Against the backdrop of continued business and societal disruption caused by the COVID-19 pandemic, M&A activity in the Middle East still showcased some stability in the first quarter of 2020, increasing in value by over USD 5 billion and in volume by 6 additional deals in comparison to Q4 2019, according to the latest report by global law firm Baker McKenzie*. “It is evident that the current global situation has caused a slow down…
Baker McKenzie advised Al Sharkiyah Sugar Manufacturing Company (Al-Nouran) as borrower in connection with the restructuring and top up of a senior Islamic Istisn’a facility and working capital facility to finance the operations of its beet sugar factory in Al Sharqia Governorate of Egypt. The financing was provided by a banking consortium led by Banque Misr.
Building on its over three-decade reputation as the preeminent Egyptian banking and finance law firm, Baker McKenzie Cairo’s Banking & Finance Group announced that Ahmed Abdallah has joined the firm as Counsel. Ahmed has more than 15 years of experience in the banking field and obtained his L.LB from Cairo University, Law School in 2003.
Baker McKenzie Cairo’s Banking & Finance team advised a six-bank consortium led by National Bank of Egypt on a USD 100 million and EGP 1.2 million multi-currency bridge facility to Canal Sugar Company to finance the construction and operation of a beet sugar plant and large scale agricultural farm in West Minya.
On January 14, 2018, an amendment to Egypt’s Companies Law No. 159 of 1981 was enacted by virtue of Law No. 4 of 2018, which provided that any newly established joint stock company or partnership limited by shares must centrally deposit their securities (mainly shares) with the Misr for Central Clearing, Depository and Registry (MCDR), prior to registering with the commercial register.