The CBE issued T-bills at a combined value of EGP 21.50 billion through two offerings

Newsletter

30 Aug 2022

The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a combined value of EGP 21.50 billion through two offerings. With a 91-day tenor until 29 November 2022, the first tranche stood at EGP 14 billion, according to official data. Meanwhile, the second offering was valued at EGP 7.50 billion, carrying a 273-day maturity period until 30 May 2023.On 25 August, the CBE auctioned T-bills worth EGP 31.50 billion through two issues. (Mubasher)

Societe Arabe Internationale De Banque (SAIB) has completed selling its 8.53% stake in Pyramids Paper Mills (Flora) for EGP 3.85 million.
The EGX-listed lender has sold 110,900 shares in Flora to an investor, according to a stock exchange statement on Monday .Earlier this month, SAIB's board of directors agreed to sell the bank’s stake in Pyramids Paper Mills .It is noteworthy to mention that in the first half (H1) of 2022, the net earnings of SAIB totaled $16 million, up 79% when compared to $8.95 million in the corresponding period in 2021.Interest income for the six-month period ended 30 June 2022 fell by 7% during H1-22 to $184.68 million, compared to $197.79 million in H1-21. (Mubasher)
Thirdly, Lafarge Egypt, a member of Holcim Group, has partnered with Ostool for Land Transportation, a subsidiary of Raya Holding for Financial Investments (RAYA), to convert all fleet trucks serving Lafarge to run on natural gas, according to an emailed press release on August 29th.
Under this partnership, Ostool will convert the trucks serving Lafarge to be operated by natural gas, adopting a “safer, healthier, and greener business model” in line with the sustainable development goals and Egypt Vision 2030. The conversion of the trucks to natural gas will help in promoting green practices to reduce carbon emissions from land transportation, which poses a main global risk for the environment. It is also worth noting that Ostool has been supplying truck fleet of Silo and flatbed trucks for transporting cement to serve Lafarge’s factory in Ain Sokhna. (Arab Finance)
Sameh Shoukry, Egypt’s foreign minister and president-designate of the 27th UN Conference on Climate Change (COP27), headed on Sunday to the Gabonese capital Libreville to participate in Africa Climate Week 2022 (ACW).
This year’s ACW, which will be held from 29 August till 2 September, is a crucial step on the road to COP27 that Egypt will host in November in Sharm El-Sheikh, according to the United Nations Framework Convention on Climate Change (UNFCCC) website.The ACW will engage and empower stakeholders to drive climate action across countries, communities and economies. The UNFCCC says the ACW is a collaboration platform to explore resilience against climate risks, the transition to a low-emission economy and partnerships to solve pressing challenges. (Al Ahram Online)
Beltone Financial Holding has made a statement to reply to the news reporting a potential capital increase.
The EGX-listed firm said the company’s ordinary general meeting (OGM) is set to meet on 31 August 2022 to elect a new board of directors to reflect the current ownership structure, adding that the capital increase process cannot be completed before discussing the matter with the new board as per the listing rules. The company further noted it will disclose any investment plans proposed by the new management once the new board is elected, according to a bourse filing on Monday. It is worth noting that during the first half (H1) of 2022, Beltone shifted to net losses after taxes of EGP 105.58 million, against net profits of EGP 8.54 million in H1-21. (Mubasher).
Egypt is set to start in 2023 the experimental operation of a new spinning factory, described by the government as the world's largest factory, located in the Nile Delta’s El-Mahalla city, according to a statement by the Ministry of Public Business Sector.
The factory, owned by the public Masr Spinning and Weaving Company, is dubbed Ghazl 1 Factory and is being constructed over an area of 64,000 square metres. The factory has around 185,000 spinning mills and a planned daily production capacity of 30 tons of fine-spun yarn and 25 tons of thick spun yarn, a statement by the ministry said after Minister Mahmoud Essmat went on an inspection tour at the site on Sunday. In July 2020, Egypt's Cotton, Spinning, Weaving and Clothing Holding signed a contract to establish the new factory for a total cost of EGP 780 (approximately $ 40 million), according to media reports. (Arab Finance)
Elsewedy Electric Co announced that its 99.80%-owned subsidiary, El Sewedy Electric for Trading and Distribution, has signed two new contracts with the Egyptian Electricity Transmission Company.
Under the first contract, valued at EGP 533.30 million, El Sewedy Electric for Trading will construct ElKhamael transformers station with a voltage of 220/66/22 KV and a capacity of (3*175+5*40) MVA of the gas-insulated type (GIS), according to a bourse statement on Monday. The project will provide power and electrical feeding for many national projects across the region. Under the second deal, El Sewedy Electric for Trading will build the NDHPS7 transformers station with a voltage of 220/66/11 KV and a capacity of (2*175+5*40) MVA of the GIS type. The deal is valued at EGP 566.80 million. The station is a turnkey project in Al-Hammam area in Marsa Matrouh’s governorate and comes in line with the country’s plan to reclamate 1.5 million feddans to reach food sufficiency in the new Delta area. (Bloomberg Elsharq)
LimeVest-Tawasol consortium amends purchase offer price of Alex New Medical Centre (NMC).
The price offered by the consortium comprising LimeVest Partners and Tawasol Holdings to purchase 74.08% of Alexandria New Medical Center’s (Alex NMC) (AMES) capital has been amended to 47.67 per share, according to a statement issued on August 29th. The price has been modified to match the price of 11.536 million shares after the issuance of bonus shares. Alex NMC had issued bonus shares to raise capital by 1.297 million. The consortium previously offered to acquire 10.574 million shares out of Alex NMC’s capital share of 14.274 million at a price of EGP 52 per share.
Now to EGX and Company News, Al Ahli for Investment and Development (AFDI) posted a 92.5% decline in consolidated net profit attributable to the parent company for the first half (H1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on August 29th.
The company recorded consolidated net profit attributable to the parent company of EGP 821,290 in H1 2022, compared to EGP 10.978 million in the year-ago period. Total revenues stood at EGP 32.76 million in the January-June period of 2022, slightly up from EGP 31.32 million in H1 2021. As per the standalone financial statement, the company achieved standalone net profit after tax of EGP 8.39 million in H1 2022, compared to EGP 3.144 million in H1 2021. Al Ahli for Investment is an Egypt-based company engaged in the provision of investment services within the Egyptian and regional capital markets. The company offers its services through six segments of non-banking operations; corporate finance, investment banking, research and analysis, capital markets, and asset management. (EGX, Arab Finance)
Arab Cotton Ginning Company (ACGC) posted a 4.2% year-on-year (YoY) drop in standalone net profit after tax for fiscal year (FY) 2021/2022, according to the unaudited standalone financial statement filed to the Egyptian Exchange (EGX) on August 29th.
The company recorded a net profit after tax of EGP 34.22 million in FY 2021/2022, compared to EGP 35.73 million in FY 2020/2021. Revenues grew by 121% YoY to EGP 68.78 million in FY 2021/2022 from EGP 31.07 million. ACGC is an Egypt-based company active in the textiles and clothing industry sector. The company is engaged in cotton ginning, as well as trading of its products domestically and internationally.
Misr Chemical Industries Company (MICH) reported a 58.55% year-on-year (YoY) growth in net profits after tax for fiscal year (FY) 2021/2022, according to the company’s financial income statement filed to the Egyptian Exchange (EGX) on August 29th.
Net profit after tax amounted to EGP 211.045 million in FY 2021/2022, compared to EGP 133.108 million in FY 2020/2021. Operating revenues increased to EGP 550.707 million in the 12-month period ended June 30th from EGP 480.61 million in the FY earlier. Misr Chemical Industries owns a manufacturing plant that produces a range of chemical products including liquid caustic soda, caustic soda flakes, liquid chlorine, hydrochloric acid, and bleaching powder.