Back to the complete issue
Tuesday, 7 September 2021

A queue of companies want the Abu Qir metro project + Speed Medical plans buyback as share price falls

The Transport Ministry is considering 16 local and international consortiums to implement Alexandria’s Abu Qir metro project, unnamed sources at the ministry told Al Mal. The consortiums include Egypt’s ElSewedy Electric-Siemens, Orascom-Arab Contractors as well as India’s Larsen & Toubro and South Korea’s Hyundai Rotem, Spain’s Construcciones y Auxiliar de Ferrocarriles, Italy’s WSPHT, China’s NORINCO International, Japan’s Hitachi Group and a French-Egyptian consortium led by Alstom, among others.

Speed Medical will buy back 20 mn shares in a bid to support its share price, which has come under pressure since the end of its bid for Prime Speed. The company’s shares have fallen more than 25% since the end of August when relations between the two companies broke down, with Speed publicly airing a list of grievances against Prime and closing the door on its takeover bid. The company will now buy back shares amounting to 1.8% of its capital, it announced in a disclosure (pdf) yesterday, a transaction that based on yesterday’s share price would cost EGP 34.4 mn. The company’s share price fell 13.5% yesterday to EGP 1.72.

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.