Mohamed Abu Ghali: The Geometry C electric car is presented to many proposals in the coming period
Mohamed Abu Ghali: The Geometry C electric car is presented to many proposals in the coming period. the launch of the electric car, Geometry, for the first time in the market, is only an introduction to the provision of many proposals during the coming period. he prices of the first category of the Geometry C electric car come at about 37 thousand dollars, while the second category is estimated at about 39 thousand dollars. He said that introducing electric cars requires the provision of auxiliary factors to encourage customers to purchase them, in addition to the fact that the company provides financing solutions through its financing arm, Abu Ghali Finance. (Hapi Journal)
The government will sell stakes in 32 state-owned companies over the next year
Under a rebooted privatization program designed to pull the country out of its financial crisis and secure much needed FX. In an address last week, the prime minister said that at least 20 companies will be named as part of the state offering program. The ambitious program will begin during the current quarter and continue through to the end of 1Q 2024, Madbouly said. The government aims to complete at least 25% of the share sales within the first six months of the program, he said. (Al Mal)
It’s still unclear which companies are destined for the EGX and which are being earmarked for strategics
Madbouly said that the decisions on which way to go have been made by the investment banks working on the transactions, but didn’t provide any further information. The PM also gave no indication of how much of the companies the government would be willing to sell to strategics. Strategics will want to acquire at least 51% of the companies if they’re going to invest. Press reports in recent weeks have suggested that the government has so far been reluctant to meet the Qatari sovereign wealth fund’s demands for substantial stakes in Vodafone Egypt and the Damietta and Port Said container terminal operators. (Bloomberg Asharq)
The privatization push is part of the country’s new state ownership policy which outlines how the government intends to more than double the private sector’s role in the economy to 65%
And attract 40 billion USD in private investment by 2026. The government says it will reduce its involvement in a number of sectors via public share offerings, stake sales to strategic investors, and expanding public-private partnerships. (Bloomberg Asharq)
Inflation inched up again in January, hitting a new five-year high on the back of the EGP devaluation
Coupled with a shortage of foreign currency that led to delayed import arrivals. Annual urban inflation rose 25.8% y-o-y during the first month of the year, up from 21.3% in December, according to figures from state statistics agency Capmas. This is the highest rate since December 2017, and is up from just 8% in January 2022.
Moreover, the Madbouly government is looking into adjusting electricity prices every three or six months in response to the devaluation of the EGP
And rising gas and diesel prices, Asharq Business reports, citing unnamed government sources. The proposal is modeled after the fuel pricing committee, which reviews fuel prices every quarter. Household electricity bills are set to rise come the summer. The current freeze on household electricity prices is set to expire at the end of the fiscal year in June and economic conditions mean the government will have “no choice but to increase prices in July,”. Residential electricity bills had been set to rise by as much as 21% last year under government plans to restructure pricing and phase out electricity subsidies by 2025. (Bloomberg Asharq)
The offer will likely be made in the coming days, before the mid-February deadline set by the club’s current owners, the Glazers
The group of high-wealth Qataris behind the bid wants to provide manager Erik ten Hag with the financial support he needs to improve his team's performance. The Glazers are asking for over 6 billion GBP for the club, which they bought in 2005. There is also the question of whether Old Trafford will be redeveloped or torn down entirely with a brand-new “state-of-the-art facility” built in its place. A project of this magnitude could reportedly cost more than 2 billion GBP. The group is looking for a new project to capitalize on the Qataris’ World Cup hosting experience. (Daily Mail)
Sri Lankan conglomerate LOLC Group wants to acquire several unnamed local firms under a yet-to-be-established holding company in the near future
The company wants to add consumer and SME finance to the services offered by its local subsidiary First Microfinance. LOLC entered the Egyptian market last year with the 80 million EGP acquisition of First Microfinance. The company said at the time that it would introduce new services including micro ins, micro leasing, and consumer finance starting 2023. LOLC is also planning to expand into a number of countries in the MENA region. (Al Mal)
The International Company for Medical Industries (ICMI) on Monday signed a purchase agreement to acquire a 72% stake in Mansoura-based medical textiles company Banff Non Wovens for EGP 23.4 mn
The transaction values Banff at some 32.5 million EGP —6.7 million EGP less than the recent valuation approved by Banff shareholders last week. ICMI paid 9.6 million EGP towards the acquisition upon signing, with the remainder of the acquisition to take place in stages through the rest of 2023. (EGX)
The consortium behind the 3-GW Greece-Egypt Interconnector (GREGY) is putting together the final technical and financial surveys ahead of a financial investment decision
GREGY has accelerated last year as the EU steps up its search for new energy supplies following an energy crunch on the back of the Russian invasion of Ukraine. Renewable energy player Elica, a 50/50 joint venture between Copelouzos and Samaras, is applying to the EU for funding, with the European Investment Bank and a number of Greek banks possibly contributing money to the 3.5 billion EUR project. (Al Mal)
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