Planning Minister Hala El Said confirmed to Bloomberg that the government backs exchange-rate flexibility, which will bode well for the economy.
The Sovereign Fund of Egypt has set up a pre-IPO arm to bring strategic investors onboard ahead of plans to list state-owned firms.
Prime Minister: The government will offer new tax breaks for high value industries.
Prime Minister: The state isn’t about to pull back from big infrastructure projects, saying they’ll only cost more to execute further down the line.
Eni wants to develop LNG projects in the region, including in Egypt, under a plan to invest around EUR 4.5 bn in upstream activities every year until 2025.
Egypt is to receive a new 63k-ton shipment of Ukrainian wheat.
The Central Bank decided to double the maximum limit for public banks’ lending to companies from EGP250 million to EGP500 million without obtaining prior approval from the CBE, with the aim of helping companies expand their business. If the required loan amount exceeds EGP500 million, the banks will have to secure approvals from the CBE.
IDHC announced that its SPA (Special Purpose Agreement) to purchase a 50% stake in Islamabad Diagnostic Center (IDC) has expired, on unsatisfied conditions. However, negotiations are still ongoing. IDHC is currently trading at 2022f P/E of 10.8x and EV/EBITDA of 5.6x.
Vodafone Group won’t use the right of first refusal on Vodafone Egypt, in case Qatar Investment Authority submitted an offer to purchase up to 25% stake in Vodafone Egypt (out of ETEL’s c.45% stake).
Egypt Post intends to acquire “Egypt Smart Cards”, to support financial inclusion and digital transformation services. “Egypt Smart Cards” currently manages around 20 million cards and transaction value could range between EGP700 million and EGP1.0 billion.
Phillip Morris will raise selling prices effective of today for brands Marlboro, Merit, and L&M by EGP1-3/pack. This bodes well for EAST's bottom line as they own 24% of Phillip Morris' newly established manufacturing company United Tobacco.
BDO has valued DOMT at EGP 6.90 per share — 38% higher than the price that the Expedition Investments-led consortium is offering shareholders in its ongoing mandatory tender offer.
Pachin’s BoD chooses Elite Financial Consulting for the fair value study of the company prior to the acquisition.
CSAG is in negotiations with Belgian Dredging International to implement a logistical services project in Al Montazah Palace area in Alexandria.
Qatar Ports Management Company is eyeing investments in Ain Sokhna Port, where talks are currently underway to increase cooperation in the maritime transport sector.
ZMID declared 1:1 stock dividends. Record date is 21 September 2022. Distribution date is 22 September 2022.