amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Business - Financial Institutions

Amwal Al Ghad English - 2017-08-19 09:34:29
Jack Ma, Asia’s richest man, is extending the global reach of his financial services empire, by making a $1.68 billion cash-and-stock buyout of Massachusetts Mutual Life Insurance’s Hong Kong unit. Yunfeng Financial Group, a Hong Kong-listed financial services company backed by Ma, will pay $1.01bn in cash to MassMutual for the business, the US insurance group said in a statement. MassMutual will also take a 24.8 per cent stake, valued at $668 million, in Yunfeng. The announcement sent Yunfeng’s Hong Kong shares soaring at least 30 per cent in early trading on Friday. Ma is the billionaire chairman of Alibaba, China’s largest ecommerce group and, according to Bloomberg, Asia’s richest man. The purchase of the insurance business is the latest in a series of overseas investments into financial services by companies connected to him. Many of the deals involve Ant Financial Services, an affiliate of Alibaba in which Ma is invested. Ant is investing alongside Yunfeng in the MassMutual deal and will buy about 5 per cent of MassMutual Asia. Ant, operator of one of the world’s largest mobile payments platforms called Alipay, is also seeking to buy MoneyGram International, a US payments company, for about $1.2 billion. That deal, launched in January, is Ant’s first push into US financial services but has run into national security concerns and is under review by the US foreign investments watchdog. In February, Ant said it would invest $200 million in the mobile finance subsidiary of South Korean instant-messaging group Kakao. It has also invested in an Indian computer and electronics company, according to data from Dealogic. “These deals are the thin edge of the wedge for them [Jack Ma-connected companies] to get into new markets,” said Duncan Clark, chairman of Beijing-based investment adviser BDA and author of a book on Alibaba and Ma. “They’re not trying to take on Amazon in the US but maybe they [will] push into payments there.” Yunfeng, which goes into the MassMutual Asia deal with several investors, will hold 60 per cent of company. The other investors include an affiliate of the Singapore sovereign wealth fund GIC, and Chinese internet and telecoms group Sina Corp. Yunfeng runs a wealth management and securities broking business and says the buyout will add to the range of services it can offer. “This transaction is a milestone step of Yunfeng FG becoming a financial conglomerate, integrating its existing fintech-focused financial services with traditional insurance business,” said Yunfeng chairman Yu Feng in a statement. A number of mainland China-based groups have moved into Hong Kong via buyouts of insurance businesses in recent years. Fujian Thai Hot Investments, a Chinese property group, paid $1.4 billion for Dah Sing Financial Holdings’ insurance business earlier this year. In 2015, Beijing-based JD Capital bought the Hong Kong unit of Belgian insurance company Ageas for $1.4 billion. More»
Amwal Al Ghad English - 2017-08-19 07:59:25
Moody's Investors Service has affirmed on Friday Egypt’s long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable. The rating affirmation was based on Moody's view that the B3 rating appropriately captures Egypt's credit risk profile. “Very weak government finances will continue to constrain the rating pending further clarity on the sustainability and impact of the reform programme. While Egypt's external liquidity position has significantly improved over the past 12 months, the increase in international reserves has been mainly driven by debt-creating inflows, thus also raising the level of external debt and foreign-currency denominated debt.” Moody’s said. The stable rating outlook has reflected Moody's view that upside and downside risks to the rating are balanced. Reform progress has been impressive. However, while political stability has improved to some degree, reform momentum may face headwinds, including from the presidential election set to take place by May 2018, the rating agency added. “Visibility on the extent to which the reform programme will materially improve the sovereign credit profile in the coming years remains limited.” Moody's has also affirmed the provisional senior unsecured (P)B3 Medium-Term Note programme rating. Egypt's country ceilings stay unchanged at B2/Not Prime (NP) for the foreign-currency bond ceiling, Caa1/NP for the foreign currency deposit ceiling, and Ba2/NP for the local-currency country risk ceilings. Moody's further said it expects Egypt's credit profile to remain heavily influenced by the government's very weak government finances for a sustained period, with already high fiscal deficits continuing to grow in nominal terms over the coming years and declining only gradually as a percentage of GDP. Based on preliminary estimates, the general government fiscal deficit reached around 11 percent of GDP in fiscal year 2017 (ended 30 June 2017), down from 12.1 percent in 2016, and will decline to around 10 percent in the current fiscal year according to the rating agency's forecast. Moody's estimates that the general government's primary deficit shrank to 1.8 percent of GDP in fiscal 2017 from 3.7 percent the year before, and will start to show small surpluses from 2019 onwards. As a consequence, Egypt's government financial strength will remain very weak for the foreseeable future, with debt and debt affordability metrics continuing to exceed by some margin the median for B3-rated sovereigns, the rating agency said. The debt-to-GDP ratio likely peaked at 100 percent in fiscal 2017 and Moody's said it expects that it would decline to about 90 percent by 2019, still a very high level. Monetary tightening in response to rapidly rising inflation has driven up the government's domestic funding costs, with the cumulative 700 basis points rise in the Central Bank's policy rate having driven one-year T-bill rates to above 20 percent. Moody's expects interest payments to remain very high, accounting for close to 40 percent of revenues over the coming two to three years. Set against that negative driver, macroeconomic stability has been broadly maintained despite the negative inflation shock resulting from the credit-positive foreign exchange regime liberalization on 3 November 2016. Moody's projects that real GDP growth has held up well, at 4 percent in fiscal 2017, and that it will continue to pick-up in the coming years. External liquidity has also improved. Reduced uncertainty about exchange rate policy, elimination of the parallel market and unlocking of multilateral funding following the exchange-rate liberalization has led to an increase of the Central Bank of Egypt's net international reserves to $36 billion at the end of July from $15.5 billion a year earlier. The increase in reserves was largely the result of debt-creating inflows, with external debt almost doubling to an estimated 33 percent of GDP in fiscal 2017 from around 17 percent the year before. However, repatriation of private remittances through the formal banking system, and to a lesser extent foreign investor participation in the stock market and FDI inflows also contributed to the increase. More»
Amwal Al Ghad English - 2017-08-17 07:48:01
Egypt is planning to return to the international debt markets in January to raise as much as US$4 billion to fund the budget deficit, the country's Finance Ministry official said. The ministry may approach investment banks to select advisers for the possible sale within three months, the official told Bloomberg on condition of anonymity. The amount and the timing would depend on market conditions, the official said. The Egyptian Finance Minister Amr El Garhy said this month in comments published by the state news agency that Egypt was looking to raise between $2 billion and $4 billion in the first quarter of 2018. More»
Islam Abdelhameed - 2017-08-15 16:52:48
Egypt’s Insurance Federation (FEI) has voted Alaa El-Zouhery, managing director of Arab Misr Insurance Group – GIG, as president to succeed outgoing chief Abdel Raouf Kotb for 2017-2021 term. El-Zouhery won with 18 votes versus 16 votes for Adel Moussa, chairman of Misr Insurance Company. Said Gabr, managing director of Suez Canal Life Insurance Company, was elected by acclamation as vice president of the Egyptian Insurance Federation. More»
Mohamed Hamdy - 2017-08-15 12:34:29
Egypt’s Financial Supervisory Authority (EFSA) revealed in a recent report the biggest leasing companies in the country in terms of market share during the first half of 2017. GB Lease, part of Ghabbour Auto Company, has maintained the first position in June for the third month in a row, registering a market share of 14.5 percent, and a volume of finances amounted to 1.716 billion Egyptian pounds ($96.7 million). Al Ahly Leasing Company (ALC), the leasing arm of the National Bank of Egypt (NBE), has come in second position, with a 11.5 percent market share and volume of finances amounting to 1.352 billion pounds during the first half of the year, the EFSA report showed. Technolease for Financial Leasing was in the third place having a market share of 11 percent and a volume of leasing finances worth 1.302 billion pounds. Corporate Leasing Company – CORPLEASE has ranked fourth with a 10.7 percent market share and volume of leasing finances worth 1.268 million pounds at the end of June. EFG Hermes Leasing, a wholly-owned unit of EFG Hermes Holding Group, has come in the fifth position recording a 9.4 percent market share and volume of leasing finances worth 1.105 billion pounds. Reaching the sixth position, Al Tawfeek Leasing Co., has secured an 8.7 percent market share, and volume of leasing finances worth 1.021 million pounds. International Co. for Leasing (Incolease) has ranked seventh with a 7.5 percent market share and volume of finances worth 881 million pounds. Nile Financial Leasing Company, part of Al Ahly for Development and Investment (ADI), has captured the eighth position with a market share of 6.7 percent and volume of finances worth 796 million pounds. QNB AlAhli Leasing Company, part of QNB AlAhli Bank, has come in the ninth position, with a 3.6 percent and volume of finances amounted to 422 million pounds. Global Leasing Company, co-founded by Wadi Degla Holding and SANAD Fund, came in the tenth position, with a 3.3 percent market share and finances worth 389 million pounds, according to the EFSA report. More»
Amwal Al Ghad English - 2017-08-14 08:49:34
Egypt's Beltone Financial, a unit of billionaire businessman Naguib Sawiris's OTMT, will launch a $1 billion investment fund in fixed income instruments within September 2017, its chief executive officer told Reuters on Monday. The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said. Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. He expects the company to manage the initial public offering of a pharmaceutical company worth more than one billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017. More»
Al Zahraa Mostafa - 2017-08-13 18:53:18
Egypt’s first government-owned takaful insurance company is expected to commence operations within six months, Egyptian Minister of Public Sector Affairs Ashraf El-Sharkawy said on Sunday. Until then, the Ministry of Public Sector Affairs will work on completing licencing procedures for the company ahead of issuing its own insurance policies, El-Sharkawy said speaking at the new company’s official launch ceremony. The new company, Misr Takaful Insurance will have authorised capital of around 500 million Egyptian pounds ($28.1 million), issued capital of 120 million pounds, and paid-up capital of 60 million pounds. Misr Insurance Holding holds a 40 percent stake in Misr Takaful Insurance; while Misr Life Insurance has 20 percent, Misr Real Estate Assets Management 20 percent, Holding Company for Pharmaceuticals (Holdipharma) 10 percent, and Misr Investment and Finance Fund 10 percent. There are currently 35 firms providing Shariah- compliant insurance services, including nine takaful firms. During the first quarter of 2017, takaful firms grabbed nearly 9 percent of Egypt’s insurance market share. More»
Islam Salah - 2017-08-09 19:53:34
Egyptian composite insurer Suez Canal Insurance (SCI) will start talks with the rating agency A.M. Best next September to request a new credit rating. The talks will tackle the recent measures adopted by Suez Canal Insurance including restructuring process and adding a new department for risks, SCI vice chairman and managing director Mohamed Abdullah told Amwal Al Ghad on Wednesday. SCI is expected to have its new credit rating at the end of the current year, Abdullah added. “I expect the company would receive a high rating due to the country’s current economic and political stability, which in return has positively affecte all the economic sectors, and the insurance is foremost among any others.” he said. The expected high ratings will also factor in the company’s solvency and proven financial strength, Abdullah asserted. More»
Amwal Al Ghad English - 2017-08-07 15:24:10
The International Monetary Fund has named Subir Lall as the new mission chief for Egypt, succeeding Chris Jarvis, whose three-year term ended Sunday. Lall has previously worked as the IMF’s mission chief for Portugal until last July. Prior to that position, he has been mission chief for Germany, Indonesia, Korea, Malaysia, and the Netherlands. He has a Bachelor degree in Economics from the University of Delhi and a Ph.D. in Economics from Brown University, where he was the recipient of the Susan B. Kamins Fellowship. Lall has successively led Portugal’s substantial progress under the country’s economic adjustment programme. In 2011, Portugal’s economy was facing large domestic and external imbalances and dismal growth prospects. Unprecedented official financing from Portugal’s European partners and the IMF provided a window of opportunity to address the weaknesses at the root of the crisis and regain market confidence. More»
Islam Abdelhameed - 2017-08-07 13:39:05
Egypt’s Arab Misr Insurance Group – GIG has won a $32 million hotel insurance policy tender launched by Kuwait's Al Kharafi Group, sources with knowledge said Monday. The policy is designed to provide Athens Cypria Hotel, owned by Al Kharafi, cover against the risks associated with hotel industry, with total sum insured of $32 million or 576 million Egyptian pounds, the sources further told Amwal Al Ghad. It will include general property coverage to insure the hotel against damages or loss due to fire, lightening, explosions, and spontaneous combustion, the sources added. The Athens Cypria Hotel insurance policy will also involve protection from financial losses as well as employee dishonesty and civil liability coverages, the sources said. In addition, the policy will provide engineering insurance including equipment breakdown coverage, they said. More»