The Prime Minister announced that stakes in no less than 20 state-owned companies will be offered to strategic investors or on the EGX within the next year. The names of those companies should be revealed next week.
The US Federal Reserve yesterday raised rates by 25 basis points to a target range of 4.5-4.75%, as expected to a large extent in response to signs of cooling inflation and slowing growth.
The cabinet granted four unnamed companies in the logistics, vaccine manufacturing, auto parts manufacturing, and hotel sectors, initial approval to obtain golden licenses. The companies will get final approval once they act on unspecified comments from cabinet members at the meeting.
Tax revenues increased by 20% after applying the electronic tax system, which allowed the inclusion of the informal economy.
Chimera Investments will now acquire 20% of AUTO's (FV: EGP7.50, OW) MNT-Halan after adding an investment of USD200 mn in the firm. The new investments put the company on track for a valuation of more than USD 1 bn. However, GB Capital and its subsidiaries continue to hold the majority of the value within the group’s valuation, forming 78.8% of our FV.
AMIC released their December 2022 report, showing a decline in PC sales volume by 75.1% YoY and a MoM climb of 6% to reach 5,524 sold unit.
ESRS raised the price of rebars to EGP26,985/ton (including VAT) as of February 1, 2023, 4% higher than January 11, 2023, and 32% higher than the beginning of December 2022.
We remind you that EGTS’s (FV: EGP1.68, EW) next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 4 February 2023.
NUCA decided to extend the time allowed for developers to implement projects by 20%, with postponing the installments due from the developer for the same period.
COMI announced yesterday the suspension of issuing CDs for individuals for a period of one and a half years with an annual return of 20%, paid monthly and 22.5% paid at maturity.
An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply.
The Cabinet approved 13 draft oil agreements for oil exploration in the Western Desert, Gulf of Suez, and the Mediterranean. The exploration rights will go to the Egyptian General Petroleum Corporation (EGPC), EGAS, and a number of unnamed international companies once legislative procedures are completed.
According to the Oil Ministry, Eni produced around 60% of Egypt’s natural gas during 2022.
The US contractor McDermott has signed an MoU with Greek renewables company Eunice Energy Group to work on a 2-GW interconnector that will link Greece and Egypt’s electricity grids, according to a joint statement.