{"id":614008,"date":"2024-01-24T00:00:00","date_gmt":"2024-01-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/24\/aibank-and-valu-roll-out-new-co-branded-credit-card-plus-sidpecs-net-income-doubles-in-2023-cira-absorbs-three-subsidiaries\/"},"modified":"2024-01-24T00:00:00","modified_gmt":"2024-01-24T00:00:00","slug":"aibank-and-valu-roll-out-new-co-branded-credit-card-plus-sidpecs-net-income-doubles-in-2023-cira-absorbs-three-subsidiaries","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/24\/aibank-and-valu-roll-out-new-co-branded-credit-card-plus-sidpecs-net-income-doubles-in-2023-cira-absorbs-three-subsidiaries\/","title":{"rendered":"aiBank and Valu roll out new co-branded credit card. PLUS: Sidpec\u2019s net income doubles in 2023, CIRA absorbs three subsidiaries"},"content":{"rendered":"<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EFG Holding\u2019s fintech subsidiary Valu<\/strong><strong> and its majority-owned <\/strong><strong>aiBank <\/strong><strong>are set to roll out co-branded Visa credit cards for Valu customers<\/strong>, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2076.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Eligible users will be able to apply for the card through the Valu app starting Sunday, 28 January. The card\u2019s features include 1% cashback on food, beverages, and fuel, in addition to zero issuance fees, a card-to-card balance transfer program, and a 58-day grace period for repayment.<\/p>\n<p class=\"tag-border-left\">EARNINGS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sidpec\u2019s net income doubles in 2023: <\/strong>Sidi Kerir Petrochemicals (Sidpec) saw netincome rise 98.6% y-o-y in 2023 to EGP 2.5 bn, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/1981.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The company recorded EGP 13.2 bn in revenues for the year, up 52.4% y-o-y.<\/p>\n<p class=\"tag-border-left\">M&amp;A- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIRA Education to absorb three subsidiaries: <\/strong>The company plans to finish integrating itsmajority-owned subsidiariesUpper Egypt for Education Services, Egyptian Company for Educational Systems, and Edu Tech International Company under CIRA Education, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2060.pdf\" style=\"\" rel=\"noopener\">bourse disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> CIRA no longer sees value in keeping separate subsidiaries, now that most of them are now directly now owned by CIRA. The company already owns 100% of both Upper Egypt for Education Services and Egyptian Company for Educational Systems. CIRA also indirectly owns 97% of Edu Tech International and is in the middle of negotiating with owners of the other 3% to take it off their hands for EGP 5 mn, the disclosure reads.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The card\u2019s features include 1% cashback on food, beverages, and fuel.<\/p>\n","protected":false},"author":1,"featured_media":614009,"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":[111,204,302,7107,72,706],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-earnings","tag-efg-holding","tag-enterpriseam","tag-sidi-kerir-petrochemicals","wpautop","entry"],"acf":{"mongo_id":"5bc916c4-0afe-48aa-8b8e-e8b00d1224b3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2097.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"aiBank and Valu roll out new co-branded credit card. 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providing finance options to customers of Sylndr, a group of companies are exploring LNG bunkering in Egypt, and the UK\u2019s charities watchdog has launched an investigation into the British School of Alexandria.Here\u2019s the rundown: EFG Hermes\u2019 BNPL\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597668,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/","url_meta":{"origin":614008,"position":1},"title":"EFG Holding net income rises 20% y-o-y in 2Q 2023","author":"enterpriseam admin","date":"13 August 2023","format":false,"excerpt":"The group\u2019s investment banking, commercial banking and non-bank financial services arms all reported revenue growth","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578146,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/efg-hermes-valu-sets-aside-usd-25-mn-to-expand-through-ma-new-products\/","url_meta":{"origin":614008,"position":2},"title":"EFG Hermes\u2019 valU sets aside USD 25 mn to expand through M&#038;A + new products","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"valU to spend USD 25 mn on regional + product expansion: EFG Hermes\u2019 buy-now-pay-later platform valU expects to invest some USD 25 mn to complete its expansion to Saudi Arabia and roll out new products in early 2023, valU CEO Walid Hassouna told Zawya.REFRESHER- valU signed a sale and purchase\u2026","rel":"","context":"In &quot;NON-BANKING FINANCIAL SERVICES&quot;","block_context":{"text":"NON-BANKING FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/non-banking-financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/355.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634984,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/30\/sidi-kerir-petrochemicals-signs-gas-electricity-supply-contracts-with-gasco-ethydco\/","url_meta":{"origin":614008,"position":3},"title":"Sidi Kerir Petrochemicals signs gas, electricity supply contracts with GASCO, ETHYDCO","author":"enterpriseam admin","date":"30 January 2018","format":false,"excerpt":"Sidi Kerir Petrochemicals (SIDPEC) signed yesterday a contract with the Egyptian Natural Gas Company (GASCO) to supply propane gas and another contract with the Egyptian Ethylene & Derivatives Company (ETHYDCO) to supply electricity for 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