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El Sewedy Cement is in talks with a banking consortium for an EGP 4 bn loan to finance expansions in Portland cement manufacturing, unnamed sources told Al Mal. The consortium includes NBE, Banque Misr, Qatar National Bank, and the Arab African International Bank. The loan will be paid back over 10 years with a 2-3 […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
QNB to increase authorized and paid-in capital through bonus issue
Qatar National Bank Alahly (QNBA) received the board of director’s nod to increase its authorized capital by EGP 5 bn to EGP 15 bn, Al Borsa reported. The bank will also increase its issued capital by EGP 1.48 bn to EGP 8.9 bn through the issuance of two bonus shares for every 10 shares held, […]
Posted inLegislation + Policy
EFSA working on procedures to factor float in company books
The Egyptian Financial Supervisory Authority (EFSA) is working on developing accounting procedures for tabulating the impact of the float on companies’ books in cooperation with the Egyptian Society for Accountants and Auditors (ESAA), said EFSA chief Sherif Samy. These procedures will allow companies to capitalize the FX differences on borrowings in foreign currencies used to […]
Posted inLegislation + Policy
New water law reemerges
The Irrigation Ministry appears to have resurrected the long dormant Water Act which will regulate the management of water resources and regulate its distribution, according to Al Shorouk. A draft of the law has been finalized.
Posted inNational Security
Egypt’s new southern navy fleet aims to secure operations in the Red Sea
Egypt’s Southern Navy fleet command was established to secure complete control over the theater of naval operations in the Red Sea area, Ahmed Eleiba writes in Ahram Online. “Sources say security arrangements in the Red Sea, in tandem with regional security developments, required a stronger Egyptian naval presence along the Red Sea coast not only […]
Posted inON YOUR WAY OUT
Faisal Islamic Bank of Egypt Chairman passes away on Saturday
Faisal Islamic Bank of Egypt Chairman Mohamed Al Faisal Al Saud passed away on Saturday, the bank said in statement.
Posted inON YOUR WAY OUT
New chief at Vacsera
MOVES- Heba Wali will be replacing Dr. Nabil El Beblawy as the president of the state-owned vaccine manufacturer Vacsera, Al Borsa reported on Sunday.
Posted inON YOUR WAY OUT
Trading on Kuwait’s Al Salam’s GDRs on the EGX to begin this week
Trading of Kuwait’s Al Salam Holding’s Egyptian Depositary Receipts on the EGX is set to start tomorrow, Al Borsa reports. As we previously noted, the company had planned to have 30% of its shares converted to EDRs and traded on the EGX by last July.
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.6942 | Sell 18.8593 EGP / USD at CIB: Buy 18.651 | Sell 18.751 EGP / USD at NBE: Buy 18.5 | Sell 18.6 EGX30 (Sunday): 13,287.76 (+0.48%) Turnover: EGP 1.433 bn (231% above the 90-day average) EGX 30 year-to-date: +7.637% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
15-17 January (Sunday-Tuesday): International Conference on Improving Sustainability Concept in Developing Countries, Cairo. 15-20 January (Sunday-Friday): Bidding window for Petroleum Ministry’s gold exploration tender in eastern desert and Sinai, Egypt. 17-20 January (Tuesday-Friday): World Economic Forum, Davos, Switzerland 17-18 January (Tuesday-Wednesday): Underground Infrastructure & Deep Foundations Egypt, Nile Ritz-Carlton, Cairo. 22-31 January (Sunday-Tuesday): 28th African […]