Swvl is considering acquisition and partnership offers from investors as it tries to avoid being delisted from the Nasdaq Stock Exchange

Newsletter

12 Apr 2023

Swvl is considering acquisition and partnership offers from investors as it tries to avoid being delisted from the Nasdaq Stock Exchange. Swvl received its second delisting warning from the Nasdaq after the market value of its listed securities dipped below the benchmark 50 million USD last January. The company has until 10 July to raise its market value to more than 50 million USD for 10 consecutive days or else it will be delisted from the Nasdaq. This would require the company to more than double its current market cap, which as of Friday’s close stood at almost 22.9 million USD. (Al Mal)

AfricInvest seeks to acquire 25% of BUE in Egypt
The private equity firm AfricInvest is seeking to acquire up to 25% of the British University in Egypt’s (BUE) shares for over 1 billion EGP. The size of the share to be purchased may increase if the Egyptian pound fell against the US dollar again, as the deal will be settled in USD. The potential investment in BUE would mark the first by AfricInvest in the Egyptian education sector. (Asharq Business)
Dubai-based National Paints Holding (NPH) is still in the race to acquire EGX-listed Paint and Chemical Industries (Pachin)
Raising its offer by more than 5% in response to Eagle Chemicals’ revised offer last week. The Emirati firm is now offering to purchase up to 100% of state-owned Pachin for 39.80 EGP per share, up from its previous 37.75 EGP bid. The new bid values the company at around 955.2 million EGP. NPH’s new bid is 2% above Eagle Chemicals’ latest offer. The local chemicals company has offered to purchase at least 75% of state-owned Pachin for 39.00 EGP per share. The FRA has extended the ongoing mandatory tender offer (MTO) by five working days, giving shareholders until 2 May to decide whether and to whom to sell their shares. (Al Mal)
Aur Capital and Al Ahly Pharos have closed an 790 million EGP securitized bond issuance for Aur Leasing and Factoring
The three-tranche issuance is backed by a 1.1 billion EGP portfolio of receivables and has tenors ranging between 24-52 months. The bonds were rated AA+, AA, and A by the Middle East Rating and Investors Service (MERIS). The National Bank of Egypt, Banque Misr, CIB, United Bank, Arab Banking Corporation and Attijariwafa Bank all subscribed to the transaction. This latest issuance takes the total value of securitized bond issuances this year to 13.3 billion EGP, up some 34% from the same period last year. (Hapi Journal)
Paragon Real Estate Development Company signed a memorandum of understanding with Adeer International, which specializes in integrated real estate services, with the aim of establishing a strategic alliance between the two companies
Adeer International will market Paragon real estate products in the Gulf countries and European markets, with a special focus on the UK and other countries. These alliances represent a fundamental pillar of Paragon's strategy based on the real estate export file, which has become one of the most important factors in attracting foreign currencies to the country and contributing to supporting the national economy. (Hapi Journal)
EFG Hermes announces exit from Oman
EFG Hermes has exited from Oman as part of its plan to simplify its operations. The exit is expected to have a slight impact on the company’s 2023 financial statements. The move comes in light of EFG Hermes’ efforts to drive shareholders' value by optimizing its operations, reallocating resources, and improving the return on equity metric. On January 17th, the firm expressed its intention to exit the Jordanian and Pakistani markets, along with an undisclosed third market. (Arab Finance)
Chinese hydropower developer CTG subsidiary CTGI wants to invest in local renewable energy, desalination, water pumping, and green hydrogen projects
China Energy could start working on a 5.1 billion USD green hydrogen facility in Egypt next month. The company is also interested in investing in Egypt’s electricity grid and partnering with the Housing Ministry to manufacture pumps for sewage and water desalination plants. (Hapi Journal)
Egypt cooperates with foreign partners on extensive oil drilling program.
British companies wishing to invest in the field of oil and natural gas in Egypt. The East Mediterranean Gas Forum (EMGF) is playing a key role in supporting regional and international integration. Additionally, some British oil and gas companies seek to review and study the available investment opportunities in Egypt. (Hapi Journal)
Egypt’s annual core inflation rate hits 39.5% in March
Egypt’s annual core inflation rate hit 39.5% in March 2023, compared to 40.3% in February 2023. The monthly core consumer price index (CPI) inflation recorded 2.5% last March, compared to 3.1% in the same month of 2022 and 8.1% in February 2023. According to the CBE, the annual headline urban inflation rate recorded 32.7% in March, compared to 31.9% in February. (CBE)
Egypt to charge foreign cruise ships frequenting ports in USD
Egypt will now charge foreign cruise ships frequenting Egyptian ports in US dollars. As per the new regulations, foreign cruise ships will be granted a discount of up to 50% of the shipping agency fees and 50% of the fees for using the fixed and floating utilities affiliated with the Egyptian Authority for Maritime Safety. These decisions are effective from April 11^th. (Hapi Journal)