B Investments aims for “Orascom Financial” acquisition via share exchange

Newsletter

19 Jun 2023

B Investments aims for “Orascom Financial” acquisition via share exchange

B Investments aims for “Orascom Financial” acquisition via share exchange. B Investments Holding has gained its board’s approval to acquire a stake ranging from 51% to 90% in Orascom Financial Holding through a share swap, as announced in a statement to the Egyptian Exchange on June 18th. The proposed transaction will entail swapping one B Investments share for 56.76 OFH shares. As part of the process, the board has granted its chairman the authority to assign an independent financial advisor to determine the fair value of both B Investments Holding and OFH’s shares. (Asharq)

'Egypt Sovereign Fund’ obtains 'Ezz El Dekheila' share valuation at 1060 pounds per share.
The "Sovereign Fund of Egypt" has obtained an initial valuation of the Al-Ezz Dekheila Steel Company, with an eye towards potentially selling the government's stake in the company. Ezz Steel, the largest steel producer in Africa and the Arab world, is the major shareholder in Al-Ezz Dekheila Steel. The company is primarily owned by Egyptian billionaire, Ahmed Ezz. (Asharq)
Saudi Solutions enters binding agreement to buy 40% stake in Devoteam Middle East.
Internet and Communications Services company, 'Solutions', has entered into a binding agreement to purchase a 40% stake in Devoteam Middle East from Devoteam SIS France and Ortel Investment Company Limited. Devoteam Middle East is a specialist in technical and digital consulting services and digital transformation, primarily serving clients in the Kingdom of Saudi Arabia. (Hapi Journal)
Egypt requires 5 billion USD for smooth currency float, according to Goldman Sachs.
Goldman Sachs MENA economist Farouk Soussa has concluded, after meeting with Cairo-based policymakers, analysts, and market participants, that the Central Bank of Egypt (CBE) needs around 5 billion USD in unhindered foreign exchange reserves. This sum would be used to facilitate a smooth transition towards a more flexible foreign exchange system. (Enterprise)
Reefy receives 200M EGP loan from EBRD to support MSMEs led by the youth.
Reefy Microfinance, a subsidiary of CI Capital, is set to obtain an unsecured loan of 200 million EGP from the European Bank for Development and Reconstruction (EBRD). The funding, part of the Egypt Youth in Business program, will be allocated to MSMEs run by young entrepreneurs, particularly those in remote areas of Egypt. (Arab Finance)
EGX establishes a weekly fixed schedule for the Global Depository Receipts (GDRs) committee meetings.
The committee responsible for approving Global Depositary Receipts (GDRs) conversion at the Egyptian Exchange (EGX) will now meet on a fixed schedule every first business day of the week, reported Al Ahram gate on June 18th. The purpose of this routine schedule is to provide better organization for investors, brokerage firms, and other relevant parties, ultimately benefiting the market. (Arab Finance)
Allianz and Credit Agricole extend their bancassurance collaboration in Egypt for another four years.
The bancassurance partnership between Allianz Egypt and Crédit Agricole Egypt has been extended for another four years, with the aim of offering Allianz's comprehensive insurance services through Crédit Agricole's widespread distribution channels. This initiative is designed to expand Allianz Egypt's clientele and offer superior insurance services to the bank's customers. (Arab Finance)
Consultant sought by Masdar-led consortium for 10 Billion USD wind energy project in Egypt.
The consortium, spearheaded by UAE's Masdar and including Infinity Power and Hassan Allam Utilities, is currently negotiating with four international consultancies for advisory roles on its 10-gigawatts wind farm project, says Infinity's General Manager, Hesham El-Gamal. Without revealing specific names, El-Gamal mentioned that these potential advisors are from Britain, Canada, France, and the United States. (Arab Finance)
Red Sea ports manage 77 thousand tons of commodities.
The red sea ports authority's media center stated that there are 12 ships at their docks. they handled 77,000 tons of different goods, along with 655 trucks and 906 cars, and facilitated the arrival and departure of 4,150 passengers. import activity involved 69,000 tons of goods, 314 trucks, and 898 cars, whereas exports comprised 8,000 tons of goods, 341 trucks, and 8 cars. (Al Mal)
First quarter of 2023 sees a drop in Egypt's iron imports to 322.3 million USD.
Egypt experienced a drop in its iron ores and concentrates imports in the first quarter of this year, coming in at approximately 322.336 million USD, a decline from 421.497 million USD during the same period last year. Notably, March saw a slight uptick in import values, with totals reaching 87.208 million USD, a minor increase from 86.706 million USD in March of the previous year, as revealed by the Central Agency for Public Mobilization and Statistics' Foreign Trade Bulletin. (Al Mal)