{"id":638094,"date":"2024-08-08T00:00:00","date_gmt":"2024-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/08\/palm-holding-ups-stake-in-incolease\/"},"modified":"2024-08-08T00:00:00","modified_gmt":"2024-08-08T00:00:00","slug":"palm-holding-ups-stake-in-incolease","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/08\/palm-holding-ups-stake-in-incolease\/","title":{"rendered":"Palm Holding ups stake in Incolease"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Palm Holding ups stake in Incolease:<\/strong><span style=\"background-color: transparent;\"> Palm Holding for Financial Investments has acquired the British Arab Commercial Bank\u2019s stake in the International Company for Leasing (Incolease) for EGP 70.8 mn, according to EGX disclosures (<\/span><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/610.pdf\" rel=\"noopener\">here, pdf<\/a><span style=\"background-color: transparent;\"> and <\/span><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/611.pdf\" rel=\"noopener\">here, pdf<\/a><span style=\"background-color: transparent;\">). The transaction brings Palm Holding\u2019s stake in Incolease to 26.9%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Palm Holding acquired some 1.73 mn shares in Incolease for around EGP 41 per share. Commercial International Brokerage Company (CIBC) was the broker on the transaction. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Palm Hills Developments <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a9911fa-f611-4c6c-baf3-e13627e029ef\/is-egypt-brewing-up-a-fresh-export-subsidy-program%3F\" style=\"\" rel=\"noopener\">restructured<\/a> its stake in Incolease and sold it to Palm Holding in a EGP 149.9 mn transaction back in February 2023. A consortium of four state-owned banks and ins. companies had <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions-69538\/\" style=\"\" rel=\"noopener\">exited<\/a> Incolease in 2022, selling their 38.7% stake for EGP 316.9 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the company does:<\/strong> Incolease offers leasing services with a focus on assets including commercial vehicles, machinery, IT equipment, production lines, and real estate.<\/p>\n<p class=\"tag-border-left\">CITY LAB EXPANDS PORTFOLIO- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>City Lab to own 50% of two firms:<\/strong> Medical diagnostic services provider City Lab will own a 50% stake in each of Egypt-based firm Distinguished Diagnostics and Saudi firm Saudi Egyptian Company for Medical Laboratories, both through capital increases, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/618.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. City Lab is paying some SAR 100k (EGP 1.3 mn) for its stake in Saudi Egyptian Company for Medical Laboratories and EGP 4.4 mn for its stake in Distinguished Diagnostics. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not the only acquisition on City Lab\u2019s radar: <\/strong>In July, City Lab appointed the Financial Advice Corporate Transactions (FACT) as independent financial advisor to provide a second opinion on the value of acquisition target Cairo Clinical Labs, after its board approved the due diligence conducted for the acquisition. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Premium Diagnostics UAE upped its ownership in City Lab to 25.0% in June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction brings Palm Holding\u2019s stake in Incolease to 26.9%<\/p>\n","protected":false},"author":1,"featured_media":638095,"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":[7363],"tags":[72,1319,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-incolease","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"614b7792-6190-4a10-b083-0c3f00ccde01","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/661.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Palm Holding for Financial Investments ups stake in Incolease","related_issue":[638086],"teaser":"The transaction brings Palm Holding\u2019s stake in Incolease to 26.9%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.294913d8-462d-47f5-a545-6b85d37f6043.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The two sides have not yet settled on a valuation but an agreement is supposed to be finalized some\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631658,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/25\/ma-watch-incolease-denies-it-is-in-play-after-saib-banque-misr-said-to-be-seeking-exits\/","url_meta":{"origin":638094,"position":1},"title":"M&#038;A WATCH- Incolease denies it is in play after SAIB, Banque Misr said to be seeking exits","author":"enterpriseam admin","date":"25 March 2018","format":false,"excerpt":"M&A WATCH- Incolease denies it is in play. The International Company For Leasing (Incolease) has denied a report that it is the subject of acquisition offers from both local and international players seeking a majority stake in the firm, according to a company statement to EGX (pdf). Al Mal had\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":545899,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions\/","url_meta":{"origin":638094,"position":2},"title":"FAB drops its bid for EFG Hermes. Plus: Incolease, Mondi in transactions.","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"Emirati lender First Abu Dhabi Bank (FAB) has dropped its bid for a majority stake in leading financial services corporation EFG Hermes, it said in a statement Thursday, citing \u201congoing global market uncertainty and volatile macro-economic conditions.\u201dFAB first made its offer for EFG Hermes in February, when it proposed buying\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544558,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/govt-to-pay-eur-150-mn-to-alstom-consortium-for-monorail-work\/","url_meta":{"origin":638094,"position":3},"title":"Gov\u2019t to pay EUR 150 mn to Alstom consortium for monorail work","author":"enterpriseam admin","date":"9 March 2022","format":false,"excerpt":"The Transport Ministry will soon pay out EUR 150 mn to the Alstom-led consortium implementing the Sixth of October-new capital monorail for recent construction work, Al Mal reported, citing sources it claims have knowledge of the matter. This is the second payment to the consortium, which also includes Orascom Construction\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":601096,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/19\/aind-agrees-to-ue-finance-buyout\/","url_meta":{"origin":638094,"position":4},"title":"AIND agrees to UE Finance buyout","author":"enterpriseam admin","date":"19 February 2019","format":false,"excerpt":"M&A WATCH- AIND agrees to buyout UE Finance: Arabia Investment, Development and Financial Investment Holding Company (AIND) has agreed to purchase Incolease\u2019s 20% stake in UE Finance and take full ownership of the company, the company said in an EGX disclosure (pdf). AIND has agreed on a fair value assessment\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":581553,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/is-egypt-brewing-up-a-fresh-export-subsidy-program\/","url_meta":{"origin":638094,"position":5},"title":"Is Egypt brewing up a fresh export subsidy program?","author":"enterpriseam admin","date":"15 February 2023","format":false,"excerpt":"The state is also looking into adding new sectors to the subsidy program","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\/2023\/2\/Suez-Port-1600px.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\/638094","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=638094"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/638094\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/638086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/638095"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=638094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=638094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=638094"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=638094"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=638094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}