{"id":605720,"date":"2023-09-05T00:00:00","date_gmt":"2023-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/banque-du-caire-wants-a-strategic-investor-japans-fm-to-hold-talks-with-sisi-shoukry-today\/"},"modified":"2023-09-05T00:00:00","modified_gmt":"2023-09-05T00:00:00","slug":"banque-du-caire-wants-a-strategic-investor-japans-fm-to-hold-talks-with-sisi-shoukry-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/banque-du-caire-wants-a-strategic-investor-japans-fm-to-hold-talks-with-sisi-shoukry-today\/","title":{"rendered":"Banque du Caire wants a strategic investor + Japan\u2019s FM to hold talks with Sisi, Shoukry today"},"content":{"rendered":"

Good morning, friends, and happy hump day. <\/strong>From fresh investments to energy, we have an absolutely packed issue for you this morning, so we\u2019re going to jump right in after this brief programming announcement:<\/p>\n

<\/a> COUNTDOWN- There are just 13 days until the Enterprise Finance Forum, taking place 18-19 September <\/strong>(Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech \u2014 and of their clients.<\/p>\n

You won\u2019t want to miss this one: <\/strong> Join Todd Wilcox <\/strong> (CEO and deputy chair, HSBC Egypt), Akef El Maghraby <\/strong> (vice chairman, Banque Misr), Tarek El Nahas <\/strong> (group head of international banking, Mashreq), Nivanne Mortagy <\/strong> (North Africa lead, upstream, financial institutions group, IFC), Mounir Nakhla <\/strong> (founder and CEO, MNT Halan), Leila Serhan <\/strong> (group country manager and senior VP for North Africa, Levant and Pakistan, Visa) and many others for talks on everything from investing in uncertain times, to the coming of AI and digital banks. Stay tuned for the unveiling of our full list of speakers in the coming days. <\/strong><\/p>\n

Tap or click here to REGISTER or view the FULL AGENDA<\/a><\/strong>.<\/a><\/strong><\/a><\/strong><\/p>\n

We are honored to count some of the region\u2019s most important financial institutions as our partners for this special event. <\/strong>The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC. <\/p>\n

<\/a> <\/p>\n

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WATCH THIS SPACE #1- Banque du Caire (BdC) is looking to bring on board <\/strong> a <\/strong> strategic <\/strong> investor: <\/strong> That\u2019s according to Banque Misr chief Mohamed El Etreby, who told Asharq Business<\/a> yesterday that the state-owned lender has started the sale process and is looking to finalize an agreement sometime during 2024.<\/p>\n

Is this instead of \u2014 or in advance of \u2014 the bank\u2019s long-awaited IPO? <\/strong> El Etreby didn\u2019t disclose any information about the transaction, stopping short of saying how large a stake is on offer, the advisors working with Banque Misr on the sale, or perhaps most importantly, what this means for the bank\u2019s plans to go public on the EGX. <\/p>\n

Remember: <\/strong> The bank has been considering an IPO for years, only to be thwarted by successive bouts of market instability. Fresh rumors surfaced in the local press as recently as last month claiming the bank could sell 49% of its shares<\/a> to investors before the end of 2023. BdC is one of three banks<\/a> that the Sisi administration has officially earmarked for privatization.<\/p>\n

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<\/a> UPDATE- Whose are the faces behind Eastern Company\u2019s new largest shareholder? <\/strong>Two leading Emirati business families are behind Global Investment Holding (GIH), the firm that agreed this week to the USD 625 mn purchase of a 30% stake in Eastern Company<\/a> from the Holding Company for Chemical Industries (CIHC).<\/p>\n

So, who\u2019s buying? <\/strong>Abu Bakr Al Hussaini<\/strong>, whose wide family interests are rooted in trade and distribution, holds a 90% stake in GIH, A<\/a> l M<\/a> al<\/a> writes, while Emaar Properties and Noon founder Mohammed Alabbar <\/strong> is also a shareholder. The newspaper writes separately that the two also hold stakes in United Tobacco, the Egypt-incorporated company that manufactures cigarettes under license for Philip Morris. The newspaper quotes CIHC chief Emad El Din Mostafa as saying GIH is more than 99% owned by the same two Emirati shareholders who hold stakes in United. <\/p>\n

We\u2019re still seeking confirmation on whether Philip Morris is involved. <\/strong>The global tobacco giant owned an economic interest of around 25% of United Tobacco as of the end of 1H 2023, while another 24%<\/a> of United is held by Eastern Company. Eastern Company\u2019s stake in United is not impacted by GIH\u2019s 30% buy-in to Eastern, it said in an EGX filing (pdf)<\/a> yesterday. <\/p>\n

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SIGN OF THE TIMES- <\/strong> Egyptians living abroad can now purchase land in new cities from abroad (in FX, of <\/strong> course) <\/strong>after thegovernment yesterday opened reservations, Housing Minister Assem El Gazzar said<\/a> yesterday. More than 2.3k plots of land in 14 new cities have been made available to purchase by expats. Reservations close in three weeks time. <\/p>\n

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HAPPENING TODAY- <\/strong><\/p>\n

<\/a> #1- PMI figures: <\/strong> S&P Global will publish August purchasing managers index figures for Egypt this morning at 6:15 CLT. Private-sector activity has finally been showing signs of life<\/a> in recent months, with the perma-contraction easing gradually over the past four months. That\u2019s one data point that adds to our feeling that the business community is starting to find its own solutions to (some) of the problems presented by FX pricing and availability <\/strong> (to say nothing of inflation). The question on our minds: Did that modest rally survive the dog days of summer?<\/p>\n

<\/a> #2- <\/strong> The Japanese FM is in Cairo: <\/strong> Japan\u2019s chief diplomat Yoshimasa Hayashi will hold talks<\/a> with President Abdel Fattah El Sisi and Foreign Minister Sameh Shoukry<\/a> on the second day of his visit to Egypt today. He will also hold a three-way meeting with Shoukry and Jordan\u2019s foreign minister, Ayman Safadi.<\/p>\n

This comes four months after the Japanese prime minister <\/strong>visited Egypt<\/a><\/strong>, during which the countries upgraded bilateral ties to a strategic partnership.<\/p>\n

<\/a> #3- <\/strong> The economy takes center stage at the National Dialogue today<\/strong>, with participants set to discuss debt, the budget deficit, inflation and industrial policy. <\/p>\n

#4- <\/strong> Climate leaders from across the continent are in <\/strong> Nairobi <\/strong> for the second day <\/strong> of the Africa Climate Summit<\/a>. Prime Minister Moustafa Madbouly, Environment Minister Yasmine Fouad, and Egypt\u2019s UN high-level climate champion, Mahmoud Mohieldin, are among the Egyptian delegation attending the summit, which wraps tomorrow.<\/p>\n

On Day 1 in Nairobi: <\/strong><\/p>\n