Pickalbatros is planning to open three new hotels in Hurghada

Newsletter

27 Sep 2022

Pickalbatros is planning to open three new hotels in Hurghada. The company expects to invest USD 80-120k per room in each of the hotels, Abou Ali said. The number of rooms per hotel remains unclear. Kamel Abu Ali, Chairman of the Board of Directors of the Pick Albatros Hotels and Resorts Group, said that the company is still interested in offering on the stock exchange, but the implementation is linked to improving market conditions. He added that the company is in serious talks with its financial advisor, Zilla Capital, in this regard, stressing that the desire exists, but market conditions determine the feasibility of implementation. (Al Mal)

Actis Egypt Payments Mauritius cuts stake in Fawry.
Actis Egypt Payments Mauritius No 2 Limited has sold 50,000 shares in Fawry for Banking Technology and Electronic Payment (FWRY) for 191.710 EGP. The transaction was completed at an average price of 3.85 EGP per share. Accordingly, Actis Egypt cut its stake in Fawry to 4.99% from 5%. (Arab Finance)
EFG Hermes, GB Capital launches Kaf in Egyptian insurance market.
EFG Hermes Holding (HRHO) and GB Capital have launched Kaf in the Egyptian insurance market. After EFG Hermes and GB Capital acquired a 75% stake in Tokio Marine Egypt Family Takaful in 2020, the latter has been rebranded as Kaf. Since the completion of the takeover, Kaf is now covering the lives of about 2 million customers in Egypt from the pre-acquisition record of 0.1 million customers. (Arab Finance)
Volkswagen needs new LCs to continue operations in Egypt.
Volkswagen needs to open new letters of credit (LCs) to secure spare parts to continue operations in Egypt. The stock of spare parts at Volkswagen’s Egyptian agent is sufficient to support the operations of the service center for up to three months. The company is facing difficulties related to customs release and imports due to a shortage of financing required to pay dues to global partners. (Al Mal)
It is worth noting that the facilitation of imports is necessary, as import transaction takes around three months.
A limited number of Volkswagen cars were released from ports in the few past days and will be delivered to customers with preorders. The large numbers of the brand’s cars are stuck at ports as the banking sector prioritizes securing foreign currency for importing strategic commodities and essential goods other than cars. (Al Mal)
Speed Medical’s board nods to closing drive-thru branches.
The board of directors of Speed Medical Company (SPMD) agreed to close its drive-through branches on September 30th. Moreover, the board agreed to review the business of its medical labs to eventually upgrade them in line with the company’s strategy and directions over the coming period. The board also approved the appointment of Mohamed Gamal Abdul Shakur Hashim as the company’s head of financial sector. (EGX)
FRA approves capital cut for Palm Hills Development.
The Financial Regulatory Authority (FRA) endorsed the publication of the disclosure form regarding the decision of Palm Hills Development Company’s (PHDC) decision on reducing issued and paid-up capital. The company’s board previously decided to cut the issued and paid-up capital through writing off 39 million treasury shares at a nominal value of 2 EGP per share and a total value of 78 million EGP. Accordingly, the capital will be cut to 6.003 billion EGP distributed over 3.001 million shares. (Arab Finance)
Elsewedy Electric confirms deal with 7 banks for 2 billion EGP credit facilities.
It is worth noting that during the first half (H1) of 2022, Elsewedy Electric registered 2.02 billion EGP in its consolidated net profits after income tax, compared to 1.74 billion EGP in H1-21. The company’s revenue stood at 38.96 billion EGP in H1-22, a yearly rise of 49.80% when compared to 26.01 billion EGP. (Mubasher)
Shareholder exits stake in First Investment for 2.93 EGP /shr.
Shareholder Hossam Hannahtullah Bakhoum Hindawi has exited his 7.06% stake in First Investment and Real Estate Development for a total value of 1.42 million EGP. The shareholder sold a total of 484,000 shares in First Investment at an average price of 2.93 EGP per share. It is worth noting that in the first quarter (Q1) of 2022, the EGX-listed company reported a net profit of 1.20 million EGP, a hike from 20,780 EGP in the year-ago period. (Mubasher)