Capital Markets

We undertake the legal services needed for an effective and smooth implementation of the various capital market transactions such as:

  • Local and international Initial Public Offerings (IPOs) under Regulation S and Rule 144A
  • The establishment of Global Depository Receipts Programs
  • Local and Dual listings
  • Cash and combined (through share swaps) Mandatory Tender Offers
  • Bond issuances and securitizations
  • Rights issue under the Capital Market Law
  • Establishment of all kinds of funds and fund management companies
  • All routine matters pertaining to listed companies and regular dealings with the Egyptian Stock Exchange (EGX) and the Financial Regulatory Authority (FRA).
  • The establishment and licensing of all kinds of companies operating in the non-banking financial services sector, including companies operating in the sectors of micro and nano finance, SME lending, factoring, venture capital, insurance, insurance brokerage, brokerage, asset management, fund management…etc.

We undertook the majority of securitizations and bond issuances in Egypt and advised on the majority of IPOs executed since the 1990s.

“Zaki Hashem fields a much-admired capital markets team. Has a wealth of advice on high-value issuances and is active on sizeable IPOs, follow-on offerings and capital increases. The team demonstrates exceptional regulatory expertise and strong capabilities in debt matters, bond issuances and securitisations, as well as the establishment of MTN programmes.”

Chambers and Partners

'Excellent understanding of the local laws and how they interplay with English law given our need to abide to both.'

IFLR1000 (Client Testimonials)

‘Professional and Reliable Experience which smoothly assist and facilitate taking right decisions – Availability around the clock – Always on time in delivering their reviews and feedback – Experience gained out of many cases the office used to get engaged with.’

The Legal 500 (Client Testimonials)

‘Zaki Hashem's advice is clear and precise.’

Chambers and Partners (Client Testimonials)

'Responsive and very commercial with excellent links into the regulator.'

IFLR1000 (Client Testimonials)

‘I have a very good experience with Zaki Hashem. Their different teams are very professional in terms of commitment to their tasks and feedback. They are always available to take my calls and requests, very punctual and correspond professionally to all parties on time.’

The Legal 500 (Client Testimonials)

Transaction Records

2015 - to date | Banca IMI, BNP Paribas, Citigroup, Deutsche Bank, First Abu Dhabi Bank, Goldman Sachs, HSBC, J.P. Morgan Securities, Morgan Stanley & Co., Natixis, National Bank of Abu Dhabi, National Bank of Egypt, Standard Chartered Bank

USD 40 billion

Advising the Joint Lead Managers and Dealers in the establishment, all issuances, and all updates of Egypt's Global Medium Term Note Programme (incl. the 1st Eurobond issuance in Egypt)

2015/2023 | Corporate Leasing Company Egypt SAE (CORPLEASE)

EGP billions

Advising CORPLEASE in the 5th, 6th, 7th, 8th, 10th (EGP 2.718 billion), 11th (EGP 2.357 billion), and 13th (EGP 3.177 billion) Securitization Bond Issuances

1990s – to date | IPOs

EGP/USD billions

Advising in listings: eFinance (2021); Macro Group Pharmaceuticals (2022); ENPPI (2019); BPE Holding for Financial Investments (2018); Raya Contact Centre (2017); M.M. Group for Industry and International Trade (MTI) (2017); Orascom Construction (EGX/NASDAQ Dubai) (2015) – among many others

2024 | B Investments Holding

ca. EGP 1.88 billion

Advising B Investments Holding in the ca. EGP 1.88 billion acquisition of up to 90% of Orascom Financial Holding through Mandatory Tender Offer

Establishing Funds

Beltone MidCap Fund Beltone Real Estate Fund management Beltone Post Fund Suez Canal Investment Fund Idevelopers - Technology Development Fund EFG Hermes Telecom Fund EFG Hermes Egyptian Growth Fund Middle East Turnaround Investment – Haykala Loading Technology Angel Fund Vodafone Ventures

2024 | Industrial Development Bank SAE

EGP 4.5 billion

Acting as the sole legal counsel to the Industrial Development Bank SAE in the capital increase of

2024 | Raya Holding for Financial Investments

Advising Raya Holding for Financial Investments in splitting the stock nominal value of its shares & capital decrease via execution of treasury shares

2023 | Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, HSBC Corporate Trustee Company (UK) Limited

USD 5 billion & USD 1.5 billion

Acting as the Egyptian legal counsel (alongside with Linklaters LLP, as legal advisers) to the Joint Lead Managers of Ministry of Finance's first-ever issuance of sovereign sukuk. We advised on the establishment of the Egyptian Financial Company for Sovereign Taskeek USD 5 billion Trust Certificate Issuance Programme and the inaugural issuance, which amounted to USD 1.5 billion

2022 | Advising Limevest Partners Healthcare LLC and Tawasol Holdings SAE

EGP 549.9 million

Advising Limevest Partners Healthcare LLC and Tawasol Holdings SAE in the EGP 549.9 million MTO acquisition of up to 74.08% of the capital of Alexandria for Medical Services SAE

2021 | eFinance

EGP 5,804,533,336

Advising eFinance for Digital and Financial Investments SAE in its initial public offering through a secondary offering

2021 | eFinance

EGP 2.485 billion

Advising eFinance for Digital and Financial Investments SAE in the EGP 2.485 billion capital increase following the subscription process in the offering

2021 | Ebtikar

EGP 96 million

Advising on the EGP 96 million capital increase of Ebtikar Holding for Financial Investments SAE

2021 | Aldar Ventures International Holdings RSC Limited & Gamma Forge Limited

EGP 6.1 billion

Advising Aldar Ventures International Holdings RSC Limited and Gamma Forge Limited in the EGP 6.1 billion MTO acquisition of the capital of SODIC SAE

2020 | Al Ahly Capital Holding SAE

EGP 1.5 billion

Advising Al Ahly Capital Holding SAE in establishing an EGP 1.5 billion platform for non-banking financial services

2020 | Citigroup Global Markets Limited, Credit Agricole, Deutsche Bank, HSBC

USD 750 million

Advising the Joint Lead Managers in the USD 750 million Green Bonds Issuance by Egypt (the first green bond issuance in the region)

2019 | Alexandria Container and Cargo Handling Company SAE

Acting as the legal council to Alexandria Container and Cargo Handling Company SAE in the follow-on offering on the Egyptian Stock Exchange

2019 | Global Telecom Holding & Raya Holding for Financial Investment

EGP 11.18 billion & EGP 1.07 Billion

Advising Global Telecom Holding in the EGP 11.18 billion increase of issued capital and Raya Holding for Financial Investment in the EGP 1.07 billion increase of issued capital

2018 | Consortium led by ENGIE - formerly GDF SUEZ Energy Middle East, Turkey & Africa

Advising the Consortium led by ENGIE - formerly GDF SUEZ Energy Middle East, Turkey & Africa - in the registration of the land on which its 262.5 MW Windfarm Project in the Gulf of Suez will be established and further advised on the registration and perfection of all securities provided to the offshore lenders and local security agent

2017 | Modern Waterproofing Company

Advising on the acquisition of shares in Modern Waterproofing Company SAE through mandatory tender offer

2016 | Electrolux Egypt for Home Appliances SAE

EGP 1.3 billion

Advising Electrolux Egypt for Home Appliances SAE in the capital increase of the Company from EGP 157 million to EGP 1.3 billion

2015 | Marseilia for Real Estate Development

EGP 83.3 million

Advising Marseilia for Real Estate Development in the securitization of its portfolio - the first securitization transaction by a private real estate developer in Egypt. It is also the first securitization issued over several issuances and launched under a three-year shelf registration program with a transaction value amounting to EGP 83.3 million

2013 | OCI N.V.

ca. USD 7.5 billion

Advising OCI N.V. in its successful ca. USD 7.5 billion acquisition through a combined cash and stock tender offer of the outstanding shares (and GDRs) of Orascom Construction Industries SAE

2012 | France Telecom

USD 3 billion

Acting as the Sole Legal Advisor to France Telecom in its USD 3 billion MTO acquisition of Orange in Egypt

2010 | Juhayna

USD 206 million

Advising EFG Hermes (as global coordinator/book runner) in the IPO of Juhayna (the first IPO to take place since 2008)

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