and plans to sign an MoU on the study with the Saudi government after King […]

The Africa Finance Corporation will invest USD 25 mn in Carbon Holdings Ltd, the multibn USD petrochemicals project led by Basil El-Baz, Al Borsa reports. Or you can tap here to read the full press release announcing the investment, with comment from El-Baz and Africa Finance Corporation chief Andrew Alli.

Egypt is back in talks with Singapore’s PSA International to build and manage acontainer terminal in East Port Said, the head of the Holding Company for Maritime and Land Transport Mohamed Youssef tells Al Borsa, explaining that his company had asked to receive an updated feasibility study that also covers terminal maintenance. The statement follows […]

Amer hires EFG Hermes, Matouk Bassiouny for GDR issuance: Real estate developer Amer Group Holding has hired EFG Hermes to manage the issuance of company GDRs on the London Stock Exchange (LSE) in two months’ time, Al Borsa reports. Matouk Bassiouny is serving as legal counsel.

** EARNINGS WATCH: Top dairy and juice products maker Juhayna reported that “severe inflationary pressures on the company’s cost base owing to the float of the Egyptian Pound on 3 November 2016 took a toll on bottom-line profitability, with the company turning a Net Loss of EGP 115 million in 4Q16 compared to a profit […]

Russia and Egypt have given a preliminary nod to a draft of the travel security protocol they are meant to sign before direct air travel between Moscow and Cairo is restored, Russian Transport Minister Maxim Sokolov said, according to Russian wire service Interfax. No official date for the signing has been set, but a Russian […]