{"id":556177,"date":"2021-10-14T04:06:30","date_gmt":"2021-10-14T04:06:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/this-morning-unnamed-strategic-investor-eyeing-big-chunk-of-e-finance-ipo-plus-egypts-banks-are-adopting-the-tax-authoritys-e-invoicing-system\/"},"modified":"2021-10-14T04:06:30","modified_gmt":"2021-10-14T04:06:30","slug":"this-morning-unnamed-strategic-investor-eyeing-big-chunk-of-e-finance-ipo-plus-egypts-banks-are-adopting-the-tax-authoritys-e-invoicing-system","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/this-morning-unnamed-strategic-investor-eyeing-big-chunk-of-e-finance-ipo-plus-egypts-banks-are-adopting-the-tax-authoritys-e-invoicing-system\/","title":{"rendered":"THIS MORNING: Unnamed strategic investor eyeing big chunk of e-Finance IPO? Plus: Egypt\u2019s banks are adopting the Tax Authority\u2019s e-invoicing system."},"content":{"rendered":"

Good morning, everyone, and welcome to the final workday of week 41 <\/strong>in this crazy year. We have an exceptionally busy issue for you this morning, so let\u2019s jump right in:<\/p>\n

<\/a> IPO WATCH- An unnamed strategic investor is after 10% of the shares e-Finance is<\/strong> offering on the EGX<\/strong> and has formally made an offer to the lead manager, Al Borsa<\/a> reported, citing sources it says are close to the matter. The state-owned company kicked off the subscription period for the retail offering of its IPO on Sunday and is pricing it<\/a> EGP 13.98 per share, the top end of the EGP 12.50-13.98 range on which it had guided. The subscription period for the retail offering \u2014 which is due to wrap up next Sunday, 17 October \u2014 is already 4.5x oversubscribed, the sources said. e-Finance has already bumped up the size of the offering, apparently in response to significant demand from institutional investors.<\/p>\n

Egypt\u2019s banks will adopt the Tax Authority\u2019s e-invoicing system<\/strong>, the Finance Ministry said in a statement<\/a> yesterday. The system has been up and running since November 2020<\/a>, when its first phase started, with 134 companies logging their invoices electronically to the Finance Ministry\u2019s platform as part of the ministry\u2019s efforts to clamp down on tax evasion and compel companies that have not registered with the Tax Authority to do so. We were previously told that all tax-paying companies would be enrolled in the system by April 2023.<\/p>\n

PSA #1- We\u2019re getting a long weekend next week. <\/strong>The prime minister\u2019s office has confirmed<\/a>the p<\/a>ublic sector officially off<\/a> on Thursday, 21 October off in observance of Prophet Muhammad\u2019s Birthday, which falls on Monday, 18 October. That means you can expect word from the EGX and the Central Bank of Egypt in the coming couple of days declaring that next Thursday is a holiday for Planet Finance, too.<\/p>\n

PSA #2- Exporters using CargoX to ship goods into Egypt will now pay a flat fee of USD <\/strong>150 to upload ACI shipping documents <\/strong>after the Egyptian government reached an agreement<\/a> with the platform, which had been mulling raising the minimum fee to USD 400. CargoX is the sole blockchain document transfer gateway service provider for the newly-implemented Advance Cargo Information (ACI) system, which became mandatory for importers to use at the beginning of the month.<\/p>\n

CONGRATS to our friends at <\/strong>Dawi Clinics<\/a><\/strong>, which has just opened its first branch in Suez. That makes it the fifth governorate and thirteenth branch for the fast-growing primary care company. Dawi\u2019s CEO is Magda Habib (LinkedIn<\/a>), who gave us our start in business back in the day.<\/p>\n

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

Shoukry to hold talks with US Senator Menendez, UN Syria envoy: <\/strong>Foreign Minister Sameh Shoukry will sit down<\/a> with Bob Menendez<\/strong>, the chairman of the powerful US Senate Foreign Relations Committee, and United Nations Special Envoy for Syria Geir Otto Pedersen<\/strong>, who are both in town today. Expect Egypt-US relations and regional political affairs to feature heavily on the agenda.<\/p>\n

El Gouna Film Festival<\/a><\/strong> kicks off later today and will run until 22 October, <\/strong>despite a fire that<\/a>broke out<\/a> in a section of the Gouna Film Festival Plaza yesterday in which there were no fatalities. At least eight people were hospitalized to be treated for smoke inhalation. Only one section of the festival plaza was damaged, and that the event should proceed as planned, . festival organizers said<\/a>. This edition of the event promises to bring together a selection of international narrative, documentary, and avante garde films. You can check out the full program here<\/a>.<\/p>\n

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