{"id":582169,"date":"2023-03-02T00:00:00","date_gmt":"2023-03-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/e-finance-wants-a-new-strategic-investor-plus-news-from-mnhd-ksas-bahri-and-acud\/"},"modified":"2023-03-02T00:00:00","modified_gmt":"2023-03-02T00:00:00","slug":"e-finance-wants-a-new-strategic-investor-plus-news-from-mnhd-ksas-bahri-and-acud","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/e-finance-wants-a-new-strategic-investor-plus-news-from-mnhd-ksas-bahri-and-acud\/","title":{"rendered":"e-Finance wants a new strategic investor. Plus news from MNHD, KSA\u2019s Bahri, and ACUD"},"content":{"rendered":"

<\/p>\n

<\/p>\n

M&A-<\/span><\/p>\n

<\/span>Is e-Finance looking to bring in a strategic investor? <\/span>e-Finance is in advanced talks <\/span>with a local strategic investor looking to buy into an EGP 2.5 bn capital increase for<\/span> one of the state-owned e-payments firm\u2019s subsidiaries<\/span>, <\/span>Al Borsa<\/a><\/span> quotes e-Finance Chairman and CEO Ibrahim Sarhan as saying at a<\/span> presser yesterday<\/span>. Some 70% of the proceeds from the capital increase would be spent to expand the company\u2019s NBFS and cloud computing services, while the remaining EGP 750 mn would go to tech infrastructure, Sarhan said. <\/span><\/p>\n

REMEMBER- <\/span>Saudi Arabia\u2019s Public Investment Fund <\/span>acquired 25%<\/a><\/span> of the company last year <\/span>for EGP 7.5 bn, becoming<\/span> its single-largest shareholder.<\/span><\/p>\n

SUEZ CANAL-<\/span><\/p>\n

Saudi shipping company eyes Suez Canal: <\/span>Saudi Arabia\u2019s state-owned National <\/span>Shipping Company (Bahri) signed a non-binding MoU with the Suez Canal Authority that could see it establish an Egypt joint-stock company for maritime transport, it said in <\/span>a disclosure<\/a><\/span> to the Saudi stock exchange. T<\/span>he MoU aims to cooperate in \u201cestablishing an Egyptian JV for maritime transport that will specialize in owning, leasing, chartering, and operating vessels to transport general and bulk cargo, chemicals, oil, and all operations related to maritime transport.\u201d <\/span><\/p>\n

Details are still scant:<\/span> The disclosure did not provide details on the ownership, finances or operations of the company.<\/span><\/p>\n

Ownership:<\/span> <\/span>The Saudi sovereign wealth fund (PIF) owns 22% of Bahri, while oil giant Aramco <\/span>holds 20%<\/span>, <\/span>according to its <\/span>website<\/a><\/span>. <\/span>The remaining shares are listed on the Saudi stock exchange.<\/span><\/p>\n

DEBT WATCH-<\/span><\/p>\n

MNHD closes new securitization:<\/span> EGX-listed Madinet Nasr Housing and Development <\/span>(MNHD) closed a EGP 805.5 mn securitized bond issuance, the second installment in a three-year, EGP 3 bn program, its legal advisor, Dreny & Partners, said in <\/span>a statement (pdf)<\/a><\/span> yesterday.<\/span> The issuance is backed by an undisclosed receivables portfolio, and consists of three tranches rated A, AA, and AA+. <\/span><\/p>\n

Advisors<\/span>: Our friends at EFG Hermes acted as the transaction\u2019s financial advisor, while NBE, Arab African Bank (AALB) and CIB along with EFG Hermes acted as underwriters of the transaction. CIB also acted as bookrunner and custodian, with KPMG as auditor. Dreny & Partners acted as counsel.<\/span><\/p>\n

2023 in securitization:<\/span> Some EGP 7.6 bn worth of bonds have been sold so far in 2023, slightly down from EGP 7.9 bn in the same period last year, according to data tracked by Enterprise. <\/span><\/p>\n

INDUSTRY-<\/span><\/p>\n

The new capital\u2019s developer is planning an industrial zone:<\/span> The Administrative <\/span>Capital for Urban Development (ACUD) will offer plots in a 2k-feddan industrial zone in the new administrative capital to investors later this year, Chairman Khaled Abbas told <\/span>Asharq Business<\/a><\/span> on Tuesday. ACUD \u2014 the military-owned owner and developer of the new capital \u2014 will finalize designs for the project during the second half of this year, he said. <\/span><\/p>\n

Growing interest in the new capital:<\/span> \u201cWe currently have offers from Gulf companies looking to obtain plots, but we\u2019re still waiting to finalize the second phase\u2019s plans to choose from [the plots],\u201d Abbas said, without disclosing their identities.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

M&A- Is e-Finance looking to bring in a strategic investor? e-Finance is in advanced talks with a local strategic investor looking to buy into an EGP 2.5 bn capital increase for one of the state-owned e-payments firm\u2019s subsidiaries, Al Borsa quotes e-Finance Chairman and CEO Ibrahim Sarhan as saying at a presser yesterday. Some 70% […]<\/p>\n","protected":false},"author":1,"featured_media":582170,"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":[7209],"tags":[111,72,7196,7128,353,875,219,85,7103,133],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam","tag-industry","tag-ma-watch","tag-madinet-masr-for-housing-and-development","tag-new-administrative-capital","tag-saudi-arabia","tag-securitization","tag-suez-canal","tag-suez-canal-authority","wpautop","entry"],"acf":{"mongo_id":"b4d4f019-dfbd-4c1e-8e37-5bbe1a80d1dc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/E-Finance-Building-1600-px.jpg","photo_position":"below","homepage_title":"e-Finance wants a new strategic investor","full_issue_title":"","related_issue":[582141],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.b9f48e34-0164-4070-9cb4-0da78152df80.mp3"},"yoast_head":"\ne-Finance wants a new strategic investor. 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Most recently: The National Bank of Egypt (NBE) is getting a EUR 100 mn credit facility from the French Development Agency (AFD) to finance green projects in Egypt and Egypt could see the establishment of its first green\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544535,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/ebrd-to-double-down-on-sczone-digitization-support\/","url_meta":{"origin":582169,"position":1},"title":"EBRD to double down on SCZone digitization support","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"EBRD to offer more support for SCZone\u2019s digital transformation: The European Bank for Reconstruction and Development (EBRD) signed an agreement on Saturday to extend its assistance for the digitalization of the Suez Canal Economic Zone, the bank said in a statement yesterday. The lender has already completed the first phase\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560287,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/22\/also-on-our-radar-on-22-february-2021\/","url_meta":{"origin":582169,"position":2},"title":"Also on our radar on 22 February 2021","author":"enterpriseam admin","date":"22 February 2021","format":false,"excerpt":"The Suez Canal Authority (SCA) is borrowing USD 100 mn from a syndicate of four local banks to finance ongoing projects, Al Mal reports, citing unnamed sources. CIB, Banque du Caire, and Arab African International Bank will provide USD 30 mn each, and the remaining USD 10 mn will be\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543008,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/30\/egypts-finance-ministry-to-revisit-real-estate-tax-on-factories\/","url_meta":{"origin":582169,"position":3},"title":"Egypt\u2019s Finance Ministry to revisit real estate tax on factories?","author":"enterpriseam admin","date":"30 January 2022","format":false,"excerpt":"The Finance Ministry has reportedly pledged to review the real estate tax on factories, AlBorsa quotes Egyptian Federation of Investors Association (EFIA) head Mahram Hilal as saying. 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