The CBE notified the banks to stop granting new financing within the framework of the industrial sector initiative, contracting, and new and renewable energy at a return rate of 8%. Companies affected by the cancellation of the Initiative are:
More details are included our pre trading thoughts report
The PM emphasized the importance of exercising caution over the timing of the government IPO program but didn’t offer any new insight into the government’s current thinking about how to take the program forward.
We published our Egypt Real Estate Valuation Update 2023 Report yesterday, where we update our FVs, recommendations, and top picks. Please refer to our report published yesterday for more details
PRDC closed a EGP292.5 million securitized bond issuance
Qatar Investment Fund (QIA) targets to acquire stake in Egyptian chemical industries, Kima - EGCH (FV:EGP4.50/share, UW) as a part of its investments in EGX-listed companies. However, sources didn’t clarify yet the targeted stake or the acquisition time
The 8.0% interest rate in the subsidized lending program for the tourism sector for the renovation of hotels increased to 11.0%
Developers will start handing in pre-qualification files for the government’s water desalination program starting on Thursday and will need to wrap up their submissions by next week.
DSCW 3Q22 Attributable net profit recorded EGP39.4 mn (+213% YoY, +10.9% QoQ) bringing 9M22 attributable net profit to EGP84.4 mn compared to EGP17 mn recorded in 9M21.
Abu Dhabi-based Chimera Investments acquired a 56% stake in BTFH, replacing OFH as the company’s controlling shareholder.
OFH’s fintech arm Klivvr received its license from the CBE to launch its mobile app and payment cards.
Cashback services startup WaffarX partnered with COMI to offer incentives and other perks to CIB customers who shop through its new joint app.
The insurance Federation of Egypt has finalized drafting the first ins. policy for EVs in the country.
Banque du Caire launched a foreign exchange company dubbed Cairo Exchange after receiving approval from the CBE.
The rollout of the Advance Customs Information (ACI) customs system to air freight has been pushed for the second time to give importers, customs brokers, shipping agents and overseas companies more time to get used to the system amid volatility in the global economy
e-Aswaaq, a subsidiary of EFIH, is set to start selling Schneider Electric products on its platform.
Alexandria Port Authority signed a MoU with a Chinese consortium to plan the construction, management and operation of the logistics zone at Alexandria Port.