Business news wrap-up
Sun, Dec. 24, 2017
Head of EFG Hermes business promotions Mostafa Gad said on Sunday that the investment bank will take over the initial public offering (IPO) process of state-owned bank Banque du Caire in 2018.
Minister of Investment and International Cooperation Sahar Nasr signed a LE 17.6 million agreement with Misr El-Kheir Foundation to develop a village in Sohag governorate, a Sunday statement from the ministry announced.
The Ministry of Planning will soon launch the “Entrepreneurs 2030” project, which provides young calibers with a master’s degree in entrepreneurship, Planning Minister Hala el-Saeed said Sunday.
The Egyptian Exchange (EGX) ended its transactions Sunday in mixed note, with benchmark EGX30 being the only index that went up 0.83 percent to stand at 14,790 points.
Revenues of the Suez Canal Authority (SCA) rose to LE 8.1 billion in November, compared to LE 6.1 billion in the corresponding period of 2016, the monthly bulletin issued by the Central Agency for Public Mobilization and Statistics stated on Monday.
Norwegian geophysical company TGS and Texas-based Schlumberger started working on their new 2D seismic project on the Red Sea, an official source in the Ministry of Petroleum said Sunday.
Minister of Supply Ali Moselhy issued a decree on Tuesday obliging manufacturers and importers to put price labels on products. The decree stirred a lot of debate.
Chairman of the National Authority for Tunnels (NAT) Tarek Gamal el-Din told Egypt Today Sunday that three foreign coalitions offered to execute the construction of the fifth metro line in Greater Cairo stretching on 24 kilometers and passing through 17 stations.
The selection of a bidder after evaluating tenders that offered to supply 1,300 railcars with an approximate cost of $600 million will be postponed to the first quarter of 2018 instead of this year, sources in Railway Authority told Egypt Today.
Financial lease firm Al-Tawfeek Leasing Company’s initial public offering (IPO) is 28 times oversubscribed, the Egyptian Stock Exchange (EGX) announced in a Sunday statement.