Back to the complete issue
Wednesday, 1 June 2022

Ghazl El Mahalla to publish PSN Thursday

Ghazl El Mahalla FC will publish the public subscription notice (PSN) for its upcoming IPO this Thursday, Hassan Samir, the managing director of capital markets at bookrunner Prime Holding, told Hapi Journal. The EGP 98 mn retail offering has been approved by the Financial Regulatory Authority, paving the way for the football club to go ahead with the sale later this month. The club has already completed the private placement component of the offering, raising EGP 37 mn from institutional investors back in November.

Other things we’re keeping an eye on this morning:

  • EGX-listed snackmaker Edita has signed an agreement with TotalEnergies to use its fuel cards for its fleet trucks to help track expenses and improve fleet management. (Statement, pdf)
  • The government is cutting electricity and water supplies to 27 tourist resorts on the north coast for failing to pay their utility bills. (Statement)
  • The Local Development Ministry signed protocols with Kafr El Sheikh, Dakahlia and Gharbia governorates to start the EBRD-funded project to clean the Kitchener Drain of pollution. (Statement)
  • Abu Dhabi Commercial Bank Egypt is expanding its partnership with banking software firm Temenos to introduce instant and cross-border payment services. (Statement)
  • The Egyptian Space Agency will open the first facility at its “Space City” — a satellite assembly and testing center — by the end of the year, and expects the complex to be fully operational by 2027, agency head Mohamed El Qousy told ETC TV (watch, runtime: 5:39).

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.