TAQA Arabia's shares get green light for listing on EGX | Zilla Capital

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06 Jun 2023

TAQA Arabia’s shares get green light for listing on EGX

TAQA Arabia’s shares get green light for listing on EGX. The listing committee of the Egyptian Exchange (EGX) has given the go-ahead to TAQA Arabia to list its shares on the exchange under the symbol (TAQA.CA), as announced by the firm on June 4th. TAQA Arabia’s issued capital is EGP 676.176 million, and 1.352 billion shares, each with a nominal value of EGP 0.50, will be included in the listing of Egypt Listed Securities. (Arab Finance)

Egypt's non-oil private sector shows milder drop in May.
The operating conditions for non-oil private sector businesses in Egypt saw a less severe decline in May, as inflation and demand pressures were somewhat eased, as indicated by the S&P Global Egypt Purchasing Managers' Index (PMI) survey released on June 5th. The PMI rose for the second consecutive month to 47.8 in May, up from 47.3 in April, signaling a less steep decrease. Although business activity and sales saw a downturn, the decline was the smallest in approximately a year and a half. (Arab Finance)
Government to set up a unit to recommend regulations for the growth of start-ups.
Egypt's Prime Minister, Mostafa Madbouly, has initiated the creation of a dedicated unit designed to suggest policies, legislation, and regulations needed for the progression of start-ups in the country, according to a cabinet statement on June 4th. The unit, which will be overseen by the CEO of the General Authority for Investment and Free Zones (GAFI), will encompass representatives from the Cabinet, various ministries, the Central Bank of Egypt (CBE), the Financial Regulatory Authority (FRA), and the Micro, Small, and Medium Enterprises Development Agency (MSMEDA). (Arab Finance)
Egypt to sell 49% of 'Drill Petroleum' to 'strategic investors'.
The Egyptian government plans to divest roughly 49 percent of Al-Hafr Petroleum Company, targeting strategic buyers, predominantly from the United Arab Emirates, a source from the Egyptian government disclosed anonymously as the discussions are yet to be made public. (CNN Arabic)
Egypt's Armament Authority Inks Agreement for the Creation of Six Pharmaceutical Storage Facilities.
The Egyptian Armament Authority has inked a deal with the Orascom Weitz consortium on behalf of the Strategic Warehouses Company, as stated in a June 4th announcement. This agreement involves the design, construction, and management of six strategically positioned, self-financed warehouses for pharmaceuticals and medical equipment, located across Cairo, Alexandria, Dakahlia, Qena, Minya, and Ismailia. The purpose of these warehouses is to enable even distribution of medical supplies and equipment across the country. (Arab Finance)
Egypt and Mauritania Explore Collaborative Opportunities in Agriculture.
Egypt's Minister of Agriculture and Land Reclamation, El Sayed El Quseir, had discussions with his Mauritanian counterpart, Yahya El Waqf, exploring potential agricultural collaborations between the two nations. El Quseir emphasized Egypt's willingness to aid the Mauritanian agriculture ministry in areas such as agricultural scientific research, the development of new seed varieties for drought and salt-resistant crops, the implementation of modern agricultural practices, and water conservation techniques. He also expressed an interest in partnering with Mauritania to cultivate high-quality date palms, mentioning an impending cooperation agreement on this matter. (Arab Finance)
Egypt is One Month Away from Raising Two Billion Dollars through Asset Sales - Will It Succeed?
So far, the Egyptian government has only managed to raise $150 million of the intended $2 billion it aims to achieve by the end of June. The nation, in need of dollar liquidity, is currently facing challenges due to the depreciation of the pound and uncertainty regarding the initial review of the International Monetary Fund program. Additionally, Gulf investors have been uncompromising with regard to deal pricing. (Asharq)
Indian Investors Inject $30 Million into Sokhna Projects.
A factory construction agreement was signed between the Indian firm, Abdos Labtech, a specialist in laboratory plastic products manufacturing, and Orascom, the industrial developer in the integrated Sokhna region of the economic zone. This marks the launch of the second Indian company in the Suez Canal economic zone following the earlier announcement of the Indian Flex project for production of packaging goods in April under Orascom's industrial development. (Al Mal)
In 2024, OPEC Plus plans to cut oil production by 1.4 million barrels daily.
"The 'OPEC+' alliance intends to slash its target production level by 1.4 million barrels per day in 2024, as per their latest statement. Russia, Iraq, Oman, the UAE, Algeria, and Kuwait have joined Saudi Arabia in its decision to voluntarily extend their oil production cut until the end of 2024. An official from the Saudi Ministry of Energy indicated that Saudi Arabia will prolong its voluntary reduction of 500,000 barrels per day through December 2024 in alignment with other nations partaking in the 'OPEC+' agreement. This voluntary reduction will be from the production level agreed upon at the 35th ministerial meeting of 'OPEC+' on June 4, 2023. (Hapi Journal)
CI Capital Holding sees a 107.6% Year-over-Year Surge in Q1 Consolidated Net Profits.
CI Capital Holding for Financial Investments' consolidated net profits experienced a significant 107.61% increase in Q1 of 2023, reaching EGP 319.656 million from EGP 153.97 million the previous year. The company's operating revenues also saw a notable increase, jumping to EGP 1.260 billion from EGP 620.159 million during the same period. Additionally, the standalone net profit rose to EGP 351.145 million, up from EGP 245.307 million in Q1 2022. (Arab Finance)