EFG Hermes Acquisition Takes Shape👀

EFG Hermes Acquisition Takes Shape👀

EFG Hermes (HRHO) appointed “Goldman Sachs” as the financial advisor & “White & Case” as the legal counsel for First Abu Dhabi (FAB) acquisition offer.

More Details🧐 The appointment comes in light of the potential acquisition of no less than 51% of the Hermes shares.

EFG’s board also decided to appoint an independent financial advisor to determine the fair value of the share, in the case FAB proceeds with a mandatory tender offer (MTO).

Suez Canal Authority Plans to List Two Subsidiaries📨

Suez Canal Authority (SCA) chairman Osama Rabie, said that the authority plans to offer two of its subsidiaries, namely “Canal Harbor & Great Projects” & “Canal Rope”, on the EGX next year.

 

More Details🧐 Canal Harbor & Great Projects is specialized in marine works including construction and repair of floating equipment, as well as civil works including earthworks, deep foundations, water, and fuel tanks.

Canal Rope is specialized in all kinds of ropes and twines, natural or synthetic, as well as woven bags.

Why is this Important🤔 SCA is currently establishing a fund that aims to contribute to the sustainable economic development of the Authority’s facility. The fund would have initial investments of about EGP 2 billion & could reach EGP 100 billion.

CIRA Reveals “Saxony” University Funding Breakdown🏫

Al Ahly Capital & Cairo for Investment & Real Estate Development’s (CIRA) “Saxony University” will have an initial capital of EGP 2.1 billion. 50% of which will be financed through the founders’ own resources, & the rest through bank financing.

 

More Details🧐 The university will first open 4 colleges in the first year, to be followed by the opening of two others each year, bringing the total to 13 by the end of the second phase.

Why is this Important🤔 CIRA aims to expand in the Delta & Upper Egypt on an ongoing basis, & is likely to open 4 or 5 new schools by 2023. The company is, however, facing difficulties due to the increasing prices of land.

What else is Clapping👏

  • Juhayna (JUFO) Appoints Niels Thomsen as the New Group CEO

  • Credit Agricole (CIEB) Reported Net Profits of EGP 1.6 Billion in 2021, Up 17.4% YoY

  • Al Tawfeek Leasing (ATLC) Reported Net Profits of EGP 134 Million in 2021, Up 80% YoY

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