{"id":584689,"date":"2023-04-04T00:00:00","date_gmt":"2023-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/another-dispute-with-a-foreign-investor-is-settled\/"},"modified":"2023-04-04T00:00:00","modified_gmt":"2023-04-04T00:00:00","slug":"another-dispute-with-a-foreign-investor-is-settled","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/another-dispute-with-a-foreign-investor-is-settled\/","title":{"rendered":"Another dispute with a foreign investor is settled"},"content":{"rendered":"<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 Nile Cotton Ginning privatization dispute is officially settled: <\/span><span style=\"\">The <\/span><span>international owner of Nile Cotton Ginning Company (NCGC) and the Holding Company for <\/span><span>Construction and Development (HCCD) have signed to settle a 12-year dispute over the ownership of the formerly state-owned company, according to a Public Enterprise Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02VBZjNGKK7LNdmPL1GMuSG4Ed5xVhZb9C4NhKzzrP25jz9L2S34s9aPqwx6NdRJPBl\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">. <\/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\">NCGC parent company IMEX international will pay HCCD EGP 231 mn in compensation<\/span><span> under the terms of the settlement, which was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/almalnews.com\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%AC%D9%85%D8%B9%D9%8A%D8%A9-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD%D8%A9-%D8%A7%D9%84%D8%AB%D9%82%D8%A7%D9%81%D9%8A%D8%A9-%D9%84%D8%AF%D9%8A%D9%86%D8%A7-%D9%85%D9%84%D8%A7-2\/\" style=\"\">first brokered<\/a><\/span><span style=\"font-weight:400;\">by the government\u2019s investment dispute resolution committee back in 2020. <\/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\">BACKGROUND-<\/span><span> The company has been mired in a decade-long dispute that arose after a court ruling in 2011 to reverse the company\u2019s Mubarak-era sale to private investors, claiming that the company had been undervalued. An appeal was turned down in 2013 by the Administrative Court.<\/span><span> IMEX International <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b833b625-9bb8-44a1-841e-d536d4dbeb68\" style=\"\">acquired 94%<\/a><\/span><span> of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dcc76677-11ba-4e4b-8d3f-3403cf11750f\" style=\"\">formerly EGX-listed company<\/a><\/span><span style=\"font-weight:400;\"> in 2020, taking it private.<\/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\">SMART POLICY- The Madbouly gov\u2019t is sending a signal of reassurance to investors. <\/span><span> \u201cThe state is keen to support investment,\u201d the ministry statement reads. The government last year reached agreements to settle a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/689da38b-0ede-451c-b066-7dfb37f1eb0c\" style=\"\">number of disputes<\/a><\/span><span style=\"font-weight:400;\"> \u2014 including with Dutch Future Pipe and Italy\u2019s Maire Tecnimont \u2014 as it looks to improve the investment environment and attract more foreign inflows. <\/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\">As are the courts: <\/span><span>The Supreme Constitutional Court\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/241219f4-b066-420c-9047-47247e65d879\" style=\"\">recent decision<\/a><\/span><span> to uphold the Appeals Against State Contracts Act, which prohibits third-party lawsuits against government contracts, will also provide additional comfort to investors. <\/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\">REMEMBER- <\/span><span style=\"font-weight:400;\">Improving investor confidence will be key to the privatization program, which aims to attract USD 40 bn in private investment by 2026 through public share offerings, stake sales to strategic investors, and expanding public-private partnerships.<\/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\">SPEAKING OF WHIC<\/span><span style=\"font-weight:700\">H- The private sector is getting a bigger voice in dispute <\/span><span style=\"font-weight:700\">settlement. <\/span><span>The state\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youm7.com\/4562805\" style=\"\">investment dispute resolution committee<\/a><\/span><span>will now include<\/span><span> a representative from the Federation of Egyptian Industries and one from the Federation of Egyptian Chambers of Commerce, according to a prime ministerial decision published in the <\/span><span>Official Gazette<\/span><span style=\"font-weight:400;\"> yesterday. The two new members will join the finance, local development, housing, and trade ministers and committee head Justice Minister Omar Marwan as well as other government officials. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NCGC will pay EGP 231 mn to settle<\/p>\n","protected":false},"author":1,"featured_media":584690,"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":[8678],"tags":[957,72,103,131,4241],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-enterpriseam","tag-fdi","tag-manufacturing","tag-nile-cotton-ginning","wpautop","entry"],"acf":{"mongo_id":"bfdcfd16-69b7-4183-ba3b-a137bd5c5230","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/135.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Nile Cotton Ginning settles ownership dispute with Egyptian government","related_issue":[584674],"teaser":"NCGC will pay EGP 231 mn to settle","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.20a9d410-d194-4195-90ee-0de0e6e0d576.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The energy trading company has originally planned to acquire a 50% stake in\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/128.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572388,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/egypt-looks-to-reach-financial-settlement-with-saudi-investor-over-omar-effendi-sale-dispute\/","url_meta":{"origin":584689,"position":1},"title":"Egypt looks to reach financial settlement with Saudi investor over Omar Effendi sale dispute","author":"enterpriseam admin","date":"23 June 2020","format":false,"excerpt":"DISPUTE WATCH- Gov\u2019t looks to reach financial settlement with Saudi investor over Omar Effendi sale dispute: The Holding Company for Construction and Development (HCCD) has proposed a financial settlement to Saudi\u2019s Anwal United Trading Company in its dispute over the sale of HCCD subsidiary Omar Effendi, HCCD Chairman Hisham Aboul\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574036,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/imex-intl-plans-to-acquire-over-50-of-egypts-nile-cotton-ginning\/","url_meta":{"origin":584689,"position":2},"title":"IMEX Int\u2019l plans to acquire over 50% of Egypt\u2019s Nile Cotton Ginning","author":"enterpriseam admin","date":"27 August 2020","format":false,"excerpt":"M&A WATCH- Energy trading company IMEX International is planning to acquire at least 50% of Nile Cotton Ginning, according to a letter to the Financial Regulatory Authority (FRA). IMEX told the market regulator it will submit a mandatory tender offer for EGP 50 per share. The company has appointed EgyTrend\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574138,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/imex-international-acquisition-over-nile-cotton-ginning-stumbles\/","url_meta":{"origin":584689,"position":3},"title":"IMEX International acquisition over Nile Cotton Ginning stumbles","author":"enterpriseam admin","date":"31 August 2020","format":false,"excerpt":"M&A WATCH- Is IMEX International\u2019s acquisition of Nile Cotton Ginning stumbling? Energy trading company IMEX International\u2019s offer to acquire 50% of Nile Cotton Ginning has been plunged into uncertainty after majority shareholder Samir Afifiy and associates who collectively own 13% of the company refused IMEX\u2019s offer price, unnamed sources told\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574591,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/15\/nile-cotton-ginning-board-thinks-imex-offer-price-is-low\/","url_meta":{"origin":584689,"position":4},"title":"Nile Cotton Ginning board thinks IMEX offer price is low","author":"enterpriseam admin","date":"15 September 2020","format":false,"excerpt":"M&A WATCH- Nile Cotton Ginning board thinks IMEX offer price is low: Nile Cotton Ginning's board of directors believe that IMEX International's mandatory tender offer to purhcase at least 51% of the company's shares at EGP 50 apiece is an undervaluation and needs an upward revision, according to an EGX\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567004,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/09\/govt-to-hold-meeting-soon-to-look-into-post-2011-court-decisions-revoking-privatization\/","url_meta":{"origin":584689,"position":5},"title":"Gov\u2019t to hold meeting soon to look into post-2011 court decisions revoking privatization","author":"enterpriseam admin","date":"9 January 2020","format":false,"excerpt":"Cabinet to look into post-2011 court decisions scrapping privatization bids: The Madbouly Cabinet will soon begin examining court decisions that have overruled government bids to privatize state-owned assets, Public Enterprises Minister Hisham Tawfik told Al Mal. The House passed legislation in June that allows the government to step in when\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/556.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\/584689","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=584689"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584689\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584690"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584689"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584689"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}