• Monday, 5 October 2020

    Egypt’s SMEs to get 50% discount on Nilex evaluation fees to help them go public

    REGULATION WATCH- SMEs looking to IPO on the Nilex are getting a 50% break on evaluation fees charged by the Financial Regulatory Authority (FRA), the regulator said in a statement. The reduction would also apply to fees levied to qualifying...
  • Sunday, 4 October 2020

    New stamp tax on securities will see the government collect up to 0.125% on every transaction

    Lower stamp tax on EGX transactions is now in effect: Amendments to the Stamp Tax Act that lower the stamp tax on EGX transactions and the withholding tax on dividends are now the law of the land following President Abdel...
  • Thursday, 1 October 2020

    Who’s got licenses for what?

    CI Capital’s consumer finance arm Souhoola has been awarded a consumer finance license by the Financial Regulatory Authority, the company announced in a statement (pdf). Bank Audi’s Egypt arm has obtained a license to set up online payment gateways for...
  • Thursday, 24 September 2020

    GB Auto’s Drive gets FRA nod for consumer finance license

    GB Auto’s car finance arm Drive has received preliminary approval from the Financial Regulatory Authority for a full consumer financing license, according to an emailed press release (pdf). The license will allow Drive to offer consumer finance services beyond the...
  • Monday, 21 September 2020

    Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations

    LEGISLATION WATCH- Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations: The Financial Regulatory Authority (FRA) has approved a draft bill that would regulate the use of financial technology to deliver non-bank financial services, it said...
  • Thursday, 10 September 2020

    FRA rejects Sameem Capital request to disband Prime Holding’s board

    The Financial Regulatory Authority (FRA) has rejected requests by shareholders to disband Prime Holding’s board of directors, according to a regulatory disclosure (pdf). Activist investor Sameem Capital, which owns 27% of Prime, had lodged a complaint with the FRA and...
  • Thursday, 10 September 2020

    IMEX to submit offer to acquire 100% of Nile Cotton Ginning

    M&A WATCH- IMEX to submit offer to acquire 100% of Nile Cotton Ginning: IMEX International has submitted an offer to purchase 100% of Nile Cotton Ginning, the Financial Regulatory Authority (FRA) said in a statement (pdf) on Wednesday. The energy...
  • Tuesday, 8 September 2020

    OIH will split into two companies: One running financial services, the other with all other investments

    DEMERGER WATCH- Who gets what as OIH splits in two? The Financial Regulatory Authority (FRA) has approved Orascom Investment Holding’s (OIH) plan to implement a “horizontal demerger,” it said in an EGX filing (pdf) yesterday. OIH has now officially split...
  • Monday, 7 September 2020

    Amer Group to issue EGP 2 bn corporate sukuk

    DEBT WATCH- Amer Group to issue EGP 2 bn corporate sukuk: Amer Group will issue its first corporate sukuk offering to the tune of EGP 2 bn and is currently finalizing procedures with the Financial Regulatory Authority, the local press...

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