December 16, 2018 02:41


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News

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(2018-07-22) Egypt will offer investors the chance to take a majority stake in state-held Heliopolis Housing (HELI), Finance Minister Mohamed Maait said, as the government readies to launch a program to offer shares in public-sector firms. The government will sell additional stakes in five companies by the end of the year, Maait said in a telephone interview. But investors will only be able to take a majority holding in Heliopolis Housing, he said, adding that Egypt will retain a roughly 40 percent share in the property developer. Around 27.8 percent of Heliopolis Housing shares are currently traded on the market. “We saw that Heliopolis, given the strength of the real-estate sector in Egypt, could be developed more by offering a bigger stake to investors,” Maait said. He cited what he described as the positive outcome of an earlier majority sale in Medinet Nasr Housing. The government has said it plans to sell shares in around 23 public-sector firms, as it seeks to revamp the companies and boost investment within the framework of a broader program to revive the economy. It expects to raise at least 100 billion Egyptian pounds ($5.6 billion) from the offerings that were to range between 15 percent to 30 percent of the shares. Officials had earlier said the first to go up for sale would be in the oil and banking sector. Earlier this week, however, the cabinet identified the first five companies to be offered as Heliopolis Housing, Eastern Tobacco, Abou Kir Fertilizers, Alexandria Container & Cargo Handling and Alexandria Mineral Oils Co. Many of the firms targeted are already listed on the Egyptian exchange, and officials had said the offerings would be designed to ensure the government kept control of the companies. The decision to offer a majority share in Heliopolis, however, signals a potential shift in strategy. “We decided to start with these five companies and assess the results of the offering,” Maait said. “We will decide later what to do with regard to the size of the offerings in the later phases of the program.”
Egypt will offer investors the chance to take a majority stake in state-held Heliopolis Housing (HELI), Finance Minister Mohamed Maait said, as the government readies to launch a program to offer shar...

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(2018-07-18) Banque Misr’s leasing arm to up its funding at year-end
The leasing arm of Egypt’s second state lender Banque Misr aims to increase its funding portfolio up to around one billion Egyptian pounds ($55.8 million) at the end of this year. BM Lease’s tot...

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(2018-07-15) Al Baraka bank to expand in administrative capital
CEO of Al Baraka Banking Group Adnan Ahmed Yousif, who is the chairman of Al Baraka Bank – Egypt (SAUD) , said that his bank is planning to launch a branch costing EGP 800mn in finance and business...

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(2018-07-15) Renovating historical hotels subject of negotiations with NBE
The Egyptian General Co. For Tourism and Hotels ( Egoth) is negotiating with the National Bank of Egypt financing a renovation plan for projects including Mena House and Winter House in the current fi...

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(2018-07-15) NBE cuts its stake in EGYTRANS to 4.64%
Egyptian Transport (EGYTRANS) (ETRS) said National Bank of Egypt (NBE) sold 145,577 shares from its shares. NBE stake after deal execution has become 4.64% of the company’s capital from 5.11%. It ...

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