{"id":604234,"date":"2023-08-28T00:00:00","date_gmt":"2023-08-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/28\/someone-has-eyes-for-middle-east-glass-plus-big-network-international-investment-and-news-from-mashreq-ethydco-somabay-quintessentially-and-the-banking-industry\/"},"modified":"2023-08-28T00:00:00","modified_gmt":"2023-08-28T00:00:00","slug":"someone-has-eyes-for-middle-east-glass-plus-big-network-international-investment-and-news-from-mashreq-ethydco-somabay-quintessentially-and-the-banking-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/28\/someone-has-eyes-for-middle-east-glass-plus-big-network-international-investment-and-news-from-mashreq-ethydco-somabay-quintessentially-and-the-banking-industry\/","title":{"rendered":"Someone has eyes for Middle East Glass. PLUS: Big Network International investment and news from Mashreq, Ethydco, Somabay, Quintessentially, and the banking industry"},"content":{"rendered":"

INVESTMENT- <\/strong><\/p>\n

Network International to make nine-figure EGP investment in Egypt: <\/strong> Dubai-based fintech firm Network International<\/a> will invest EGP 1 bn in the Egyptian market to boost digital payments across the nation, it said in a press release<\/a>. The investment will go towards procuring, deploying, and maintaining some 100k point-of-sale machines as well as implementing Network International\u2019s payment platform Network One across the country. <\/p>\n

Network International is well-acquainted with the local market <\/strong>having operated here for over two decades. It launched<\/a> a digital payments service in the country earlier this year.<\/p>\n

ICYMI- <\/strong> Network International is the target of an acquisition bid by Canadian private equity outfit Brookfield Business Partners, which has offered to pay USD 2.76 bn to take over the payments firm.<\/p>\n

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

Gulf Capital could sell down stake in Middle East Glass: <\/strong>Unnamed investors are eyeing the purchase of Gulf Capital\u2019s entire 37% stake (23.1 mn shares) in EGX-listed bottle maker Middle East Glass<\/a>(MEG), according to am EGX filing (pdf)<\/a> yesterday. Gulf Capital is requesting that MEG allow the potential investors to commence the due diligence process ahead of the sale. Arqaam Capital is acting as the sell-side advisor. <\/p>\n

Who owns what? <\/strong> Parent firm MENA Glass Holding holds 53% of MEG, while Gulf Capital\u2019s 37% stake (owned through special purpose vehicle MTM Packaging 2) makes it the second-largest shareholder. ICG Holdings owns 6%. <\/p>\n

DEBT- <\/strong><\/p>\n

Ethydco could get USD 100 mn in finance from our friends at Mashreq: <\/strong> Mashreq is considering lending the Egyptian Ethylene and Derivatives Company (Ethydco) USD 100 mn to fund its working capital, Al Shorouk<\/a> reports, citing sources it says are in the know. The loan is separate from another two-year, USD 250 mn loan that Ethydco is seeking from the Emirati lender to refinance existing debt to local banks.<\/p>\n

Remember: <\/strong>EGX-listed Sidpec, which currently owns 20% of Ethydco, has been in the process of acquiring the remaining shares<\/a> in the company since last year. The firm plans to finalize the merger by the end of 3Q 2023.<\/p>\n

INFRASTRUCTURE <\/strong> - <\/strong><\/p>\n

Construction starts on Luxor strategic warehouse: <\/strong>The government broke ground on its EGP 1.5 bn strategic warehouse in Luxor yesterday, according to a Supply Ministry statement<\/a>. Set to serve Luxor and four neighboring governorates, the warehouse will take 18-24 months to build and will store strategic reserves of over 30 essential commodities and other goods, the statement reads. <\/p>\n

More warehouses to come: <\/strong>The government has signed EGP 4 bn worth of contracts<\/a> with our friends at Hassan Allam Utilities, Orascom Construction, and Samcrete to set up four of these warehouses in Suez, Luxor, Sharqia, and Fayoum. The Luxor project is the second to go into construction after contractors in June broke ground<\/a> on the Suez facility. <\/p>\n

BANKING- <\/strong><\/p>\n

Banking bill ratified: <\/strong>aiBank, the Export Development Bank (EBank), and the Agricultural Bank of Egypt have until 23 August, 2024 to align their regulations with the 2020 Banking Act, after President Abdel Fattah El Sisi ratified a bill<\/a> that revoked the three lenders\u2019 outdated establishing laws. The new bill was published in the Official Gazette. The Central Bank of Egypt has the authority to extend the deadline for the banks to comply by up to two years. <\/p>\n

REAL ESTATE- <\/strong><\/p>\n

Somabay will offer global concierge services through Quintessentially Egypt for <\/strong> all homeowners in its developments <\/strong>after a successful pilot scheme<\/a>, according to a press release (pdf)<\/a> by Quintessentially Egypt.The 24\/7 service will allow Somabay residents to make shopping, travel, dining, and other requests to Quintessentially\u2019s \u201clifestyle managers\u201d through the new Somabay Lifestyle app.<\/p>\n

FINTECH- <\/strong><\/p>\n

Mastercard x Ingiz: <\/strong>Mastercard will provide local fintech startup Ingiz<\/a> with compliance, security and fraud prevention tools, according to a joint press rele<\/a> ase (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Unnamed investors are offering to acquire Gulf Capital\u2019s 37% stake in the glass manufacturer<\/p>\n","protected":false},"author":1,"featured_media":604235,"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":[3360,111,3148,1258,204,317,72,6815,2371,183,1264,7111,11499,187,131,2373,865,7425,595,363,83,997,1443],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-agricultural-bank-of-egypt","tag-also-on-our-radar","tag-arab-investment-bank","tag-arqaam-capital","tag-banking","tag-commodities","tag-enterpriseam","tag-ethydco","tag-export-development-bank-of-egypt","tag-fintech","tag-gulf-capital","tag-infrastructure","tag-ingiz","tag-legislation-watch","tag-manufacturing","tag-mashreq-bank","tag-mastercard","tag-middle-east-glass-manufacturing-company","tag-non-banking-financial-services","tag-orascom-construction","tag-real-estate","tag-samcrete","tag-somabay","wpautop","entry"],"acf":{"mongo_id":"7bd14349-80de-438e-8b32-f29273c4ad8f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1282.jpg","photo_position":"above","homepage_title":"Someone has eyes for Middle East Glass","full_issue_title":"Someone has eyes for Middle East Glass. 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The bank is currently 91.4% held by the National Investment Bank (NIB), with the government holding the remaining 8.58%. 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