Sharkawy & Sarhan acted as Egyptian counsel to the Vodafone Group (“Vodafone”) in relation to the transfer of its 55% shareholding in Vodafone Egypt to Vodacom. The spam of the transaction took more than a year. The transaction was subject to the approval of the Egyptian regulators (including the NTRA, FRA and the EGX) as well […]
Capital Markets
IPOs
Saudi Arabia
TMT
Saudi-based 2P Initial Public Offering on Tadawul. The advisors
Global law firm White & Case and The Law Office of Megren M. Al-Shaalan have advised Perfect Presentation for Commercial Services Company (“2P”), provider of artificial intelligence and technology solutions, on its initial public offering (“IPO”) on the Saudi Stock Exchange (“Tadawul”). With total IPO proceeds raising SAR 832.5 million (USD222 million), 2P offered 4.5 million […]
Capital Markets
Real Estate, Construction & Infrastructure
United Arab Emirates
Dentons with Arada Developments on its USD100 million sukuk tap issuance
Arada Developments (“Arada”), the property developer in the Northern Emirates of the United Arab Emirates, has successfully closed a $100 million tap of its existing $350 million Sukuk, which was issued in June and listed on the London Stock Exchange’s International Securities Market and was offered to sophisticated investors outside the US in reliance on Regulation […]
Banking & Finance
Capital Markets
Saudi Arabia
Saudi Real Estate Refinance Co. issues SAR3 B guaranteed sukuk
Saudi Real Estate Refinance Company (“SRC”), the wholly-owned Public Investment Fund of the Kingdom of Saudi Arabia, has increased its programme limit from SAR 10 billion to SAR 20 billion and issuance of SAR 3 billion (USD798 million) sukuk guaranteed by the Ministry of Finance of the Kingdom of Saudi Arabia under its SAR 20 billion domestic sukuk programme. […]
BMCE Capital Investment, part of the BMCE Capital Group, has launched Fonds Capital Venture, its first private equity fund to support growth in Morocco’s start-up ecosystem. The newly formed MAD 50 million (USD 4.5 million) fund focuses on the financing of innovative Moroccan start-ups in their seed phase and is part of the group’s approach to […]
Capital Markets
Egypt
Industrial
TCI Sanmar completes Egypt’s first Bonds Issuance via Debt Conversion
TCI Sanmar Chemicals (“TCI Sanmar”) has successfully completed the private placement of the company’s Non-Convertible Debentures (“NCDs”) to nine foreign banks through the conversion of 15% of the total debt of TCI Sanmar into a number of 2,353,967 NCDs amounting to USD 117,698,350. Arab African International Bank (“AAIB”) was also involved in the transaction as […]
Alieldean Weshahi & Partners acted as legal advisor for Contact Financial Holding, a non-bank financial service provider in Egypt, on the closing of an EGP 2 billion (approx. USD 102.5) sukuk issuance, following Financial Regulatory Authority (“FRA”) approval. The proceeds of the sharia-compliant seven-year tenor mudaraba sukuk will be used to finance the purchase […]
Banking & Finance
Capital Markets
Egypt
Dreny & Partners: Efg Hermes completes securitization transaction
Efg Hermes Corp Solutions has successful completed the second securitization transaction amounting to EGP 2 billion, from a multi-issuances program amounting to EGP 3 billion. The issuance was comprised of three tranches, where the first tranche is valued at EGP 260 million, and the second at EGP 890 million, while the third at EGP 850 […]
Capital Markets
Energy & Trading
United Arab Emirates
Taqa and Mubadala to acquire 40% in 2 power plants
Integrated utilities companies Abu Dhabi National Energy Company (“TAQA”) and Mubadala Investment Company (“Mubadala”) signed binding agreements that will see the acquisition of a 40% in two gas-fired power generation plants in the Talimarjan power complex in Uzbekistan. Taqa and Mubadala will invest in the privatization of the two power plants with a combined capacity of 1.6 […]
Commercial International Bank (“CIB”), a private sector bank in Egypt, has acquired a minority stake of 15% of El Sewedy for Engineering Industries (“SEI”). The acquisition will see SEI expanding in the local and regional markets. Matouk Bassiouny & Hennawy (“MBH”) acted as the legal counsel to CIB. The MBH team was led by partner Amr […]
