OC in acquisition bid, Catalyst launches new PE fund, Centamin inks exploration agreements
Orascom Construction is looking at potentially acquiring a Sawiris family-owned entity operating in equipment import, distribution and services, OC said in a statement (pdf). The company is looking to acquire up to 100% of the entity, through its subsidiaries. OC will appoint HLB Financial Consultancies as an independent financial advisor to produce a valuation report. The transaction will then need board and shareholder approval.
Catalyst Partners is set to launch a new private equity fund, with plans to reach its first close by the end of the year, newly-appointed Chairman Maged Shawky tells Al Borsa. The Egyptian private equity firm separately plans to make 3-4 investments in healthcare, AI and logistics by the end of 2021, as well as to expand into non-banking financial services (NBFS) by extending factoring and leasing services to family-owned businesses, Shawky said.
Miner Centamin signed three gold exploration agreements in areas totalling 3k sqm in the Eastern Desert. The three exploration areas are near its Sukari gold mine concession and are named the Nugrus Block, the Najd Block, and the Um Rus Block. Centamin announced the agreements in a quarterly report (pdf) in which it said it saw a 19% drop in y-o-y gold production in Egypt in 3Q2021, with production figures dropping to 103.55k, compared to 128.24k in 3Q2020. Revenues from gold sales also fell 20% to USD 182.9 mn during the quarter. The Egypt-focused London-listed company operates the Sukari mine in the Eastern Desert.
United Oil & Gas brought online the new ASX-1X well at the Abu Sennan concession. The well was brought into production three weeks after initial drilling results showed a commercial discovery.