{"id":589006,"date":"2023-06-20T00:00:00","date_gmt":"2023-06-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/snackmaker-edita-plans-to-more-than-double-capex-in-2023\/"},"modified":"2023-06-20T00:00:00","modified_gmt":"2023-06-20T00:00:00","slug":"snackmaker-edita-plans-to-more-than-double-capex-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/snackmaker-edita-plans-to-more-than-double-capex-in-2023\/","title":{"rendered":"Snackmaker Edita plans to more than double capex in 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">INVESTMENT- <\/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\">Edita to more than double capex this year:<\/span><span style=\"\"> Edita plans to invest EGP 800 mn <\/span><span>during this year, up from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/879.pdf\" style=\"\">EGP 353.6 mn (pdf)<\/a><\/span><span> in 2022, it said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/869.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span> yesterday. This doesn\u2019t include the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e180ead-2cd4-4dd4-8f3a-c3c4ac70467e\" style=\"\">EGP 400 mn<\/a><\/span><span> it plans to inject into Fancy Foods, the frozen bakery company it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa4dccfc-1425-4871-923e-45476a10c1a7\" style=\"\">recently acquired<\/a><\/span><span style=\"font-weight:400;\"> for EGP 380 mn.<\/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\">Raya Foods is considering a potential EGP 350 mn capital increase<\/span><span style=\"\">, a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/997.pdf\" style=\"\">press<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/997.pdf\" style=\"\">release (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/997.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/997.pdf\" style=\"\">)<\/a><\/span><span> said. \u201cThe offers, which have been made by both local and international i<\/span><span>nvestors, are being examined from our side in light of our long-term objectives and strategy,\u201d<\/span><span> Raya CEO Omar Abdelaziz to<\/span><span>ld Enterprise. He said the company is considering hiring a consultant to close the transaction \u201cwhen the final decision regarding the submitted proposals is made.\u201d<\/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\">Ateco factory complete by end of 2024, says CEO: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/atecopharma.com\/\" style=\"\">Ateco Pharma<\/a><\/span><span style=\"\"> will finish the <\/span><span>second phase of development of its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/304f0eac-e542-42b5-913f-c7af7c1bf156\" style=\"\">medical solutions factory<\/a><\/span><span>in Sokhna in 1Q 2024 and the third phase by the end of 2024, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/almalnews.com\/%d8%a7%d8%aa%d9%8a%d9%83%d9%88-%d9%81%d8%a7%d8%b1%d9%85%d8%a7-%d9%84%d9%84%d8%a3%d8%af%d9%88%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa%d8%ab%d9%85%d8%b1-500-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%ac\/\" style=\"\">Al Mal<\/a><\/span><span> reports, quoting CEO and Vice Chairman Waheed Ateeq. The two phases are expected to cost some EGP 500 mn in total, while the first phase \u2014 which was completed last year \u2014 cost more than EGP 1 bn. <\/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;\">FINTECH-<\/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\">Banque Misr x Nexta:<\/span><span style=\"\"> Banque Misr signed a cooperation protocol with fintech startup <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.getnexta.com\/\" style=\"\">Nexta<\/a><\/span><span> to launch an electronic payment app, the state-owned bank <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.banquemisr.com\/en\/Home\/ABOUT-US\/News\/cooperation-with-Nexta\" style=\"\">said<\/a><\/span><span>yesterday<\/span><span style=\"font-weight:400;\">. Nexta will offer prepaid Visa cards issued by Banque Misr across the country along with the app. <\/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;\">NBFS-<\/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\">CIB\u2019s mortgage, factoring arm gets license:<\/span><span style=\"\"> The Financial Regulatory Authority <\/span><span style=\"\">(FRA) <\/span><span>has handed CIB subsidiary Commercial International Finance a license to offer mortgage financing and factoring products, the private-sector bank said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/939.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span> yesterday. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05686e22-76f0-4c17-8cfc-f4fad2035d04\" style=\"\">Established<\/a><\/span><span style=\"font-weight:400;\"> last year, the company is 99.8% owned by the CIB and is currently preparing to begin operations.<\/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\">Azimut, MNT-Halan launch AZ Halan fund: <\/span><span style=\"\">Fund manager Azimut and fintech firm <\/span><span>MNT-Halan launched a fund dubbed AZ Halan (AKA Halan Tahweesh) on Sunday that offers savings products to their customers, Azimut Managing Director <\/span><span>Ahmed Aboul Saad<\/span><span> told Enterprise yesterday. Customers will receive an annual interest rate of around 16% on their savings with daily redemptions, Aboul Saad added. There is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fb.watch\/lfPfZAd-rF\/\" style=\"\">no minimum deposit requirement or administrative fee<\/a><\/span><span style=\"font-weight:400;\"> on opening an account.<\/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\">Contact x Vodafone:<\/span><span style=\"\"> Contact Financial\u2019s consumer finance arm Contact Creditech has <\/span><span>signed an agreement to launch consumer financing products for Vodafone Egypt customers, including an instant credit limit approval system known as \u2018Lending as a Service,\u2019 a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/998.pdf\" style=\"\">press release (pdf)<\/a><\/span><span> read<\/span><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>That doesn\u2019t include an extra EGP 400 mn investment in newly acquired Fancy Foods<\/p>\n","protected":false},"author":1,"featured_media":589007,"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":[111,10700,3305,576,240,10701,10702,933,191,72,183,564,125,310,1346,595,427,142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-ateco-pharma","tag-azimut-egypt-asset-management","tag-banque-misr","tag-cib","tag-commercial-international-finance","tag-contact-creditech","tag-contact-financial","tag-edita","tag-enterpriseam","tag-fintech","tag-food","tag-investment-watch","tag-mnt-halan","tag-nexta","tag-non-banking-financial-services","tag-pharma","tag-vodafone-egypt","wpautop","entry"],"acf":{"mongo_id":"a0db0ce3-a740-4609-a221-c941b2164883","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1005.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian snackmaker Edita plans to more than double capex in 2023. PLUS: Ateco Pharma factory complete by end of 2024 + Raya Foods mulls EGP 350 mn capital increase + Banque Misr x Nexta + CIB mortgage arm gets FRA license + Azimut, MNT Halan\u2019s new fund + Contact x Vodafone","related_issue":[588986],"teaser":"That doesn\u2019t include an extra EGP 400 mn investment in newly acquired Fancy Foods","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.a237f7d8-d2ec-4db7-8e1a-e75cc3541fdf.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Snackmaker Edita plans to more than double capex in 2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/snackmaker-edita-plans-to-more-than-double-capex-in-2023\/\" \/>\n<meta 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