GB Capital to indirectly sell 45% of GB Lease to Chimera Abu Dhabi
GB Capital to indirectly sell 45% of GB Lease to Chimera Abu Dhabi. GB Capital for Financial Investments, a 99.99%-owned subsidiary of GB Auto (AUTO), has signed the definitive agreement with Chimera Abu Dhabi to indirectly sell a 45% stake in GB Lease for 855 million EGP. After the completion of the transaction, GB Capital remains the majority shareholder in GB Lease with an ownership of 55%. All shareholders of GB Auto and relevant authorities will be notified once the transaction is concluded. (Hapi Journal)
- OIH holds on stake in North Korea’s Koryolink
The company’s stake in Koryolink fell to 60% from 75% after the North Korean company raised its capital by 20 million EUR, with the shareholder KPTC subscribing to the capital increase. This resulted in OIH acjieving profits of about EGP 104 million, however, the profits were not registered due to the investment conditions in the North Korean company and the imposed international sanctions on North Korea. OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. (Mubasher)
- EFG advises on RCGC’s 1.4 billion SAR IPO on Tadawul
EFG Hermes Holding (HRHO) has concluded advisory on the 1.4 billion SAR (378 million USD) initial public offering (IPO) of Riyadh Cables Group Company (RCGC) on the Saudi Stock Exchange (Tadawul). This marks the 10th IPO EFG Hermes has advised on in 2022. The leading Egyptian investment bank acted as joint bookrunner on the transaction. As per the IPO, 33 million ordinary shares or 22% of RCGC’s capital were listed on Tadawul at a price of 43 SAR per share, implying a total market capitalization of 6.45 billion SAR. (Mubasher)
- EBRD grants 40 million USD loan to Angel Yeast Egypt
The European Bank for Reconstruction and Development (EBRD) granted a 40 million USD loan to yeast extract manufacturer Angel Yeast Egypt to help the company boost its production and exports. The bank noted that the loan would also promote diversification and enhancement of the company’s value chain by adding new suppliers from the private sector. The loan will also have a positive environmental impact by processing 81,000 tons of sugar beet and cane molasses annually into high-value food products and organic fertilizers. (Hapi Journal)
- Majid Al Futtaim plans to invest 750 million EGP in Egypt until 2025
The company plans to inject 400 million EGP investments into the market in 2023 and over 750 million EGP by 2025. The retail owner and operator is also planning to double the presence of its Carrefour stores in Egypt, including expanding Majid Al Futtaim’s soft discount store, Supeco, and opening other Carrefour Gourmet stores across Egyptian cities. Majid Al Futtaim Retail plans to launch a ‘Retail Business School’ in 2023 to provide high-quality education to serve the Egyptian retail sector. (Arab Finance)
- KashNow launches digital payment services in partnership with Fawry
The launched services aim to facilitate dependence on digital payments through the KashNow application. The offered services include "Payroll Management" which enables companies to manage employee salary transfers and withdraw them via Fawry point of sales (PoS) machines and Fawry Plus branches. This service also allows companies to recharge their employees’ e-wallets. The application also offers the service of “Sulfa” which enables employees to get part of their salary in advance while offering flexible payment options. (Hapi Journal)
- CBE mandates banks to report unpaid gold exports
The Central Bank of Egypt (CBE) has mandated banks to report gold export transactions if their proceeds are not deposited within 10 days of the date of shipment. Clients conducting these transactions and related parties will be included in the banking sector’s blacklists. The CBE mandates banks to report such transitions to the Ministry of Trade and Industry, the Egyptian Customs Authority, and the Assay and Weights Administration. (Al Mal)
- Gold exporters often receive payments in USD outside the banking system, which makes it easier for them to trade hard currency on the black market
Prior to this rule gold exporters could sometimes wait up to six months before collecting payment and could rely on non-banking financial services to receive FX. Local gold prices have soared this year on the back of the falling value of the EGP. Twenty-one carat gold hit an unprecedented 1.8k EGP earlier this month but had fallen back to 1.2k EGP as of last Sunday. (Al Mal)
- Tax Authority launches pilot for unified digital wage and income tax platform
The Egyptian Tax Authority has rolled out its digital wage and income tax platform for some taxpayers in a pilot phase this week. The platform, which is set to launch in January, will allow companies to accurately calculate workers’ income tax and ins. payments and file their taxes via an online payroll system. The scheme joins the unified digital tax system and e-invoicing initiatives as part of government moves to digitize tax collection. (Al Mal)
- Egypt receives 11 billion USD financing in 2022
The Egyptian public and private sectors received around 8% year-on-year (YoY) more financing in 2022. Egypt’s public and private sectors received 11 billion USD in financing in 2022, up from around 10.2 billion USD in 2021, El-Mashat revealed on the sidelines of an economic conference held in Cairo. The government had received around 8.5 billion USD in development financing in 2022. The private sector secured 2.5 billion USD in financing this year, El-Mashat announced. (Asharq Business)
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