{"id":616070,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/fra-approves-b-investments-acquisition-of-orascom-financial-plus-synergy-capital-ras-el-hekma-egyptian-healthcare-authority-qalaa-holdings-green-hydrogen\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"fra-approves-b-investments-acquisition-of-orascom-financial-plus-synergy-capital-ras-el-hekma-egyptian-healthcare-authority-qalaa-holdings-green-hydrogen","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/fra-approves-b-investments-acquisition-of-orascom-financial-plus-synergy-capital-ras-el-hekma-egyptian-healthcare-authority-qalaa-holdings-green-hydrogen\/","title":{"rendered":"FRA approves B Investments\u2019 acquisition of Orascom Financial. PLUS: Synergy Capital, Ras El Hekma, Egyptian Healthcare Authority, Qalaa Holdings, green hydrogen"},"content":{"rendered":"

M&A-<\/p>\n

#1- <\/strong>FRA ap<\/strong>proves B Investments\u2019 acquisition of Orascom Financial:<\/strong> The FinancialRegulatory Authority has approved B Investments\u2019 mandatory tender offer to acquire up to 90% of Orascom Financial Holding<\/a> (OFH) via a share swap, according to an EGX disclosure (pdf)<\/a>. B Investment' board in December agreed to an MTO swap ratio of one B Investments share to 56.76 OFH shares. We can expect the timeline of the MTO to be made public before the end of this week.<\/p>\n

#2- Synergy Capital completes EGP 79.5 mn acquisition of Misr Financial<\/strong> Investments: <\/strong>Financial advisory firm Synergy Capital has purchased Misr Financial Investments for EGP 79.5 mn after submitting the highest offer in a tender for the company, Al Borsa<\/a> reports, citing what it says are informed sources. Synergy Capital is looking to expand through acquiring multiple companies operating in the financial investment sector, the company\u2019s managing director Mohamed Seddiek told Al Borsa.<\/p>\n

\n

CONSTRUCTION<\/p>\n

The wheels are turning on the Ras El Hekma project:<\/strong> The ownership of 171 mn sqm in Matrouh governorate transferred to the New Urban Communities Authority to establish the new city of Ras El Hekma, according to a presidential decree published in the Official Gazette yesterday.<\/p>\n

\n

HEALTHCARE-<\/p>\n

Egyptian Healthcare Authority looks to revolutionize healthcare with US<\/strong> healthtech firm: <\/strong>US-based healthtech company IQVIA<\/a> and the Egypt Healthcare Authority will set up a clinical coding academy and a digital research platform focused on disease protection and health mapping solutions, alongside other initiatives utilizing AI in healthcare, under an MoU inked between the two sides, according to an authority statement<\/a>. Egyptian Healthcare Authority Chairman Ahmed Al Sabki said that agreements like these with healthtech companies will help \u201crestore Egypt\u2019s role as a regional center for health technology.\u201d<\/p>\n

\n

DEBT- <\/p>\n

Qalaa subsidiary reduces its debt via <\/strong>settlement agreements<\/strong>:<\/strong> Qalaa Holdings\u2019cement subsidiary National Development and Trading Company has inked agreements with three of its creditors to settle EGP 1.4 bn worth of outstanding debt in addition to a restructuring agreement with another lender for an EGP 536 mn debt, according to an EGX disclosure (pdf)<\/a> from Qalaa.<\/p>\n

ENERGY- <\/p>\n

#1- Green <\/strong>hydrogen strategy receives approval: <\/strong>The Supreme Council of Energy has approved the national strategy<\/a> for green hydrogen in the works since 2021, according to a cabinet statement<\/a>.<\/p>\n

Remember, there\u2019s big green hydrogen plans for El Sisi\u2019s third term: <\/strong>The government has said<\/a> that it aims to transform Egypt into a regional hub for green hydrogen production by 2026 and a global hub by 2030, with plans to produce 3.2 mn tons of green hydrogen a year by the end of the decade and 9.2 mn tons a year by 2040.<\/p>\n

\n

LEGISLATION-<\/p>\n

Budget Committee approves amendments to Unified Budget Act <\/strong>The House\u2019s Budget Committee has approved amendments<\/a> to the Unified Budget Act that will see the budgets of all 59 of the state\u2019s economic bodies and the state budget be presented in a new consolidated budget \u2014 dubbed the Public Government Budget \u2014 over a five-year period starting the fiscal year 2024-2025. The amendments will be voted on when the House reconvenes on 9 March.<\/p>\n","protected":false},"excerpt":{"rendered":"

B Investment' board in December agreed to an MTO swap ratio of one B Investments share to 56.76 OFH shares<\/p>\n","protected":false},"author":1,"featured_media":616071,"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":[111,1002,93,72,7115,1550,180,145,8419,758,613,7388,416,8418,186],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-cement","tag-energy","tag-enterpriseam","tag-healthcare","tag-healthtech","tag-legislation","tag-logistics","tag-new-urban-communities","tag-private-equity","tag-qalaa-holdings","tag-ras-el-hekma","tag-suez-canal-economic-zone","tag-synergy-capital","tag-unified-budget-act","wpautop","entry"],"acf":{"mongo_id":"e8cd4eae-93e7-4adf-bd18-78c279084700","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1375.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FRA approves B Investments\u2019 acquisition of Orascom Financial. 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PLUS: Al Ahly Capital Holding acquires 51% stake in Easy Lease","author":"enterpriseam admin","date":"24 April 2024","format":false,"excerpt":"B Investments will now need to complete the share swap","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1707.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616241,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/b-investments-granted-more-time-to-submit-mto-for-ofh-plus-agthia-ups-stake-in-abu-auf-basata-acquires-jordanian-fintech-stake\/","url_meta":{"origin":616070,"position":4},"title":"B Investments granted more time to submit MTO for OFH. PLUS: Agthia ups stake in Abu Auf, Basata acquires Jordanian fintech stake","author":"enterpriseam admin","date":"3 March 2024","format":false,"excerpt":"B Investments wants to submit an MTO for up to 90% of Orascom Financial Holding","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/11.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574387,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/oih-will-split-into-two-companies-one-running-financial-services-the-other-with-all-other-investments\/","url_meta":{"origin":616070,"position":5},"title":"OIH will split into two companies: One running financial services, the other with all other investments","author":"enterpriseam admin","date":"8 September 2020","format":false,"excerpt":"DEMERGER WATCH- Who gets what as OIH splits in two? 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