New investment in pharma, snack foods + state IPO program inching forward
INVESTMENT WATCH- Pharma giant Sanofi is looking to increase investments in Egypt by EUR 70 mn “in the coming period,” company representative told Investment Minister Sahar Nasr. Pfizer is also looking to expand in Egypt, with plans for a USD 50 mn investment. Nasr also met with executives from Novartis, GlaxoSmithKline, and Pharma Egypt to discuss investment opportunities, according to Al Borsa.
Candy maker Mars is also looking to expand in Egypt, with Ahmed Seddik, Mars’ boss for North Africa and the Levant, telling Nasr yesterday that the company will invest EGP 750 mn over an unspecified timeframe. A ministry statement puts Mars’ current investments in Egypt at EGP 2bn. Nasr also noted yesterday that the UAE’s Majid Al Futtaim Group has plans to expand the footprint of its Carrefour chain in Egypt.
IPO program for state companies inches forward: The Investment Ministry has asked for a list of state companies that could be candidates for the government’s IPO program, Al Mal reports. The government will be moving forward with the program “in the coming period,” Investment Minister Sahar Nasr said, and investment banks have been invited to pitch for the listing of Enppi. State-owned investment bank NI Capital had compiled an initial list of 10 companies that could be listed.