{"id":605014,"date":"2018-12-19T04:17:38","date_gmt":"2018-12-19T04:17:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/egypts-orascom-investment-acquires-30-of-sarwa-for-egp-1-59\/"},"modified":"2018-12-19T04:17:38","modified_gmt":"2018-12-19T04:17:38","slug":"egypts-orascom-investment-acquires-30-of-sarwa-for-egp-1-59","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/egypts-orascom-investment-acquires-30-of-sarwa-for-egp-1-59\/","title":{"rendered":"Egypt\u2019s Orascom Investment acquires 30% of Sarwa for EGP 1.59"},"content":{"rendered":"

<\/a> M&A WATCH- OIH completes 30% acquisition of Sarwa at EGP 7.36 per share: <\/b>Naguib Sawiris\u2019 Orascom Investment Holding has acquired 30% (or about 216 mn shares) of structured- and consumer-finance player Sarwa Capital in an EGP 1.59 bn transaction at EGP 7.36 per share, according to an EGX statement (pdf)<\/a>. The EGX had given<\/a> OIH five working days to complete the transaction. Orascom launched the tender on 27 November after winning approval from the Financial Regulatory Authority to seek a non-controlling stake in the structured- and consumer-finance player.<\/p>\n

Why this matters: <\/b>Sarwa is a market leader in its sector (it effectively created the market for securitized bonds in Egypt) and has a solid base on which to grow its consumer finance offering. The IPO unit of Beltone Financial (also an OIH-owned company) was handed a six-month suspension after it helped take Sarwa public \u2014 Sarwa shares plunged in their first day of trading, prompting the Financial Regulatory Authority to look into allegations of irregularities.<\/p>\n

With the Sarwa acquisition, there are now three large-scale, full-service players<\/b> vying for market share in Egypt\u2019s non-bank financial service sector: EFG Hermes (which wrote the playbook for investment banks diversifying into NBFS with its launch of EFG Hermes Leasing and acquisition of microfinance giant Tanmeyah; it has since ventured into consumer finance, factoring and fintech), CI Capital (which went public this year after spinning off from CIB), and OIH.<\/p>\n

But, but\u2026 <\/b>EFG Hermes and CI Capital have larger, controlling stakes in their subsidiaries. The question now is whether OIH can pull off (or wants to pull off) a shift in strategy to become a genuine player as opposed to a holdco.<\/p>\n

<\/a> African assets have underperformed EM \u2014 and the rout isn\u2019t over yet<\/b>, Bloomberg argues<\/a>. \u201cThe continent\u2019s stocks and bonds have performed worse than those of all other emerging-market regions in 2018, reversing their outperformance of last year \u2026 and bargain hunters won\u2019t necessarily jump in next year. Risks abound [including] low oil prices, potential credit-rating downgrades and the prospect of sovereign defaults.\u201d<\/p>\n

But Egypt could be a bright spot: <\/b>Bloomberg calls the end of the central bank\u2019s parallel FX repatriation mechanism earlier this month a \u201cbig step\u201d even if it does leave the EGP \u201cmore exposed to market forces next year.\u201d The response of investors has so far been \u201cextremely positive and few are exiting their positions, according to Citigroup, which recommends that clients buy three-month T-bills yielding almost 20 percent.\u201d<\/p>\n

This comes as Goldman Sachs is calling a \u201cbounce back\u201d in EM currencies for next year<\/b>, saying that \u201cimproving economic conditions in emerging markets over the coming months\u201d will provide a \u201cspringboard for the value of regional stocks and currencies,\u201d CNBC reports<\/a>.<\/p>\n

One emerging market not in favor at the moment: Dubai<\/b>, which Bloomberg has dubbed the \u201cWorst Stock Market of 2018<\/a>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- OIH completes 30% acquisition of Sarwa at EGP 7.36 per share: Naguib Sawiris\u2019 Orascom Investment Holding has acquired 30% (or about 216 mn shares) of structured- and consumer-finance player Sarwa Capital in an EGP 1.59 bn transaction at EGP 7.36 per share, according to an EGX statement (pdf). The EGX had given OIH […]<\/p>\n","protected":false},"author":1,"featured_media":605015,"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":[8572],"tags":[11520,11521,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-african-assets-have-underperformed-em-next-year-may-be-as-bad","tag-but-egypt-looks-like-a-bright-spot","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"dfd72dca-dc9c-46cc-87c6-8ac8a5955305","order":"0","is_powered_by":true,"section_story_id":"2b7447c1-fd90-4e93-9d7d-b8757b670552","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/12\/851.png","photo_position":"above","related_issue":[605006],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s Orascom Investment acquires 30% of Sarwa for EGP 1.59 - 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\/2018\/12\/19\/egypts-orascom-investment-acquires-30-of-sarwa-for-egp-1-59\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s Orascom Investment acquires 30% of Sarwa for EGP 1.59\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- OIH completes 30% acquisition of Sarwa at EGP 7.36 per share: Naguib Sawiris\u2019 Orascom Investment Holding has acquired 30% (or about 216 mn shares) of structured- and consumer-finance player Sarwa Capital in an EGP 1.59 bn transaction at EGP 7.36 per share, according to an EGX statement (pdf). 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of Sarwa: Naguib Sawiris\u2019 Orascom Investment Holding (OIH) is set to acquire 30% of Sarwa Capital in a EGP 1.59 bn transaction that values the structured- and consumer-finance player at EGP 7.36 per share, according to reports in Al Mal and Al Borsa.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/NaguibSawiris-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605128,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/23\/sarwa-shares-down-7-on-the-egx-on-second-day-after-oih-acquisition\/","url_meta":{"origin":605014,"position":1},"title":"Sarwa shares down 7% on the EGX on second day after OIH acquisition","author":"enterpriseam admin","date":"23 December 2018","format":false,"excerpt":"M&A WATCH- Sarwa shares down 7% in day two after OIH acquisition: Sarwa Capital\u2019s share price fell just over 7% by the closing bell on Thursday, wrapping the day at EGP 5.98 per share from its opening price of EGP 6.52. That brings Sarwa shares down just over 17% in\u2026","rel":"","context":"In "Speed Round"","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":622110,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/27\/regulator-green-lights-orascoms-bid-for-large-minority-stake-in-sarwa\/","url_meta":{"origin":605014,"position":2},"title":"Regulator green-lights Orascom\u2019s bid for large minority stake in Sarwa","author":"enterpriseam admin","date":"27 November 2018","format":false,"excerpt":"M&A WATCH- Regulator green-lights Orascom\u2019s bid for large minority stake in Sarwa: The Financial Regulatory Authority (FRA) has approved Orascom Investment Holding\u2019s (OIH) offer to purchase a non-controlling stake in structured- and consumer-finance player Sarwa Capital, it said in a disclosure to the EGX (pdf). OIH, controlled by celebrity investor\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/NaguibSawiris-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621199,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/01\/orascom-investment-wants-at-least-25-of-sarwa-capital\/","url_meta":{"origin":605014,"position":3},"title":"Orascom Investment wants at least 25% of Sarwa Capital","author":"enterpriseam admin","date":"1 November 2018","format":false,"excerpt":"** #3 M&A WATCH- Sawiris\u2019 Orascom Investment wants at least 25% of Sarwa Capital: Orascom Investment Holding (OIH)is looking to acquire a non-controlling stake of c. 216 mn shares in consumer and structured finance player Sarwa Capital at EGP 7.36 a share, the company said in a bourse statement (pdf).\u2026","rel":"","context":"In "Speed Round"","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":605071,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/20\/sarwa-shares-fall-nearly-10-after-naguib-sawiris-oih-acquires-a-stake\/","url_meta":{"origin":605014,"position":4},"title":"Sarwa shares fall nearly 10% after Naguib Sawiris\u2019 OIH acquires a stake","author":"enterpriseam admin","date":"20 December 2018","format":false,"excerpt":"Sarwa shares fall nearly 10% after OIH stake acquisition: Sarwa Capital\u2019s share price ended yesterday\u2019s trading session at EGP 6.52, down 9.96% from its opening price of EGP 7.23 a share. The decline came after Orascom Investment Holding bought a 30% stake (c. 216 mn shares at EGP 7.36 per\u2026","rel":"","context":"In "Speed Round"","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":559885,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/beltone-sarwa-will-soon-have-a-new-corporate-parent\/","url_meta":{"origin":605014,"position":5},"title":"Beltone, Sarwa will soon have a new corporate parent","author":"enterpriseam admin","date":"8 February 2021","format":false,"excerpt":"Trading of Orascom Investment Holding (OIH) shares on the EGX will be suspended this coming Thursday, 11 February, to allow the company to spin out assets including investment bank Beltone and non-bank financial services player Sarwa Capital into a new entity, Orascom Financial Holding. OIH confirmed the move in a\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/129.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\/605014","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=605014"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605014\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/605006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/605015"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=605014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=605014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=605014"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=605014"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=605014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}