Back to the complete issue
Wednesday, 28 December 2022

Classera plans Egypt expansion

COMMODITIES-

State grain buyer GASC reportedly purchased 80k tons of Russian wheat at USD 339 per ton for shipment in the first half of February on a cost and freight basis, traders told Reuters.

It’s not final: Some traders believe that the purchase may require the World Bank’s approval seeing as it will be paying for it as part of the USD 500 mn it is lending us to boost our food security, USD 350 mn of which are going directly into the GASC’s pocket for wheat purchases.

More purchases to come: GASC will reportedly finalize three more purchases from the same supplier over the coming few days.

INVESTMENT-

Egyptian agri e-commerce player gets Emirati investment: Emirates International Investment Company (EIIC), National Holding’s investment arm, has invested in B2B fresh produce player Mahaseel Masr to expand its agri e-commerce platform, according to a press release (pdf). The investment will allow Masaheel to expand geographically and to introduce technological and financial value added services. The statement didn’t provide any information about the investment, including whether EIIC has acquired equity in the company.

NBFS-

Contact Financial is getting into green finance: Non-banking financial services outfit Contact Financial Holding has launched a new product providing finance targeted at eco-friendly and sustainable projects, it said in a statement (pdf) yesterday. Its “Green Finance”' installment service offers repayment plans of up to five years with no down payment.

Eligible for finance: Solar panels, irrigation systems, greenhouses, fishery ponds, and poultry and livestock farms, among others, the statement reads.

REGULATION-

The government has amended Egyptian Accounting Standards (EAS) in response to the flexible EGP rate adopted earlier this year and its impact on company earnings, according to a decree published in the Official Gazette yesterday.

STARTUPS-

Classera eyes expansion in Egypt: US-based MENA-focused e-learning startup Classera plans to up its investments in Egypt and add new learning and training services to its existing portfolio, it said in a statement (pdf) yesterday, without disclosing how much it plans to invest. The move comes weeks after the company secured USD 40 mn in a series A funding.

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.