ZAKI HASHEM AND PARTNERS ACTED AS THEE LEGAL OFFERING ADVISOR TO THE IPO OF MACRO CAPITAL MANAGERS (EFG HERMES) & (RENAISSANCE CAPITAL) IBS

ZAKI HASHEM AND PARTNERS ACTED AS THEE LEGAL OFFERING ADVISOR TO THE IPO OF MACRO CAPITAL MANAGERS (EFG HERMES) & (RENAISSANCE CAPITAL) IBS

by | Jan 26, 2022 | News Station

Zaki Hashem and Partners acted as the legal offering advisor to the IPO of Macro Capital Managers (EFG Hermes) & (Renaissance Capital) IBs.
The Financial Supervisory Authority has approved the Macro Group for Pharmaceuticals Company – Macro Capital’s offering prospectus, which aims to sell a maximum of 264.51 million shares, or 45.8% of the company’s capital, through a secondary market offering at a maximum price of EGP 6.05 per share.
The Egyptian Stock Exchange’s Securities Listing Committee agreed on January 12 to list the shares of Macro Group for Pharmaceuticals (Macro Capital) on the main market.
Macro Capital has an issued capital of 115.4 million pounds, divided into 577.3 million shares having a nominal value of EGP 0.20 each.
The company will be listed in the (Healthcare and Pharmaceuticals) sector, and a (Ticker Symbol) of MCRO.CA has been assigned to it.
A month after registration with the Financial Supervisory Authority, the company plans to issue 45% of its total shares in a public and private offering, which took place on 23 December 2021.

THE SENATE APPROVED A NEW DRAFT FOR THE LABOUR LAW

THE SENATE APPROVED A NEW DRAFT FOR THE LABOUR LAW

by | Jan 25, 2022 | News Station

A final draft of the labour law was approved by the Senate earlier this month and is expected to be published soon, completely replacing the present labour law no. 12 of 2003.
The Draft Law looks to be catching up with the development and modernity in the employment field in order to adapt to the recent social and economic developments in Egypt. Furthermore, Egypt’s Minister of Manpower confirmed that the Draft Law is compliant with international labour standards and treaties to which Egypt is a party.
The Minister of Manpower informs the public that the Draft Law regulates the relationship between employers and employees in such a way that both parties’ interests are properly balanced. And it’s predictable that the Parliament will still introduce some revisions to the Draft Law that will continue to protect employees while considering the interests of employers and their investments.
There are new main principles under the draft law such as “New leaves granted to employees for their actual days of exam, fully paid, and should not be deducted from their balance leave” and “New fund for irregular employees” and new resignation regulations.
And there are new amendments such as “the retention period of the employee file is now five years (instead of one)” and “there are no requirements to obtain the approval of the competent authority for overtime, but a notification from the employer to the competent authority. In addition, the employee may not be at work for more than 12 hours per day”.
This was a summary of the draft law and we will talk about it furtherly once the Draft Law is officially issued.
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EGYPTIAN EXPORTS JUMPED TO $32 BILLION FOR THE FIRST TIME IN ITS HISTORY

EGYPTIAN EXPORTS JUMPED TO $32 BILLION FOR THE FIRST TIME IN ITS HISTORY

by | Jan 24, 2022 | News Station

Egyptian exports succeeded in achieving a leap that crossed the $32 billion barriers for the first time in its history, through several factors that had a clear and tangible impact that increased merchandise exports with a value of $6.701 billion in one year.
Exporters attributed the historical rise in merchandise exports to the government’s determination to bring exports to $100 billion in the coming period, despite the Corona pandemic – which had a significant impact on foreign trade in all countries of the world – by supporting the exporters’ sector by disbursing the overdue dues to the Export Support Fund, In addition to making the most of commercial offices abroad, as well as free and preferential trade agreements signed with a large number of countries and global economic blocs.
Nevin Gamea, Minister of Trade and Industry, announced that Egyptian non-oil exports rose for the first time in its history to 32 billion and 128 million dollars in 2021, compared to 25 billion and 427 million dollars in 2020, a difference of 6 billion and 701 million dollars, achieving an increase of 26%.
According to the latest data of the Ministry of Finance, the government has supported the exporters’ sector with about 31 billion pounds, which have been spent on more than 3,000 exporting companies since the start of the “refund of overdue” initiatives to exporters in October 2019 until now.
HELMY, HAMZA & PARTNERS, BAKER MCKENZIE CAIRO OFFICE, ANNOUNCED THEY ACTED AS ISSUER’S COUNSEL TO NAHR EL KHAIR FOR DEVELOPMENT AGRICULTURAL INVESTMENT AND ENVIRONMENTAL SERVICES (“NAHR EL-KHEIR”)

HELMY, HAMZA & PARTNERS, BAKER MCKENZIE CAIRO OFFICE, ANNOUNCED THEY ACTED AS ISSUER’S COUNSEL TO NAHR EL KHAIR FOR DEVELOPMENT AGRICULTURAL INVESTMENT AND ENVIRONMENTAL SERVICES (“NAHR EL-KHEIR”)

by | Jan 24, 2022 | News Station

In connection with Nahr El Khair For Development Agricultural Investment and Environmental Services (“Nahr El-Kheir”)’s public offering and listing of its shares on the Egyptian Exchange, Helmy, Hamza & Partners, Baker McKenzie Cairo office, acted as issuer’s counsel. It’s important to note that Nahr El-Kheir was the first company to benefit from the President’s “1.5 Million Feddan” initiative, which saw the company list and offer its shares on the Egyptian Exchange.
The Capital Markets team in Baker McKenzie Cairo office was led by Managing Partner and Head of Capital Markets Mohamed Ghannam and Capital Markets Counsel Mostafa Elsakka and supported by Associate Walid Enany, Associate Mohamed ElHossamy, Paralegal Malak Abousenna, and Capital Market Specialist Sameh Belal.
ORASCOM DEVELOPMENT EGYPT ACHIEVES THE HIGHEST REAL ESTATE SALES IN IT’S HISTORY, WITH VALUE OF 9.2 BILLION POUNDS DURING 2021

ORASCOM DEVELOPMENT EGYPT ACHIEVES THE HIGHEST REAL ESTATE SALES IN IT’S HISTORY, WITH VALUE OF 9.2 BILLION POUNDS DURING 2021

by | Jan 24, 2022 | News Station

For the period ending in December 2021, Orascom Development Company announced real estate sales indicators and hotel sector performance indicators.
In a statement, the company stated it made EGP 3 billion in the fourth quarter of 2021, up from EGP 1.8 billion in the fourth quarter of 2020, a 61.4 percent increase.
Thus, the real estate sales of the company during the year ending in 2021 amounted to about 9.2 billion pounds, an increase of 48.8% over the year ending in 2020 and 32.9% over the year ending in 2019.
According to Orascom Development’s statement, the company’s real estate sales in 2021 are the highest in the company’s history.
And the company strengthened its position and leadership in the real estate market this year, as it maintained implementation and growth rates even as the new Coronavirus spread, and all of its real estate projects were in high demand in all of their destinations.