Wataniya sees acquisition bids range USD 250-280 million
Wataniya sees acquisition bids range USD 250-280 million. Initial offers for Egypt’s Wataniya acquisition are between USD 250-280 million. Contenders include Arabian Energy, TAQA Arabia, ADNOC, ENOC and Petromin. The deal advances, with final offers expected Oct-Nov 2023. Wataniya operates 255 stations and is owned by Armed Forces’ National Service Projects Organization. (Asharq)
- BP commits USD 3.5 billion investment for egyptian exploration and production.
BP has announced a substantial USD 3.5 billion investment in Egypt's exploration and production endeavors over the next three years. This decision follows a meeting between BP CEO Bernard Looney and President Abdel Fattah El Sisi. Notably, BP is a significant contributor to Egypt's gas industry, currently accounting for 60% of the nation's gas production. The company also secured exploration rights in the Eastern Mediterranean last year, including the Northwest Abu Qir and Bellatrix-Seti East blocks. (Enterprise)
- Indurama proposes USD 700 million investment in Egypt's Phosphate Fertilizer and Mineral Silicon Plants.
Egyptian Prime Minister Mostafa Madbouly chaired a meeting to discuss a proposal from Indurama Group regarding the establishment of phosphate fertilizer and mineral silicon plants for solar panel production. The meeting aimed to accelerate project implementation, with officials from various ministries present. The investor expressed interest in investing around USD 700 million in both factories, emphasizing export-oriented production and potential partnerships. (Arab Finance)
- State-Owned entity eyes purchase of Heliopark land from HHD.
The National Organization for Social Insurance (NOSI), a state-owned body, has made a bid to acquire the entire land designated for the Heliopark project from government-owned Heliopolis Housing and Development (HHD). HHD has acknowledged discussions with NOSI about the potential sale of the project, as confirmed in an official filing. (Enterprise)
- GlobalCorp concludes EGP 2.54 billion securitized bond issuance.
GlobalCorp, a non-banking financial services firm, has successfully completed the issuance of securitized bonds totaling EGP 2.54 billion, divided into three tranches with ratings by MERIS. This effort is part of a broader initiative, as GlobalCorp has already securitized over EGP 5.9 billion from its portfolio in the past two years. The company intends to continue the program, aiming to eventually sell EGP 10 billion worth of securitized bonds. The funds raised will support the firm's local expansion, including potential plans for a new Gulf office. (Enterprise)
- ADES International initiates IPO, aiming for over USD 1 billion.
ADES International, a regional oil and gas services firm founded in Cairo, has unveiled its plans to go public on the Saudi Tadawul stock exchange. The company intends to offer a 30% stake, equivalent to 338.7 million shares, potentially raising more than USD 1 billion. Notably, a significant portion of the shares, around 101 million, will be sold by existing stakeholders such as ADES Investments Holding, Saudi Arabia's Public Investment Fund (PIF), and Zamil Investment. The remaining shares, approximately 237 million, will be newly issued through a capital increase. (Enterprise)
- Beltone denies acquisition talks with Cashcall.
Beltone Financial has refuted claims of pursuing an acquisition of fintech platform Cashcall. In response to recent reports, Beltone clarified that there are no existing agreements or understandings for the acquisition of any stakes in Cashcall, as stated in their EGX disclosure. (Enterprise)
- El Sewedy and Banque Misr Academies launched in Suez Canal Zone.
The Ministry of Education and the Suez Canal Economic Zone (SCZone) marked the commencement of El Sewedy Academy and Banque Misr Technical Academy in the Sokhna Integrated Zone, with an EGP 45 million investment. These academies will provide technical education and vocational training, aligning with the zone's efforts to qualify workers for industrial projects, particularly in green fuel-related industries. (Economy Plus)
- Egyptian Ministry, Banque Misr, and Misr El Kheir Foundation Collaborate for Village Projects.
The Egyptian Ministry of Social Solidarity has partnered with Banque Misr and Misr El Kheir Foundation to provide EGP 5 million funding for 2,425 projects in targeted villages under the Decent Life initiative across seven governorates. The funding, donated by the bank, aims to support economic empowerment initiatives and expand income-generating projects while also addressing education, healthcare, and basic needs in vulnerable areas. (Arab Finance)
- Beltone Leasing and Pickalbatros Hotels enter EGP 750 million sale and leaseback agreement.
Beltone Leasing, a subsidiary of Beltone Financial Holding, has finalized a deal worth EGP 750 million with Pickalbatros Hotels and Resorts Group. The agreement involves a sale and leaseback arrangement for Laguna Vista Beach Resort in Sharm El Sheikh, aimed at increasing Pickalbatros' working capital. (Arab Finance)
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