The MOU signing marks the beginning of due diligence process for the companies, in one of the most significant deals in the Egyptian digital financial services market.
“The sale of Oberoi Zahra will result in cash proceeds of $2 million and proceeds from the sale will be geared towards the expansion plans of the group.”
“We don’t have any intention to exit from Vodafone in the medium term,” an official told Egypt Today.
Alibaba will acquire about 6.62 percent in Focus Media for 9.63 billion yuan ($1.43 billion) and possibly another 5.0 percent stake in the next 12 months, it said in a statement.
Orascom added in a filing to the Egyptian Exchange that Abraaj’s stake was 5.4 percent in the company, amounting to about 6.26 million shares.
Fortum, which agreed to buy the 47 percent stake in Uniper held by former parent E.ON (EONGn.DE), still needs approval from Russian and European authorities.
This transaction comes in line with the company’s plan to grow its investments and expand in the market of financial services in the African continent.
Qatar is taking a nearly 19 percent stake in Rosneft, rescuing the Russian oil major from its stalled deal to sell a major stake to China’s CEFC.
Apple's stock hit an all-time high on Friday after Warren Buffett’s Berkshire Hathaway disclosed it bought an additional 75 million shares of the iPhone maker.
Computer maker Dell, which owns 80 percent of VMWare, said in February it was exploring a public offering or a combination with VMware.
Arqaam Capital is the financial advisor to Misr Café, and Matok Basyouni Legal Consultancy Office is the legal advisor to the NBK in the transaction.
The group clarified that the increase of its capital will be used to finance its upcoming expansion in the real estate market.
Beltone Financial anticipated that the company’s market stake would increase to 12 percent by 2022 with 14.5 million subscribers.
QNB sold 13.5 million shares of QNB Alahli worth LE 815.12 million ($46 million), with a value of LE 60 per share.
Boeing said on Wednesday key issues remain in talks to forge a partnership with Brazil’s Embraer and stressed the price must make sense for all concerned.
Dalian Wanda Group is selling a $1.24 billion stake in its listed film business to a pair of investors led by Alibaba Group Holding Ltd (BABA.N).
The deal will give Thomson Reuters a formidable ally as it seeks to reinvigorate a business facing challenges from a shrinking and budget-conscious customer base.
Citigroup wants to hire up to 20 bankers in Saudi Arabia.
Saudi Aramco is considering the sale of a stake to a Chinese investor as plans for its highly-anticipated IPO are pushed beyond its 2018 target.