{"id":618066,"date":"2024-04-02T00:00:00","date_gmt":"2024-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/02\/offers-roll-in-for-the-rehabilitation-of-egyptalum-plus-news-from-valu-b-investments-rixos-hotels\/"},"modified":"2024-04-02T00:00:00","modified_gmt":"2024-04-02T00:00:00","slug":"offers-roll-in-for-the-rehabilitation-of-egyptalum-plus-news-from-valu-b-investments-rixos-hotels","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/02\/offers-roll-in-for-the-rehabilitation-of-egyptalum-plus-news-from-valu-b-investments-rixos-hotels\/","title":{"rendered":"Offers roll in for the rehabilitation of EgyptAlum. PLUS: News from Valu, B Investments, Rixos Hotels"},"content":{"rendered":"

\n

MANUFACTURING-<\/p>\n

Emirati + Chinese offers to rehabilitate EgyptAlum:<\/strong> UAE-based energy trading firm Fleet Energy<\/a>, and China\u2019s Nonferrous Metal Mining Group (NFC)<\/a> have both submitted technical offers to rehabilitate EGX-listed Egypt Aluminum (EgyptAlum), the company said in a bourse<\/a>disclosure (pdf)<\/a>.<\/p>\n

ICYMI-<\/strong> The state-owned company in January<\/a> pushed back the deadline for receiving technical and financial offers for an external public tender for rehabilitating the company to the end of March. The tender originally had a 15 January deadline.<\/p>\n

\n

HOSPITALITY-<\/p>\n

Rixos Hotels to develop Alexandria\u2019s Montazah: <\/strong>Rixos Hotels will develop and manage the Al Montazah Palace in Alexandria after group owner Nasser Abdel Latif inked an usufruct agreement to set up a hotel inside the palace, Cairo24<\/a> reports. <\/p>\n

\n

HEALTHCARE-<\/p>\n

ADQ merges Amoun with two other assets to establish healthcare giant: <\/strong>Abu Dhabi sovereign wealth fund (ADQ) launched Arcera, a global life sciences holding company headquartered in Abu Dhabi, by combining three of the sovereign wealth fund\u2019s healthcare assets, a press release<\/a> reads. The company will offer 2k branded medicines across various therapeutic areas and boasts manufacturing and packaging facilities in the UAE, Switzerland, Ukraine, Estonia, South Africa, Turkey, and Egypt.<\/p>\n

The assets in question:<\/strong> Egypt\u2019s Amoun<\/a>, a manufacturer of human and animal health products; Switzerland-based Acino International<\/a>, a global pharma firm with a long history and operations across continents; and Birgi Mefar Group<\/a>, a Turkish sterile production and pharma distribution company.<\/p>\n

Want the full story? <\/strong>EnterpriseAM UAE has coverage<\/a>.<\/p>\n

\n

FINTECH-<\/p>\n

EFG Holding\u2019s fintech arm Valu will offer <\/strong>noon Payments<\/a><\/strong> users payment plans <\/strong>to \u201cfacilitate the growth journey for enterprises of all sizes,\u201d the two firms said in a joint statement (pdf)<\/a>.<\/p>\n

\n

DIPLO-<\/p>\n

Kiwi FM in Egypt:<\/strong> Foreign Minister Sameh Shoukry discussed a number of regional issues including the latest developments in Gaza, as well as the situations in Libya, Sudan, and Syria with New Zealand\u2019s FM Winston Peters during his time in Egypt, according to a statement<\/a>. The two sides also discussed ways to boost New Zealand investments to Egypt. <\/p>\n

\n

EARNINGS WATCH-<\/p>\n

#1-<\/strong>B Investments\u2019 net income down 47% in 2023 after bumper 2022:<\/strong> B Investments Holding posted a net income of EGP 694 mn for the financial year that ended on 31 December, down 48% y-o-y, according to the private equity firm\u2019s earnings release (pdf)<\/a>. Revenues for the same period came at about EGP 569 mn, 62% below the company\u2019s topline in 2022 that surged<\/a> on the back of EGP 1.4 bn in capital gains from the sale of Giza Systems. Total assets inched down 16% y-o-y to EGP 3.6 bn. <\/p>\n

THE FINE PRINT- <\/strong>The firm\u2019s 2023 net income was mainly driven by a EGP 583 mn foreign exchange gain \u2014 this explains why the income is higher than the firm\u2019s revenues for the year. <\/p>\n

#2- HHD net income up nearly 1200% y-o-y in 2023: <\/strong>Heliopolis Housing and Development (HHD) logged EGP 7.8 bn in net income in 2023, up 1194% from the EGP 603 mn the developer logged last year, according to the board of dire<\/a>ctor\u2019s annual report (pdf)<\/a>. The developers topline for the year stood at about EGP 15.6 bn, up 681% y-o-y.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emirati Fleet Energy, and Chinese Nonferrous Metal Mining Group have both submitted technical offers<\/p>\n","protected":false},"author":1,"featured_media":618067,"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":[111,140,409,1008,72,157,131,301,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-b-investments","tag-earnings-watch","tag-egypt-aluminum","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-manufacturing","tag-sameh-shoukry","tag-valu","wpautop","entry"],"acf":{"mongo_id":"29e63cb6-3d33-4034-be56-a6c7119ba3ff","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/149.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Offers roll in for the rehabilitation of EGX-listed EgyptAlum","related_issue":[618047],"teaser":"Emirati Fleet Energy, and Chinese Nonferrous Metal Mining Group have both submitted technical offers","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.71795690-7606-4b6b-8054-bb93015f80c6.mp3"},"yoast_head":"\nOffers roll in for the rehabilitation of EgyptAlum. 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