Key news articles for today*
The government is working to clone the expat car import initiative for real estate purchases. The initiative could see the government refund 80% of the property price to the buyers in EGP over an 8-year period. This is less than the 100%-over-10-years initially proposed.
The expat car-for-FX initiative is expected to get orders with a total of USD2 bn from its first two phases, Finance Minister said.
Egypt is considering issuing Bonds denominated in Arab currencies, including AED, as well as the Indian rupee, as part of its plan to diversify funding sources.
Egypt’s LNG exports fell 51.8% y-o-y in 2023, dropping to 3.52 mn tons, according to OAPEC.
MPs gave their final approval on a EUR56 mn grant from the French Development Agency to help us expand the storage capacity of our wheat silos.
Chile’s Enap Sipetrol plans to invest USD70 mn this year to drill four development wells and three exploratory wells in its East Ras Qattara concession, located in the Western Desert.
MASR (FV: EGP5.24, OW) achieved stellar 4Q23 sales of EGP20.1 billion, up 342.6% y/y and 110.2% q/q, bringing FY23 sales to EGP35.0 billion, up 211.1% y/y.
ALCN released 2Q23/24 indicators. Bottom-line grew by 9.6% YoY and 26.5% QoQ to record EGP1.2 billion in 2Q23/24. Revenues came in at EGP2.4 billion in 2Q23/24 (+21.1% YoY, 25.2% QoQ), supported by an increase in number of containers handled by 17.5% YoY and 21.3% QoQ. ALCN is currently trading at 23/24f P/E of 22.1x.
Consumer Protection Agency requested from tobacco producers a list of data containing the names of the main wholesalers and distributors as an initial step to end the cigarettes crisis which resurfaced again after a steady period.
Maridive and Oil Service’s 49%-owned affiliate Al-Mayez Oil and Gas Services has been awarded a three-year oil exploration contract worth EUR29.72 million for the Libyan Mellitah Oil and Gas Company.
CANA’s (FV: EGP17.30, OW) record date for the 1:11 bonus shares is in February 13, and the distribution date is February 14.
China’s Shengli (Fujian) Investment and Development Company will be in charge of managing and operating state-run Delta Steel’s billet factories, under an agreement signed yesterday with the Metallurgical Industries Holding Company.