{"id":550730,"date":"2022-04-19T13:06:36","date_gmt":"2022-04-19T13:06:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/this-evening-imfs-latest-growth-projections-has-good-news-for-egypt-vodafone-egypt-acquires-10-stakes-in-bee-and-masary\/"},"modified":"2022-04-19T13:06:36","modified_gmt":"2022-04-19T13:06:36","slug":"this-evening-imfs-latest-growth-projections-has-good-news-for-egypt-vodafone-egypt-acquires-10-stakes-in-bee-and-masary","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/this-evening-imfs-latest-growth-projections-has-good-news-for-egypt-vodafone-egypt-acquires-10-stakes-in-bee-and-masary\/","title":{"rendered":"THIS EVENING: IMF\u2019s latest growth projections has good news for Egypt + Vodafone Egypt acquires 10% stakes in Bee and Masary"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> It\u2019s still a moderately busy day, with capital market news from the homefront gathering pace this afternoon.<\/p>\n

BUT FIRST: We just received <\/strong>confirmation (pdf)<\/a><\/strong> from the Central Bank of Egypt that next<\/strong> Sunday, 24 April will be a bank holiday<\/strong> in observance of Coptic Easter. The day is not a national holiday.<\/p>\n

SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:25pm CLT this evening in the capital city, while fajr prayers are at 3:52am.<\/p>\n

THE BIG STORIES TODAY<\/strong><\/p>\n

<\/a> #1- Vodafone Egypt makes play on Bee + Masary: <\/strong>Vodafone Egypt has acquired 10% stakes in e-payments firms Bee and Masary \u2014 both subsidiaries of non-banking financial services provider Ebtikar \u2014 via a capital increase at par value, Ebtikar\u2019s parent, B Investments, said in a disclosure to the bourse (pdf)<\/a> this morning.<\/p>\n

Vodafone is still planning to <\/strong>acquire 20%<\/strong> of each company:<\/strong> A Vodafone spokesperson told us this afternoon that it is sticking to the original MoU<\/a> signed last year and still intends to acquire 20% of both firms. The acquisition is taking place in two phases, and Vodafone will purchase the remaining 10% stakes at a later date, they said.<\/p>\n

#2- Agrifood player <\/strong>Galina Holding<\/a><\/strong> could soon revive its IPO plans <\/strong>and<\/strong> raise EGP 500 mn<\/strong> in a private placement on the bourse<\/strong> that would see the company sell 150 mn new shares to specific investment funds, Chairman Abdel Wahed Soliman told Enterprise. If the company doesn\u2019t raise the amount through the private stake sale, it plans to list its shares in a public offering on the EGX by September, Soliman told us.<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

<\/a> We have the IMF\u2019s latest growth projections \u2014 it\u2019s surprisingly good news <\/strong>for Egypt and not-so-great news for the world.<\/strong> Here are the headline figures from the IMF\u2019s latest World Economic Outlook, which the Fund began unveiling at its press briefing just a few minutes before dispatch:<\/p>\n