{"id":615970,"date":"2024-02-27T00:00:00","date_gmt":"2024-02-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/nbe-and-banque-misr-to-exit-alexandria-mineral-oils-company\/"},"modified":"2024-02-27T00:00:00","modified_gmt":"2024-02-27T00:00:00","slug":"nbe-and-banque-misr-to-exit-alexandria-mineral-oils-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/nbe-and-banque-misr-to-exit-alexandria-mineral-oils-company\/","title":{"rendered":"NBE and Banque Misr to exit Alexandria Mineral Oils Company?"},"content":{"rendered":"

Good morning, folks. <\/strong>We\u2019ve got a packed issue for you today with news that Telecom Egypt is partnering up with Huawei on its 5G network, the government ramping up privatization efforts in the country\u2019s airports, and much, much more for you to read through as you start your day. So let\u2019s jump right in.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- NBE and Banque Misr to offload stakes in AMOC?<\/strong> The National Bank of Egyptand Banque Misr are looking to sell some or all of their combined 26.1% stake in EGX-listed Alexandria Mineral Oils Company (AMOC), Asharq Business<\/a> reports, citing three anonymous government sources it says are familiar with the matter. The potential sales are part of wider plans by the two banks to optimize their direct investment portfolios and pursue new investments.<\/p>\n

Who could buy in?<\/strong> The country\u2019s two largest banks are reportedly in talks with the EgyptianGeneral Petroleum Corporation and unnamed Arab investors over the stake sales.<\/p>\n

AMOC says it missed the memo: <\/strong>AMOC shared an EGX disclosure (pdf)<\/a> saying that it has noknowledge of the stake sales.<\/p>\n

Who owns what? <\/strong>NBE\u2019s investment arm Al Ahly Capital Holding owns a 17.4% stake inAMOC, while Banque Misr\u2019s Misr Capital holds 8.7%, according to AMOC\u2019s website<\/a>. The lion\u2019s share belongs to Alexandria Petroleum Company with a 20.8% stake and 25.8% of the company is in freefloat.<\/p>\n

<\/a> #2- <\/strong>GrEEK Campus West is getting bigger:<\/strong> Real estate developer Marakez is expandingthe GrEEK Campus West\u2019s branch at the Mall of Arabia, bringing the total floor space to 15k sqm from 12k sqm, according to a statement (pdf)<\/a>. The new space is due to open in May. <\/p>\n

DEBT WATCH-<\/p>\n

<\/a> Egypt\u2019s USD bonds record biggest ever jump following Ras El Hekma sale:<\/strong>Egyptian USD-denominated debt due in 2032 and 2033 rose over 5 cents to the USD, after news of the government and Abu Dhabi wealth fund ADQ\u2019s USD 35 bn agreement<\/a> raised the chances of an approaching, but less dramatic currency devaluation, Bloomberg<\/a> reports. Egypt\u2019s bonds had the largest gains among emerging markets worldwide on Monday.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> Islamic index to hit the EGX next month:<\/strong> The EGX plans to launch its maiden shariah-compliant index<\/a> in March, EGX boss Ahmed El Sheikh told Asharq Business<\/a> on the sidelines of the Capital Markets Summit. The index will be launched in collaboration with Standard & Poor\u2019s.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\n

THE BIG STORY ABROAD- <\/p>\n

Citigroup is looking to regain its dealmaking mojo after hiring Viswas Raghavan from<\/strong> JPMorgan Chase to run its new banking division. <\/strong>Raghavan will report directly to CEO Jane Fraser, who\u2019s in the midst of the biggest restructuring of Citi in decades. Raghavan had just been promoted to become the sole head of investment banking at JPM last month. The story is getting plenty of ink from the Financial Times<\/a> and Bloomberg<\/a>.<\/p>\n

Jacob Rothschild passes away:<\/strong> Banker and philanthropist Jacob Rothschild, a seventh-generation heir of the Rothschild banking dynasty, died yesterday at the age of 87, according to an announcement<\/a> by the Rothschild Foundation \u2014 a British charity he led. The story is everywhere in the foreign press: Bloomberg<\/a> | Reuters<\/a> | NY Times<\/a> | The Guardian<\/a> | Wall Street Journal<\/a>.<\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We take a look at how the MENA region can greenify the USD 2 tn worth of mega construction projects in the pipeline. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. We\u2019ve got a packed issue for you today with news that Telecom Egypt is partnering up with Huawei on its 5G network, the government ramping up privatization efforts in the country\u2019s airports, and much, much more for you to read through as you start your day. So let\u2019s jump right in. WATCH […]<\/p>\n","protected":false},"author":1,"featured_media":615971,"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":[7204],"tags":[576,72,248,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-banque-misr","tag-enterpriseam","tag-national-bank-of-egypt","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f287e803-d249-47d6-9e77-9b52699a02b1","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/2627.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NBE and Banque Misr to exit Alexandria Mineral Oils Company?","related_issue":[615968],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.d6384622-21d0-49a4-b19e-03c3c9dcaa34.mp3"},"yoast_head":"\nNBE and Banque Misr to exit Alexandria Mineral Oils Company? - 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\/2024\/02\/27\/nbe-and-banque-misr-to-exit-alexandria-mineral-oils-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBE and Banque Misr to exit Alexandria Mineral Oils Company?\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. 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Port","author":"enterpriseam admin","date":"20 September 2020","format":false,"excerpt":"DEBT WATCH- CIB, NBE, Banque Misr sign EGP 5 bn syndicated loan agreement to finance Alexandria Port multipurpose terminal: The National Bank of Egypt, Banque Misr, and CIB signed a EGP 5 bn syndicated loan agreement with state-owned Egyptian Group for Multipurpose Terminals (EGMPT) to finance the construction of a\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":573055,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/19\/the-banker-names-national-bank-of-egypt-banque-misr-cib-among-top-10-banks-in-africa\/","url_meta":{"origin":615970,"position":1},"title":"The Banker names National Bank of Egypt, Banque Misr, CIB among top 10 banks in Africa","author":"enterpriseam admin","date":"19 July 2020","format":false,"excerpt":"The Banker names CIB, NBE, Banque Misr among top 10 banks in Africa: The Banker, a sister publication of the Financial Times, has named the National Bank of Egypt (NBE), Banque Misr, and CIB among the top 10 banks in Africa in its annual ranking of the Top 1000 World\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":574188,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/banque-misr-nbe-sign-egp-4-bn-agreement-with-talaat-moustafa-subsidiary-to-develop-residential-projects\/","url_meta":{"origin":615970,"position":2},"title":"Banque Misr, NBE sign EGP 4 bn agreement with Talaat Moustafa subsidiary to develop residential projects","author":"enterpriseam admin","date":"1 September 2020","format":false,"excerpt":"Banque Misr and the National Bank of Egypt (NBE) have signed a EGP 4 bn financing agreement with Talaat Moustafa Group subsidiary the Arab Company for Projects and Urban Development to construct two mixed-use projects in Madinaty and Rehab City on a combined 341k sqm of land, according to an\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/","url_meta":{"origin":615970,"position":3},"title":"S&P lowers credit outlook on NBE, Banque Misr + CIB to negative","author":"enterpriseam admin","date":"1 May 2023","format":false,"excerpt":"Welcome to the sovereign ceiling\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558832,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/nbe-banque-misr-arrange-egp-3-bn-for-two-state-run-aviation-firms\/","url_meta":{"origin":615970,"position":4},"title":"NBE, Banque Misr arrange EGP 3 bn for two state-run aviation firms","author":"enterpriseam admin","date":"29 August 2021","format":false,"excerpt":"The National Bank of Egypt and Banque Misr have arranged EGP 3 bn-worth of syndicated loans for two airports: Lead arrangers NBE and Banque Misr will provide EGP 2 bn of the 10-year syndicated loans to state-run Egyptian Airports Company to finance the development of west Cairo\u2019s Sphinx International Airport.\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/287.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":642549,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/16\/nbe-banque-misr-arranging-egp-3-bn-loan-for-general-petroleum-company\/","url_meta":{"origin":615970,"position":5},"title":"NBE, Banque Misr arranging EGP 3 bn loan for General Petroleum Company","author":"enterpriseam admin","date":"16 August 2017","format":false,"excerpt":"The National Bank of Egypt and Banque Misr are arranging a EGP 3 bn facility for the General Petroleum Company (GPC) to finance exploration and drilling operations, as well as debt restructuring, Al Mal reports. NBE and Banque Misr are in talks with a number of banks including the Egyptian\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615970","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=615970"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615970\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615971"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615970"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615970"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}