Misr El Raqameya Holding, the government’s digitization arm, has signed a partnership agreement with African Mobile mast operator IHS Towers
For our top talks today, Misr El Raqameya Holding, the government’s digitization arm, has signed a partnership agreement with African Mobile mast operator IHS Towers to obtain a license from the National Telecommunications Regulatory Authority to set up and lease mobile phone towers. The joint venture, branded IHS Telecom Towers Egypt, will be 20% owned by Masr El Rakameya and 80% by IHS Towers. The partnership aims to build 6,000 towers throughout the country over the coming three years. The license would also allow for the acquisition and operation of existing mobile phone towers. IHS Towers, the largest independent mobile towers operator in Africa, is currently eyeing a New York Stock Exchange listing that is looking at a valuation of upwards of 7 billion USD, which would make it the largest US listing by an African company.
- Moving to our companies talks, first, Fertiglobe, a subsidiary of Egyptian businessman Nassef Sawiris and the UAE's ADNOC, is seeking to raise between 750 million USD to about 1 billion USD
through an initial public offering (IPO) on the Abu Dhabi market in the coming weeks. Last Tuesday, the company announced its intention to offer a 13.8% stake in the public offering on the Abu Dhabi Securities Exchange. Sawiris will retain a majority stake in the company, while ADNOC's stake in the company after the offering will amount to about 36.2%. According to the sources, the banks working on the deal are First Abu Dhabi Bank, HSBC, Goldman Sachs and EFG Hermes. On the possibility of raising the offered share, the company may resort to increasing the offer share if necessary. (Source: CNBC)
- Second, Azimut International Group plans to increase its assets under management around the world to more than 100 billion USD over the next few months.
It is worth mentioning that the group manages assets around the world with a value of up to 90 billion USD currently and planning to reach 100 billion USD in the next few months noting that it is present in about 17 countries. It is noteworthy that “Azimut International” is listed on the “Milan Stock Exchange” in the State of Italy, and the market capital of the company is currently about 3.5 billion USD, while the percentage of free trading is about 75% of its shares, of which 25% are owned by its employees. (Source: Al-Mal)
- Moreover, Egypt-based digital ins. startup Amenli raised 2.3 million USD in a seed round. The round was co-led by P1 Ventures, Global Founders Capital, and Anim Fund,
in addition to Costanoa Ventures, Liquid2 Ventures, Cliff Angels and other angel investors. The company will use the proceeds to expand its team and grow its operations, providing insurance services for Egyptians. This is the company’s second capital injection in as many months. (Source: TechCrunch)
- Also, Property and liability insurance companies are competing to win the tender offered by the National Bank for Insurance against non-payment risks to finance customers to convert cars to run on dual fuel (gas/petrol) through the “Master Gas” company.
The Central Insurance Sector of the National Bank had put forward this limited tender, provided that the companies submit the bid in the two-envelope system (technical envelope / financial envelope), no later than the sixth of next October, which is the date of opening the technical envelopes. (Source: Al-Mal)
- Furthermore, Sequence Ventures has launched a new 500 million EGP fund dubbed Egypt Deep-Tech.
The fund plans to invest in Egyptian startups operating in health-tech, fintech, ed-tech, prop-tech, logistics, and DevOps. It also aims to raise between 100-150 million EPG by its first close, which is expected to wrap up before the year is out. Sequence Ventures has created strategic alliances with 45 VCs and accelerators in four main base regions, the United Kingdom, Germany, the Netherlands, and Russia. The strategic alliances have to serve as an asset to the startups in our portfolio as they offer to matchmake and later on exit options for Egyptian startups in Europe, such as acquisitions. (Source: Sequence Ventures’s Press Release)
- In addition, Dr. Mostafa Kamal, President of Badr University, revealed the university's intention to expand technical education to meet the desires of technical diploma students to enroll in universities.
We believe that technical education opens new doors for private sector investment. Technical education would attract private sector investments during the coming period, with the state's keen interest in supporting technical education and what the Ministry of Higher Education started by establishing 3 technological universities last year. (Source: Al-Mal)
- Not to mention, Cairo for Investment and Real Estate Development (CIRA) announced that it has received presidential approval from President Abdel Fattah El-Sisi on offering 17 majors at its Badr University in Assiut (BUA).
CIRA is set to launch four to six faculties since the first phase of construction at BUA is about to end. The faculties are expected to be launched by the spring semester of the 2021/2022 academic year, with a main focus on medical faculties. The company will disclose any further details regarding this matter once it obtains the launch date approvals. (Source: Mubasher)
- And for our COVID-19 vaccine watch, the Egyptian government decided to cut the cost of COVID-19 PCR tests for travelers.
Accordingly, the test will cost 900 EGP instead of 1,200 EGP for Egyptians planning to travel abroad, and 1,200 EGP instead of 1,600 for non-Egyptian travelers. Egypt also will provide for the first time a same-day COVID-19 test for 1,600 EGP for Egyptian travelers and 1,800 EGP for non-Egyptian travelers. A number of countries require a negative PCR test for unvaccinated people before allowing entry. In June, Egypt allowed travelers who are fully vaccinated with WHO-approved coronavirus vaccines to enter without taking a PCR test. (Source: Arab Finance)
- Finally, for our EGX talks, Brothers Solidarity for Real Estate Investment and Food Security (BSRF) announced that Trust for Medical Care sold 800,000 shares in the company for EGP 2.78 million, equivalent to EGP 3.476 per share.
Moreover, shareholder Sayed Ahmed Zaki Soliman has acquired 20% stake or 800,000 shares, according to a separate filing. The total value of the transaction amounted to EGP 2.78 million, equivalent to EGP 3.476 per share. (Source: EGX)
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