GIG Insurance offers to acquire AIG for about 196.8 million EGP

Newsletter

10 Aug 2022

GIG Insurance offers to acquire AIG for about 196.8 million EGP. The offer aims to acquire 1.2 million shares, representing a percentage of up to 100%, at a cash price of about 164 EGP per share, with a total transaction value of about 196.8 million EGP, with a minimum implementation of 75% of the shares of the capital of the target company. It is worth noting that the Gulf Insurance Group owns the largest share in GIG Insurance – Egypt with 99%, followed by the Suez Canal Bank with 0.853%, and then a group of Egyptian businessmen with 0.147%. (Hapi Journal)

Nakheel Real Estate Development Company has announced the launch of a real estate developer in the New Administrative Capital, with a total investment of about 850 million EGP.
The units are offered with various payment systems for customers, with discounts of up to 10% and payment systems for periods of up to 10 years, stressing that these systems have been carefully studied to achieve a balance between the interests of customers and the company. (Al Mal)
Infinix aims to produce one million phones annually in the Egyptian factory to cover the local market.
The company has a good strategic stock of electronic chips that are sufficient for the production operations of the coming period. The Assiut factory has already been expanded through production lines, machinery and employment, as the current production lines can assemble 150 thousand devices per month. Also, the idea of studying its increase depends on the market, as the Egyptian market is currently targeted until there are incentives to export outside Egypt, since so far there are no export incentives for smartphone makers. (Hapi Journal)
The business sector announces the merger of Al-Nasr and Automotive Engineering into a single entity for electric vehicle.
This decision comes within the framework of the Ministry of Public Business Sector's plan to localize the electric vehicle industry of various sizes in light of the global trend towards transition to a green economy, and the formation of a strong entity in this industry and achieving integration between the two companies. The projects of the new entity include the production of various electric vehicles such as the sedan, microbus and an alternative to the tuk-tuk, as well as a project to develop batteries and control systems, in cooperation with international and local companies (Hapi Journal)
The Saudi sovereign fund buys a stake in the Egyptian "Mobco" at a 25% premium over the market price.
Mobco's stock closed on the EGX, last Monday, at 104.89 EGP, down 0.6%, bringing the company's market value to about 24 billion EGP, while its capital is 2.291 billion EGP, distributed over 229.117 million shares, with a nominal value of 10 EGP per share (the dollar is equivalent to 19.10 EGP). (Bloomberg Asharq)
The Universal Healthcare Insurance System (UHIS) is set to list its assets on the Egyptian Exchange (EGX).
By 30 June, the UHIS’ total assets amounted to 55.6 billion EGP, while total assets totaled 58.5 billion EGP. UHIS' investment portfolio reached around 50 billion EGP. In the fiscal year (FY) 2021/2022, the UHIS’ revenue soared 43% year-on-year (YoY), while the return on investment (ROI) and profits surged 74% and 37%, respectively. The figures recorded in FY 2021/2022 reflect the financial sustainability that is required in order to realize the project’s objectives in just 10 years, instead of 15. (Arab Finance)
SAIB achieves 16 million USD in profits for the first half, up 79%.
Interest income amounted to 184.689 million USD during the period January-June 2022, compared to 197.799 million USD. Interest expenses decreased during the same period to 117.797 million USD, compared to 131.382 million USD in the same period last year. The interest margin rose to 66.892 million USD during the first half of this year, compared to 66.417 million USD in the comparable half last year. (EGX)
Societe Arabe Internationale de Banque’s (SAIB) net profit after tax surged by 79% year-on-year (YoY) to 16.005 million USD during the period ended June 30^th.
Interest income declined to 184.689 million USD at the end of June from 197.799 million USD a year earlier. The bank’s total deposits at the end of June decreased by 11% YoY to stand at 3.529 billion USD. (EGX)
Madinet Nasr Housing and Development (MNHD) recorded a 1.1% year-on-year (YoY) increase in consolidated profit excluding minority interest during the first half (H1) of 2022, recording 231.126 million EGP.
Consolidated revenue surged to 1.844 billion EGP in H1 2022 from 954.597 million EGP the year before. The company’s net profit after tax inched up to 236.921 million EGP in the January-June period from 233.708 million EGP in the same period a year earlier. (EGX)
The Saudi Wafrah Company for Industry and Development announced the signing of a contract with Jia Food Solutions to manufacture and supply automated production lines for the processing and packaging of frozen and cooked meat, at a value of 3.98 million EUR.
Jia Company will manufacture and supply highly automated and automated production lines at the highest levels for the manufacture and packaging of frozen and cooked meat for Wafrah Company for Industry and Development as part of its integrated program for upgrading and growth in its multiple factories. (Al Mal)