Back to the complete issue
Tuesday, 18 December 2018

What we’re tracking this week and beyond

The Cairo Economic Court is due to rule tomorrow on an appeal by pharma distributors of an anti-trust fine. The distribution companies (Ibnsina, Ramco, Multipharma and United Company for Distribution and Trade) are appealing an Egyptian Competition Authority fine of EGP 5.6 bn for having allegedly colluded to cut credit periods and slash discounts to small pharmacies. The hearing comes amid speculation there could be an out-of-court settlement of the cases.

The Electricity Ministry expected to sign an MoU with Cypriot officials to begin construction on a USD 1.5 bn subsea power cable to link Egypt’s electricity grid with Cyprus’ sometime this month, Al Mal had reported.

FRA to look into an appeal by Raya’s Khalil on 23 December: The Financial Regulatory Authority (FRA) will hold a hearing on 23 December to review the conditions it set for Raya Holding founder Medhat Khalil’s mandatory tender offer (MTO) to take Raya private, local news reported.

The Central Bank’s Monetary Policy Committee will meet to decide on interest rates on Thursday, 27 December.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.