IDH backtracks on deal to acquire 50% stake in Islamabad Diagnostic Center
IDH backtracks on deal to acquire 50% stake in Islamabad Diagnostic Center. The negotiations between IDH and IDC ultimately fell through due to “extensive delays in the regulatory review process, the challenging global economic environment and the condition precedent related to repatriating funds. IDH had signed a share purchase agreement in December 2021 that would have seen it acquire 50% of the Pakistani diagnostic provider for 72.35 million USD. IDH is a consumer healthcare company in the Middle East and Africa with operations in Egypt, Jordan, Sudan, and Nigeria. (Arab Finance)
A unit of Qatar’s sovereign wealth fund is eyeing majority stakes in two state-owned terminal operators
As investment bankers angle for IPO mandates in what could be the first sign so far this year of significant new activity in the Madbouly government’s privatization program. The Qatar Investment Authority’s Maha Capital has submitted an offer to take majority stakes in terminal operators Port Said Containers & Cargo Holding Company (PSCCHC) and Damietta Container & Cargo Handling Company (DCHC), both subsidiaries of the Holding Company for Maritime Transport. (Al Mal)
EFG Hermes, CI Capital and at least one other investment bank are reportedly bidding to work on an IPO of Port Said Containers
PSCCHC and the DCHC listed their shares on the EGX in early December as a prelude to a future offering of equity. The approval gives the maritime companies six months to meet listing requirements including minimum quotas for the number of listed shares and shareholders, and to obtain regulatory approvals for an offering to the public. Both companies plan to sell 25% of their shares on the EGX in 1Q 2023. (Hapi Journal)
Solarize Egypt to invest 100 million USD in Egypt within 3 years
Solarize Egypt relies on loans to finance its investments internally and externally by 75% to 80%. It is expected that Solariz expand its presence in Africa, with Abdel Ghaffar noting the company’s interest in entering Kenya, Tanzania and South Africa this year.
Homegrown clinic chain Dawi brings GPs to Egypt’s ailing healthcare sector
Dawi has raised a total of 3 million USD in funding from the Egyptian American Enterprise Fund. The women-led startup, Magda Habib, is expected to announce a new funding round soon. It is going to be a big capital injection that will allow us to raise the number of our branches from 16 to 50 over the next three years. (Zawya)
Egyptian pound acontinues to fall and trades at 30.20 pounds per dollar on Tuesday
The pound fell against the dollar to a level of more than 32 pounds to the dollar for the first time in its history on January 11, after which it recovered to levels between 29.6 and 29.9, and then began to fall to 30 pounds to the dollar since Monday
The EGX is the best-performing market in the region (in local-currency terms) since the devaluation of the EGP, up nearly 17% since the start of the year
Saudi’s Tadawul is up just over 3% and the DFM is down 1%. Volumes are healthy, if still driven largely by local institutional and individual investors, daily turnover is now routinely north of 1 billion EGP. Against that backdrop, the various arms of government are readying companies for IPO or sale to strategic investors. Among them are the potential IPOs of Banque du Caire, Misr Life Ins, Egyptian Drilling Company, and Egyptian Linear Alkylbenzene Company (ELAB). (EGX)
Egypt Aluminum’s profits hike 110% YoY in H1 FY2022/2023
Net profit after tax reached 1.71 billion EGP in the six-month period ended December 31st 2022, compared to 814.16 million EGP in H1 FY 2021/2022. The company generated revenues of 8.34 billion EGP in H1 FY 2022/2023, higher than 6.70 billion EGP in the same half a FY earlier. (EGX)
Banque du Caire secures 100 million USD European-British loan
The loan will be directed to boost the Egyptian lender’s Tier 2 capital and support its growth plans. Additionally, British International Investment (BII) will play an essential role in enhancing the Egyptian bank's strategy of environmental and social risk management. (Bloomberg Asharq)
EBRD launches 2nd round of GEFF Program for Egypt with 175 million USD in funds
The estimated amount under the second round of the GEFF, a program developed by the European Bank for Reconstruction and Development (EBRD), will be directed to micro-, small-, and medium-sized enterprises (MSMEs) and to empower the private sector. Under the first round of the program, facilities worth $157 million were provided for a number of financial institutions to fund 101 projects to ramp up green transition and reduce carbon emissions. (Hapi Journal)
EBRD dedicated 1.3 billion USD in development financing for Egypt in 2022
International cooperation minister Rania Al-Mashat said, noting that these funds were injected into around 25 projects aiming at supporting green economy, promoting sustainable development, and reinforcing social inclusion. Al-Mashat added that 70% of EBRD’s investments in Egypt were pumped into the private sector through international partnerships, with 59% of the financings direct to bolster digital transformation and 62% to build on social inclusion and youth and women empowerment. (Hapi Journal)
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