• Wednesday, 28 December 2022

    Classera plans Egypt expansion

    COMMODITIES-State grain buyer GASC reportedly purchased 80k tons of Russian wheat at USD 339 per ton for shipment in the first half of February on a cost and freight basis, traders told Reuters.It’s not final: Some traders believe that the...
  • Sunday, 13 November 2022

    Contact Financial closes EGP 1.1 bn securitized bond issuance

    Contact Financial has closed an EGP 1.076 bn securitized bond issuance for its consumer finance arms Contact Creditech and Contact Credit, it said in a statement (pdf). The three-tranche issuance was backed by a EGP 1.54 bn portfolio and was...
  • Tuesday, 6 September 2022

    E-commerce platform El Dokan + used-car retailer Carzami close first funding rounds

    Two local startups get a first foot on the funding ladder: E-commerce software provider El Dokan raised USD 550k in a seed round, while online used car marketplace Carzami bagged pre-seed funding, but declined to say how much it had...
  • Tuesday, 9 August 2022

    More than 4.5 mn now on universal health insurance system

    More than 4.5 mn Egyptians have so far been registered on the Universal Health Ins. System, said Ahmed Sobky, chairman of the General Authority for Healthcare, according to a cabinet statement. The system is being progressively rolled out across the...
  • Monday, 13 June 2022

    Contact makes play for ’defensive’ sectors

    Contact Financial Holding’s consumer financing arm is earmarking EGP 2 bn for tuition financing in 2H2022, Contact CEO and Managing Director Said Zater told Enterprise, confirming reports from Hapi. The company already has agreements with some schools and universities to...
  • Thursday, 26 May 2022

    Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results

    EFG Hermes’ net income rose 18% y-o-y to EGP 345 mn in 1Q 2022, the bank said in its earning release (pdf) yesterday. Revenues were up 55% y-o-y to EGP 1.9 bn. Revenue growth was underpinned by a strong quarter...
  • Thursday, 31 March 2022

    Coffee With: Contact Financial Holding CFO Ayman Elsawy

    Coffee with Ayman Elsawy, CFO of Contact Financial Holding: Egypt’s debt market has matured at warp speed in recent years, and the domestic securitization market has hit its stride in 2022, with a stream of corporate issuances totaling some EGP...
  • Sunday, 27 March 2022

    We made our Samurai bond debut + PHD closes its EGP 3.25 bn sukuk offering

    Egypt successfully closed its maiden Samurai bond issuance, selling USD 500 mn (c.JPY 60 bn) of the JPY-denominated bonds in Japan today, the Finance Ministry said in a statement Thursday. The ministry took the issuance to market despite the spillover...
  • Wednesday, 16 February 2022

    Wasla super-app lands USD 9 mn from Contact + MoneyHash bags USD 3 mn pre-seed

    Internet browser turned e-commerce super app Wasla has scored a USD 9 mn investment from Contact Financial Holding, TechCrunch reports. Wasla wants to use the funds to roll out new online shopping products and is eyeing regional expansion, with “immediate...

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