Qatar Investment Authority is negotiating purchasing up to a 25% stake in Vodafone Egypt, out of ETEL’s c.45% stake in Vodafone Egypt. Potential transaction valuation post capital gains tax is EGP5.50-10.30/ETEL share.
COMI will raise its capital to EGP 29.82 bn from EGP 19.85 bn, through a rights issue. The bank would issue 1 bn shares at EGP 10 to be financed from general reserves for the period ended 31 December 2021.
ADIB will move forward with an EGP 1 bn capital increase to raise its capital to the minimum required EGP5 bn, after the Financial Regulatory Authority released its approval. ADIB will offer an additional 100 mn shares at EGP 10 per share to existing investors.
The total value of mortgage finance provided by banks and companies reached EGP 49.23 billion, until the end of August 2022, extended for a total of 446,934 clients.
Aman Microfinance, a subsidiary of RAYA, is negotiating an EGP 1 bn credit facility with four banks.
EGAL received wholesale export orders, mostly from European countries, to supply it with cold-rolled aluminum coils, after the recent escalation by Russia to stop supplying gas to Europe indefinitely. EGAL exports 60% of its production capacity to several markets, including 13 European countries, most notably Germany, Italy, France, Greece and the USA.
The Holding Company for Chemical Industries has chosen the American company “ABC” as a general contractor for the Kima 2 development project, in replacement of Tecnimont.
ASEC Mining Company – Ascom- recorded 1H22 profit of EGP68 million, compared to losses amounting to EGP36.25 million in 1H2021, driven mostly by revenue growth.
Amr Ahmed Lotfy Shehata Morsi was appointed as CEO and Managing Director of AMOC.
Weekly Commodity Update
OPEC+ alliance decided to reduce oil production by 101 thousand barrels per day in the month of October, to cancel the increase approved in September. Oil rose to USD96.10 a barrel.
Brent, USD/bbl 96.1 -5.9%
Diesel-HSFO Spread, USD/ton 685.4 -4.0%
Egypt Urea, USD/ton 900.0 14.6%
Polyethylene, USD/ton 1,100.0 0.0%
Polypropylene, USD/ton 1,000.0 1.0%
Steel/Iron Ore Spreads, USD/ton 456.9 5.0%
LME Aluminum Cash Price, USD/ton 2,297.8 -8.2%
Egyptian Retail Cement, EGP/ton 1,463.0 0.0%
Steam Coal FOB Newcastle Australia, USD/ton 435.0 2.9%
Crude Palm Oil, USD/MT 861.5 -6.2%
SMP, USD/MT 3,524.0 0.0%