UAE “Agthia” aims to finance 75% of the Egyptian “Abu Auf” deal amounting to 2.9 billion EGP, through banks
For our top talks today, UAE “Agthia” aims to finance 75% of the Egyptian “Abu Auf” deal amounting to 2.9 billion EGP, through banks. It is worthy to mention that Agthia has acquired, since the end of 2020 until now, the BMB Group, which specializes in healthy snacks and innovative foods in the Gulf Cooperation Council countries, in addition to acquiring both “Al Foah” for dates, one of the largest companies in the world for the manufacture and packaging of dates, ” Atyab Misr”, “Al-Faisal Bakery and Sweets” in Kuwait, and “Al-Nabil Food Industries” in Jordan. Also, Agathia is studying several new acquisition opportunities, whether in the Egyptian market or other Middle Eastern countries that have been announced earlier, such as Saudi Arabia, Turkey and Pakistan. (Bloomberg Asharq)
- Pachin’s board of directors have rejected Saybad’s takeover bid, saying that Saybad’s offer is not reflective of the real value of the company and its assets.
EGX-listed Pachin will ask Saybad to revise their offer, taking into consideration the company’s land portfolio, the board decided. The board will also present the question of allowing due diligence proceedings at their next general assembly meeting for a vote. (EGX)
- Beltone Financial has until 3 August to come to a decision on Chimera Investments’ bid to acquire up to 90% of its shares.
The Abu Dhabi-based investment firm submitted a bid to acquire the shares for EGP 1.485 apiece in June, an offer that values the company at around 690 million EGP. The offer was approved by the Financial Regulatory Authority (FRA) on Tuesday. It’s not yet clear how big of a stake Orascom Financial Holding (OFH) could offer up, but it seems that all options are open and that the decision will be made once the board concludes its discussions. OFH owns around 58% of the company with the rest in freefloat. (EGX)
- VC firm Averroes Ventures has acquired local sportswear brand Magma for an undisclosed amount.
The acquisition saw Averroes Ventures Chairman Mohamed El Sewedy — who was already an investor and partner in Magma — buy out another partner for full ownership of the firm. Averroes Ventures did not disclose the value of the acquisition. A facelift of the brand and expansion into new markets, with an entry into Saudi Arabia on the cards before the end of the year. Magma will also open its flagship store in Egypt before the end of 2023. (Hapi Journal)
- The Egyptian Cabinet has agreed to prepare both Wataniya Petroleum Company and the National Company for Producing and Bottling Water (Safi), the subsidiaries of the National Service Projects Organization (NSPO).
In 2020, the Sovereign Fund of Egypt (TSFE) picked Wataniya and Safi to be offered for the private sector as a first phase, with the initial public offerings (IPOs) to be launched eventually on the EGX. Prime Minister Mostafa Madbouly previously stated that the government seeks to float stakes in 10 state-owned companies on the EGX before the end of 2022. (Hapi Journal)
- Moving to our Economic Talks, the Russian nuclear energy corporation Rosatom has begun the main construction phase of El-Dabaa Nuclear Power Plant Unit 1.
El-Dabaa power plant is set to be the largest project carried out under the Russian-Egyptian cooperation since the Aswan High Dam, he added. On 29 June, the Egyptian Nuclear and Radiological Regulatory Authority (ENRRA) issued a construction permit to Rosatom to commence the concrete pouring for El-Dabaa Nuclear Power Plant Unit 1. (Arab Finance)
- The Egyptian Cabinet has approved the agreement between the National Authority for Tunnels (NAT) and a consortium comprised South Korean companies and the National Egyptian Railway Industries Company (NERIC) for the localization of manufacturing 40 metro trains.
As per the deal, a total of 320 metro carriages will be developed in Cairo Metro Line 2 and Line 3. The deal has a two-year warranty period, followed by a maintenance period of eight years. The maintenance contract of the project will be financed by the NAT throughout the eight-year period. (Arab Finance)
- The European Union (EU) has dedicated a grant worth 117.9 million EUR to support the water and energy sector’s budget in Egypt.
The grant comes in line with the strategic ties and the ongoing cooperation between Egypt and the EU, with the aim to support the country’s development plans and priorities through fruitful collaboration. The government adopts ambitious plans to bolster the sustainable management of water resources, the minister noted, adding that the energy sector has seen huge development over the last 8 years due to the major national projects being carried out. It is worth noting that the current cooperation portfolio between Egypt and the EU amounts to around 1.35 billion EUR. (Arab Finance)
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