{"id":581700,"date":"2023-02-20T00:00:00","date_gmt":"2023-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/sovereign-fund-of-egypt-reportedly-eyeing-a-minority-stake-in-el-ezaby\/"},"modified":"2023-02-20T00:00:00","modified_gmt":"2023-02-20T00:00:00","slug":"sovereign-fund-of-egypt-reportedly-eyeing-a-minority-stake-in-el-ezaby","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/sovereign-fund-of-egypt-reportedly-eyeing-a-minority-stake-in-el-ezaby\/","title":{"rendered":"Sovereign Fund of Egypt reportedly eyeing a minority stake in El Ezaby"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Yesterday in M&A:<\/span><span style=\"\"> A report in the local suggests that the Sovereign Fund of Egypt is interested <\/span><span style=\"font-weight:400;\">in purchasing a minority stake in El Ezaby Pharmacy alongside a mystery investor while the shareholders of tourism developer Remco have agreed to sell a five-star hotel in Sharm El Sheikh to a company owned by the military.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">IS THE SFE EYEING A PIECE OF EL EZABY?<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The Sovereign Fund of Egypt\u2019s (SFE) health and pharma sub-fund is eyeing a <\/span><span style=\"font-weight:700\">minority stake in pharma giant El Ezaby Pharmacy<\/span><span> in partnership with an unnamed investment firm, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/3EnvBWn\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> reports, citing unnamed sources it says are in the know. The size and value of the expected acquisition wasn\u2019t disclosed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The SFE\u2019s mystery partner could well be B Investments:<\/span><span> The sovereign fund and B Investments<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/25\/sfe-b-investments-team-up-to-invest-egp-2-bn-in-healthcare-pharma-firms-94548\/\" style=\"\">last month agreed<\/a><\/span><span> to together channel more than <\/span><span>EGP 2 bn<\/span><span> into local healthcare and pharma businesses. As part of the agreement, the investment firm is making an undisclosed investment in the SFE sub-fund, which aims to raise an initial EGP 1.2 bn of capital. The sub-fund aims to invest in local pharma players to help them <\/span><span>expand<\/span><span> into under-served cities around the country and improve their digital offering. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where\u2019s the money going? <\/span><span>The investment will be channeled as a capital increa<\/span><span style=\"font-weight:400;\">se and is expected to be used to pay some of the company\u2019s debt, according to the news outlet.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MILITARY TO ACQUIRE 5-STAR HOTEL IN SHARM FROM REMCO-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tolip will be the new owner of the Stella di Mare hotel: <\/span><span style=\"\">The sharehol<\/span><span style=\"\">d<\/span><span style=\"\">ers of tourism <\/span><span style=\"\">developer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/remcogroup.net\/\" style=\"\">Remco<\/a><\/span><span style=\"\"> agreed on Thursday to sell 100% of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/stelladimare.com\/beach-hotel-spa\/\" style=\"\">Stella<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/stelladimare.com\/beach-hotel-spa\/\" style=\"\">di Mare Beach Hotel<\/a><\/span><span style=\"\"> in Sharm El Sheikh to the military-owned Tolip Hotels and Resorts<\/span><span style=\"\"> for EGP 700 mn, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/REMCO-Stella-di-Mare-Sale.pdf\" style=\"\">bourse filing (pdf)<\/a><\/span><span style=\"\">. The company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/25\/saudi-wealth-fund-acquires-minority-stake-in-eipico-84974\/\" style=\"\">submitted an initial offer<\/a><\/span><span style=\"font-weight:400;\"> for the hotel in October. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The buyer:<\/span><span style=\"\"> <\/span><span style=\"\">Tolip is owned b<\/span><span style=\"\">y the military\u2019s National Service Projects Organizati<\/span><span style=\"font-weight:400;\">on, and owns more than 20 hotels and resorts across the country.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The purchase:<\/span><span style=\"\"> <\/span><span style=\"\">The f<\/span><span style=\"\">ive-star hotel is situated next to Naama Bay <\/span><span style=\"font-weight:400;\">and has almost 300 rooms, 26 executive suites and a diving center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span> <\/span><span>Remco will move forward with final procedures for the acquisition and signing of contracts, the statement reads.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span style=\"\">FinBi<\/span><span style=\"\"> was the sell-side financial advisor on the transaction, according to the statement. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In partnership with an unnamed investment firm<\/p>\n","protected":false},"author":1,"featured_media":581701,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[6704,72,955,7128,7307,427,1292,370,6524,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-el-ezaby-pharmacy","tag-enterpriseam","tag-hospitality","tag-ma-watch","tag-military","tag-pharma","tag-remco-group","tag-sovereign-fund-of-egypt","tag-tolip-hotels-and-resorts","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"1b2b987e-fb6d-41bb-98c2-1d95c3ba859e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/El-Ezaby-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581693],"teaser":"In partnership with an unnamed investment firm","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.4c307f60-c689-4a2a-9ce8-88d41093fcd5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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PLUS: City Lab offloads 13.8% of the company on the EGX","author":"enterpriseam admin","date":"11 June 2024","format":false,"excerpt":"The SFE will take control of 45 branches of the company out of 220 in total, under the agreement","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/887.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590444,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/mti-to-acquire-40-of-b-investments-b-pharma\/","url_meta":{"origin":581700,"position":2},"title":"MTI to acquire 40% of B Investments\u2019 B Pharma","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"The transaction values B Pharma at around EGP 512.5 mn","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/759.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583323,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/this-evening-the-sfe-could-snag-a-piece-of-el-ezaby-syrias-earthquake-gets-more-attention-in-the-foreign-press\/","url_meta":{"origin":581700,"position":3},"title":"THIS EVENING: The SFE could snag a piece of El Ezaby + Syria\u2019s earthquake gets more attention in the foreign press","author":"enterpriseam admin","date":"19 February 2023","format":false,"excerpt":"Good afternoon, ladies and gents, and welcome to the start of a new week. It\u2019s a calmer-than-expected Sunday so far, but we expect things to kick into high gear in the days ahead.THE BIG STORY TODAY-\u2019Does SFE want a piece of El Ezaby Pharmacy? The Sovereign Fund of Egypt\u2019s (SFE)\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/wp-content\/uploads\/2021\/07\/pharmacy-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592221,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/02\/sfe-not-considering-misr-pharmacies-stake\/","url_meta":{"origin":581700,"position":4},"title":"SFE not considering Misr Pharmacies stake","author":"enterpriseam admin","date":"2 August 2023","format":false,"excerpt":"SFE not interested in Misr Pharmacies: T he Sovereign Fund of Egypt (SF E) is not currently involved in any discussions with the owners of Misr Pharmacies to acquire a stake in the company, a senior official close to the SFE told Enterprise yesterday. Lo cal me dia reported that\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/50.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591088,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/b-investments-mti-invest-egp-500-mn-in-ez-international\/","url_meta":{"origin":581700,"position":5},"title":"B Investments + MTI invest EGP 500 mn in EZ International","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"The investment will help EZ International expand El Ezaby\u2019s presence in the local market","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581700"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581700\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581701"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581700"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581700"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}