The House yesterday voted through legislative amendments allowing the government to borrow an extra EGP 165 bn for the final quarter of the current fiscal year. Around EGP 70 bn will be used to increase funding to social protection programs while EGP 85 bn of the new borrowing will be spent on servicing government debt in the April-June quarter.
Foreign investments in Treasury bills reached USD10.4 bn in January 2023, up from USD8.04 in December 2022.
We upgrade our FV for OLFI to reach EGP11.60/share from a previous EGP8.72/share while changing our recommendation to Equalweight, on market price rally. The FV upgrade is mainly backed by:
EKHO increased its total stake (direct and indirect) in AlexFert from 61.57% to 69.42%. This was done through increasing EKHO’s stake in Bawabet Al Kuwait Holding Company (BKH) by 13.12%, USD66.4 million, to reach 84.79%.
CCAP’s Dina Farms is negotiating with the government to buy two land plots and targets injecting EGP380 million to expand its production capacity during 2023.
Goldman Sachs lowered its crude price forecast for this year and 2024. It is now expecting Brent to average USD94/bbl in the next 12 months and USD97/bbl in the second half of 2024, down from USD100/bbl previously.
Hisham Ezz Al Arab has been reappointed as COMI’s non-executive chairman for a new three-year term, along with the rest of the board which will remain in place until March 2026.
In response to yesterday's news regarding Emirates Global Aluminum's (EGA) interest in financing EGAL's (FV: EGP39.53, EW) plant rehabilitation, EGAL commented in a release that all options are currently being studied to improve the efficiency and quality of production. The development plan also includes adding a new production line with a capacity of 100k tons per annum in addition to establishing aluminum foil plant.
FRA approved SPMD's rights issue to increase capital by EGP110.9 million distributed on 554.6 million shares at par value of EGP0.20 per share, bringing total capital to EGP332.7 million
The House yesterday voted through legislative amendments allowing the government to borrow an extra EGP 165 bn for the final quarter of the current fiscal year. Around EGP 70 bn will be used to increase funding to social protection programs while EGP 85 bn of the new borrowing will be spent on servicing government debt in the April-June quarter.
Foreign investments in Treasury bills reached USD10.4 bn in January 2023, up from USD8.04 in December 2022.
We upgrade our FV for OLFI to reach EGP11.60/share from a previous EGP8.72/share while changing our recommendation to Equalweight, on market price rally. The FV upgrade is mainly backed by:
EKHO increased its total stake (direct and indirect) in AlexFert from 61.57% to 69.42%. This was done through increasing EKHO’s stake in Bawabet Al Kuwait Holding Company (BKH) by 13.12%, USD66.4 million, to reach 84.79%.
CCAP’s Dina Farms is negotiating with the government to buy two land plots and targets injecting EGP380 million to expand its production capacity during 2023.
Goldman Sachs lowered its crude price forecast for this year and 2024. It is now expecting Brent to average USD94/bbl in the next 12 months and USD97/bbl in the second half of 2024, down from USD100/bbl previously.
Hisham Ezz Al Arab has been reappointed as COMI’s non-executive chairman for a new three-year term, along with the rest of the board which will remain in place until March 2026.
In response to yesterday's news regarding Emirates Global Aluminum's (EGA) interest in financing EGAL's (FV: EGP39.53, EW) plant rehabilitation, EGAL commented in a release that all options are currently being studied to improve the efficiency and quality of production. The development plan also includes adding a new production line with a capacity of 100k tons per annum in addition to establishing aluminum foil plant.
FRA approved SPMD's rights issue to increase capital by EGP110.9 million distributed on 554.6 million shares at par value of EGP0.20 per share, bringing total capital to EGP332.7 million