{"id":654531,"date":"2024-11-04T00:00:00","date_gmt":"2024-11-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/04\/cairo-housings-bid-for-a-larger-stake-in-united-housing-moves-forward-plus-news-from-eastern-company-evergrow-gasc\/"},"modified":"2024-11-04T00:00:00","modified_gmt":"2024-11-04T00:00:00","slug":"cairo-housings-bid-for-a-larger-stake-in-united-housing-moves-forward-plus-news-from-eastern-company-evergrow-gasc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/04\/cairo-housings-bid-for-a-larger-stake-in-united-housing-moves-forward-plus-news-from-eastern-company-evergrow-gasc\/","title":{"rendered":"Cairo Housing\u2019s bid for a larger stake in United Housing moves forward. PLUS: News from Eastern Company, EverGrow, GASC"},"content":{"rendered":"<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>#1- Cairo Housing approves capital increase ahead of share swap with United <\/strong><strong>Housing:<\/strong> EGX-listed real estate player Cairo Housing and Development\u2019s extraordinary general assembly has approved a decision to increase its capital to nearly EGP 648 mn from EGP 448 mn in preparation for its share swap with United for Housing and Development, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/98.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The company looks to acquire a maximum of 133 mn shares in United Housing, and will issue up to 399 mn shares at a fair value of EGP 3.03.<\/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>Remember:<\/strong> Cairo Housing and Development last month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/656bedfa-18ec-4ddb-8981-808be82b8d62\/%253cmark%253ecairo-housing%253c%2Fmark%253e-and-parent-company-eye-raising-stake-in-united-housing-to-90%2525-through-mto\" style=\"\" rel=\"noopener\">announced<\/a> that it would submit an MTO for a stake in United for Housing and Development via share swap after its board greenlit the move. The company is looking to increase its parent company and its subsidiaries\u2019 stake in United to up to 90% \u2014 Aspire and its subsidiaries own a combined minority <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/165.pdf\" style=\"\" rel=\"noopener\">49.9% stake<\/a> in United.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Al Areej International Investment reduces stake in Eastern Company:<\/strong> Al Areej International Investment has sold some 9 mn shares of its stake in tobacco giant Eastern Company to an undisclosed buyer at EGP 25 per share putting the transaction\u2019s value at EGP 225 mn, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/150.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The transaction pushed the company\u2019s stake in Eastern to 2.99% from 3.29%. The company holds another 30% stake in Eastern Company through its Global Investments Holding.<\/p>\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Aur Capital to lead EverGrow\u2019s debt negotiations:<\/strong> Local fertilizer producer EverGrow has appointed <a target=\"_blank\" href=\"https:\/\/aurcapital.com\/home\" style=\"\" rel=\"noopener\">Aur Capital<\/a> as its financial advisor to handle its EGP 32 bn debt restructuring talks with creditor banks, <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=02112024&amp;id=9bed5333-ff18-48c8-9f77-6a417b39f64c\" style=\"\" rel=\"noopener\">Al Shorouk<\/a> reports citing informed sources. Aur will also look into debt restructuring proposals, including rescheduling parts of the debt payment, exploring debt-for-equity swaps with the banks, and potentially writing off some interest and fines while restructuring the remainder.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong>A banking committee led by the National Bank of Egypt, Banque Misr, and EG Bank was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2deb336c-a235-4251-8b82-cb7fcbfa18d7\/the-fine-print-in-fertiglobe%e2%80%99s-green-ammonia-offtake-agreement-with-germany\" style=\"\" rel=\"noopener\">formed in July<\/a> to look into proposals for restructuring EverGrow\u2019s debt \u2014 with the company looking at a 16-year repayment plan, seeking a EGP 2 bn working capital loan, lower interest rates on its debts, and partial debt-for-equity swaps with the banks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Bringing in a new investor:<\/strong> EverGrow is looking to bring in a strategic investor to acquire around 30% of its capital. If the plan materializes, the company will overhaul its board of directors as part of broader restructuring efforts following its debt restructuring. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Kredit secures EGP 875 mn in facilities: <\/strong>GB Corp\u2019s SME lender Kredit has secured EGP 875 mn in credit financing from nine local and international banks to support its expansion plans and help it support local SMEs, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%aa%d8%ad%d8%a7%d9%84%d9%81-%d9%85%d8%b5%d8%b1%d9%81%d9%8a-%d9%8a%d9%85%d9%86%d8%ad-%d9%83%d8%b1%d9%8a%d8%af%d9%8a%d8%aa-%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%85%d8%b4\/#google_vignette\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. The banks include the National Bank of Egypt, Banque du Caire, Al Baraka Bank, the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and the Egyptian Arab Land Bank (EALB). <\/p>\n<p class=\"tag-border-left\">COMMODITIES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GASC launches international wheat tender:<\/strong> State grain buyer GASC has launched an international tender for an undisclosed amount of wheat for shipment between 25 November and 15 December, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/11\/03\/1839715\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The authority will review the offers submitted later today.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Satis gas field is back on the market:<\/strong> EGAS has launched a tender for the development of the Satis gas field in the North El Burg offshore concession after the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77f939ad-a204-4c44-ba13-bea2cc22b179\/adnoc,-bp-to-form-gas-jv-in-egypt\" style=\"\" rel=\"noopener\">BP-Adnoc JV<\/a> abandoned the concession, a government official told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/58879\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D8%B1%D8%AD-%D8%AD%D9%82%D9%84-%D8%B3%D8%A7%D8%AA%D9%8A%D8%B3-%D8%A8%D8%A7%D9%84%D8%A8%D8%AD%D8%B1-%D8%A7%D9%84%D9%85%D8%AA%D9%88%D8%B3%D8%B7-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9\/?utm_source=facebook&amp;utm_medium=social&amp;utm_campaign=%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D9%82---%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The Satis field has some 1 tn cbf of gas reserves, according to the source.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cairo Housing and Development last month announced that it would submit an MTO for a stake in United for Housing and Development via share swap<\/p>\n","protected":false},"author":1,"featured_media":654532,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[111,7106,247,7135,93,72,550,7128,91,83,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-debt","tag-eastern-company","tag-egas","tag-energy","tag-enterpriseam","tag-gasc","tag-ma-watch","tag-oil-and-gas","tag-real-estate","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"80f37051-1562-4420-98bb-e58e95e2e394","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1251.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Cairo Housing\u2019s bid for a larger stake in United Housing moves forward","related_issue":[654508],"teaser":"Cairo Housing and Development last month announced that it would submit an MTO for a stake in United for Housing and Development via share swap","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.f4f09f36-322f-4c95-a67c-66fd0ca64aeb.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cairo Housing\u2019s bid for a larger stake in United Housing moves forward. 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The company is hoping the project will deliver sales of about EGP 1 bn, largely by way of office space for banks and international companies.","rel":"","context":"In &quot;Real Estate + Housing&quot;","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":642729,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/sodic-spent-egp-804-mn-of-its-2014-capital-increase-as-of-1h2017\/","url_meta":{"origin":654531,"position":3},"title":"SODIC spent EGP 804 mn of its 2014 capital increase as of 1H2017","author":"enterpriseam admin","date":"21 August 2017","format":false,"excerpt":"SODIC has spent EGP 804 mn in proceeds from its 2014 EGP 992.9 mn capital increase as of 1H2017, according to an EGX filing. 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