IFC to invest in Bank Audi Turkey. Capital increase of $342 million will include EBRD and other investors

Odea Bank in Turkey, a subsidiary of the Bank Audi Group, said it will increase its capital by one billion Turkish lira ($342.6 million) through subscriptions from new shareholders and its mother company. The bank had $471 million in equity at the end of 2015.

The International Finance Corp (IFC) and the IFC Financial Institutions Growth Fund will inject a $110 million capital increase while the European Bank for Reconstruction and Development (EBRD) will contribute $90 million. The remai...

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Solidere pays out dividends despite losses. Better sales expected this year

Solidere will pay dividends of $35 million to its shareholders and expects greater property sales by the end of 2016.

In an announcement following its General Assembly meeting, held June 27, the real estate developer said that it will distribute one share for every 80 shares, and $0.10 per share, based on shareholders' record as of August 18, 2016.

Nasser Chammaa, Chairman, said: "Despite last year's negative results, 2016 is beginning to witness positive and encouraging signs." L...

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Banks now to fund speculative property deals. Ruling helps ease developers’ debt burden

The Central Bank (BDL) has issued a ruling that allow banks to provide loans to real estate companies that wish to purchase built properties to help alleviate the debt burden of some real estate developers.

The ruling allows real estate developers that are unable to sell their stock in order to meet bank installments to sell the entire project to a company that has the financial ability to wait for better market conditions.

The construction project of the property to be purchased...

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EIP fully acquires General Cable Egypt. Deal valued at $15 million

Emerging Investment Partners (EIP) has fully acquired General Cable Egypt, said Wassim Heneine, EIP's Managing Director.

The agreement was closed for an undisclosed sum. According to sources close to the deal, the investment included $10 million – $12 million in equity, and the rest in debt from shareholders.

The project involves expanding the production of low-voltage cables, and the possibility of introducing the manufacture of medium-voltage cables, he said.

The compa...

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Fransabank buys stake in Pinpay for $2.5 million. Bank to use the service

Fransabank will invest $2.5 million in Pinpay, a local provider of mobile payment services, said a source close to the deal.

Under the deal, Fransabank will also be using Pinpay's services for its customers. The bank will stop operating the Simba mobile payment application provided by Viamobile.

Fransabank's $2.5 million stake will increase PinPay's capital to LL13 billion ($8.6 million). Pinpay's other shareholders are Bank Audi, Bankmed, and Middle East Venture Partners (MEVP)...

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