{"id":610212,"date":"2023-11-16T00:00:00","date_gmt":"2023-11-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/mec-buys-back-ucp-shares-from-us-shareholder-plus-news-from-hassan-allam-thales-elsewedy-electric-oriental-weavers\/"},"modified":"2023-11-16T00:00:00","modified_gmt":"2023-11-16T00:00:00","slug":"mec-buys-back-ucp-shares-from-us-shareholder-plus-news-from-hassan-allam-thales-elsewedy-electric-oriental-weavers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/mec-buys-back-ucp-shares-from-us-shareholder-plus-news-from-hassan-allam-thales-elsewedy-electric-oriental-weavers\/","title":{"rendered":"MEC buys back UCP shares from US shareholder. PLUS: News from Hassan Allam, Thales, Elsewedy Electric, Oriental Weavers"},"content":{"rendered":"

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

HO Group is now the sole owner of UCP:<\/strong>HO Group<\/a> \u2019s pharma arm Middle East<\/a>Chemicals<\/a> (MEC) has bought back a 50% stake in its subsidiary pharma distributor United Company of Pharmacists<\/a> (UCP), giving it full ownership of the company, Al Mal<\/a> reported, citing sources close to the matter. MEC bought back its shares from US-based wholesale company Cencora<\/a> (formerly known as AmerisourceBergen) in a USD 50 mn transaction. The pharma distributor has been on the lookout for new finance sources to resolve a growing debt problem. <\/p>\n

Goodbye, rumored Saudi shareholder: <\/strong>Asharq Business reported earlier this month<\/a> that Saudi Arabia\u2019s medical supplies giant Tamer Group was close to acquiring a 30% stake in UCP from Cencora. <\/p>\n

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

Safer Egyptian cities: <\/strong>Our friends at Hassan Allam Construction have inked an agreement with French defense and security firm Thales to develop a digital platform, based on big data and AI, that will enhance and automate security systems in cities across Egypt and the region, the two companies said in a joint statement (pdf)<\/a>. <\/p>\n

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

Elsewedy Electric grows footprint in Saudi: <\/strong>The Saudi arm of Elsewedy Electric has signed a SAR 59 mn (USD 15.7 mn) agreement with the state-owned electricity distributor Saudi Electricity Company<\/a> to build a new turnkey underground cable project in Mecca, it said in a LinkedIn post<\/a> yesterday. The project will link a new 110\/13.8 kV substation with the existing 110 kV network in Mecca, and it comes as part of a wider plan to increase the capacity of the electricity network in larger cities in the country. <\/p>\n

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

Oriental Weavers factory goes green:<\/strong> Oriental Weavers will start operating one of its Tenth of Ramadan factories using renewable energy, the company said in a statement (pdf)<\/a>. Under an agreement with Amarenco Solarize<\/a>, the solar power producer will provide the factory with a solar power station with a capacity of 1.3 MW, covering 80% of the factory\u2019s energy consumption. The move will reduce the factory\u2019s carbon emissions by 2.3k tons a year. <\/p>\n","protected":false},"excerpt":{"rendered":"

HO Group\u2019s pharma arm is now the sole owner of United Company of Pharmacists<\/p>\n","protected":false},"author":1,"featured_media":610213,"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":[111,11778,152,93,72,8553,7128,1202,639,11541,11607],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-amarenco-solarize","tag-elsewedy-electric","tag-energy","tag-enterpriseam","tag-hassan-allam-construction","tag-ma-watch","tag-oriental-weavers","tag-technology","tag-thales","tag-united-company-of-pharmacists","wpautop","entry"],"acf":{"mongo_id":"50188578-5108-4d70-8eec-e327016cdb31","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/903.jpg","photo_position":"above","homepage_title":"MEC buys back UCP shares from US shareholder","full_issue_title":"MEC buys back UCP shares from US shareholder. 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The business news cycle is picking up steam as we race towards the weekend.THE BIG STORY TODAY Saudi\u2019s Tamer Group eyes 30% stake in Egypt\u2019s UCP: Saudi company TamerGroup is in talks to acquire up to a 30%-stake in Egyptian pharma wholesaler\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/296.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586061,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/elsewedy-electric-is-paying-out-dividends-sidpec-reports-1q-2023-earnings\/","url_meta":{"origin":610212,"position":3},"title":"Elsewedy Electric is paying out dividends + Sidpec reports 1Q 2023 earnings","author":"enterpriseam admin","date":"3 May 2023","format":false,"excerpt":"MARKET NEWS-Elsewedy Electric is paying out dividends of EGP 0.40 per share on its FY 2022-23 earnings, payable on 21 May, the company said in an EGX disclosure (pdf). EARNINGS WATCH-Sidi Kerir Petrochemicals Company reported net income after tax of EGP 520 mn in 1Q2023, up 107.2% y-o-y, the company\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592921,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/earnings-watch-elsewedy-electric-oriental-weavers-domty\/","url_meta":{"origin":610212,"position":4},"title":"Earnings watch: Elsewedy Electric, Oriental Weavers, Domty","author":"enterpriseam admin","date":"12 November 2019","format":false,"excerpt":"EARNINGS WATCH- Elsewedy Electric\u2019s net profit dropped 22.2% to EGP 2.7 bn in 9M2019, down from EGP 3.5 bn during the same period last year, the company said in its earnings release (pdf). Revenues during the first nine months of 2019 increased 14.0% y-o-y to EGP 34.5 bn, which the\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":568012,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/revenge-of-the-luddites\/","url_meta":{"origin":610212,"position":5},"title":"Revenge of the Luddites","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"Ibnsina Pharma has ended its standoff with the Pharmacists Syndicate, announcing yesterday that it would walk back its acquisition of 75% of 3elagi Tech, which owns digital pharmacy platform 3elagi. \u201cIbnsina Pharma is keen to maintain strong relations with pharmacists who are the focal point for the company and the\u2026","rel":"","context":"In "Tech"","block_context":{"text":"Tech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/tech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/261.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\/610212","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=610212"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610212\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610213"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610212"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610212"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}