• Monday, 16 August 2021

    Fawry, MM Group, ODE all report stellar earnings in 2Q2021

    EARNINGS WATCH- Fawry’s net income rose 7% to EGP 51.4 mn in 2Q2021, up from EGP 47.9 mn in the same period last year, according to its financials (pdf). Revenues jumped 35% to EGP 393.6 mn in the April-June period,...
  • Wednesday, 4 August 2021

    El Gouna developer fighting USD 34 mn fine

    The Environment Ministry is asking Orascom Development Egypt to cough up almost USD 34 mn, alleging that the company has caused environmental damage in El Gouna. The company said in a bourse filing (pdf) yesterday that it received a USD...
  • Wednesday, 17 March 2021

    Orascom Development Egypt net income falls more than 20% in 2020

    Orascom Development Egypt’s (ODE) net income fell more than 20% during 2020, according to the company’s annual earnings release (pdf). Profits fell to EGP 532.2 mn, from EGP 678.6 mn in 2019, despite revenues rising 6% to EGP 5.4 bn....
  • Sunday, 20 December 2020

    Tons and tons of M&A news

    Greek energy company Energean has completed the acquisition of Edison’s energy portfolio, which includes substantial oil and gas assets in Egypt, the company said in a statement (pdf). Having originally asked for USD 850 mn, the Italian company agreed to...
  • Wednesday, 16 December 2020

    ODH sells affordable housing arm

    An unnamed UK-based fund has acquired 100% of New City Housing and Development for EGP 365 mn, Al Mal reports citing unnamed sources familiar with the agreement. The fund, which is reportedly owned by an unnamed Egyptian businessman, purchased a...
  • Tuesday, 15 December 2020

    ODH offloading affordable housing arm

    Orascom Development Egypt’s (ODH) board has approved plans to sell the company’s 35% stake in affordable homes builder New City Housing and Development (previously Orascom Housing Communities or OHC), according to a regulatory filing (pdf). The stake is valued at...
  • Tuesday, 15 December 2020

    ODH offloading affordable housing arm

    Orascom Development Egypt’s (ODH) board has approved plans to sell the company’s 35% stake in affordable homes builder New City Housing and Development (previously Orascom Housing Communities or OHC), according to a regulatory filing (pdf). The stake is valued at...
  • Tuesday, 24 November 2020

    Who’s in the market for debt? Remco, HD Leasing, El Nasr Auto, Marsa Alam for Tourism Development

    Tourism developer Remco and two of its affiliate companies are in talks to obtain a two-tranche EGP 3.3 bn syndicated loan to refinance debt and lease payments and finance working capital, the company said in a regulatory filing (pdf). Banque...
  • Tuesday, 24 November 2020

    EFG Hermes advises on USD 265 mn loan for Orascom Development Egypt

    EFG Hermes concluded a seven-year USD 265 mn debt arrangement for Orascom Development Egypt (ODE), the investment bank said in a press release (pdf) yesterday. ODE will use USD 215 mn to refinance outstanding debts and the remaining USD 50...

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