Egypt’s Prime Minister, witnessed last Tuesday the inauguration of the Amazon warehouse in the 10th of Ramadan City in Sharkia Governorate.
For our top talks today, Egypt’s Prime Minister, Moustafa Madbouly, witnessed last Tuesday the inauguration of the Amazon warehouse in the 10th of Ramadan City in Sharkia Governorate. Amazon warehouse is part of the company’s investments in the field of logistics services in the Egyptian market. We believe all entrepreneurs can take advantage of Amazon solutions to grow their businesses. Noting that Egypt has a vital industrial sector, especially with the strong presence of its retailers, sellers, brands, and local craftsmen.
- And for our real estate sector talks, first, Orascom Construction Alliance signed a 4.5 billion USD contract to build the high-speed rail system. The contract will cover a main electrified high-speed railway line with a length of 660 km that will link the city of Ain Sukhna on the Red Sea and the governorates of Alexandria and Marsa Matrouh on the Mediterranean Sea.
The consortium will implement this project on the basis of engineering, procurement, and construction (EPC+) plus Finance basis whereby the consortium will assist in structuring and arranging the financing for the project on behalf of the client. Financial closing is expected in 2022. The new rail system will alleviate primary energy usage and overall air pollution by reducing carbon emissions by 70%. Moreover, the line will connect both sea and dry ports, boosting the efficiency of freight movement and increasing freight transported on rails by 15%.
- Second, Al-Ahly Sabbour Real Estate Development Company, revealed that the company is currently choosing between issuing sukuk or securitizing bonds with a value ranging between 1.5 and 2 billion EGP. It is expected that the matter will be decided within 4 months, and that the issuance will take place early next year.
Sabbour is studying all financing solutions in addition to offering on the stock exchange, explaining that it is currently studying all financing alternatives, whether for current projects or under construction. Regarding the expansions, the company revealed that the Administrative Capital and New Alamein are on a list of expansions, coinciding with its plan to launch a new club in West Cairo in the Sixth of October City.
- Moving to our healthcare sector, Speed Medical Company (SPMD) has signed a three-year term share subscription facility contract worth 1.57 billion EGP (around 100 million USD) with the Luxembourg-based investment fund Global emerging Markets (GEM).
Under the contract, GEM will provide Speed Medical with the facility for a 36-month period to use at its discretion, subject to agreed-upon terms. It is worth noting that Speed Medical posted a consolidated net profit before minority interest of 108.079 million EGP in the first half (H1) of 2021, surging by 408% compared to 21.244 million EGP in H1-2020.
- Equally important, the Egyptian Chemical Industries (KIMA) (EGCH) has signed a memorandum of understanding (MoU) to restructure the outstanding syndicated loan facility worth 292 million USD and 1.92 billion EGP with a banking consortium.
The consortium consists of a number of leading Egyptian banks, namely National Bank of Egypt (NBE), Banque Misr, Arab African International Bank (AAIB), Banque Du Caire (BDC), Blom Bank, and Egyptian Arab Land Bank (EALB). Meanwhile, Beltone Investment Banking is the sole financial advisor on the transaction. Proceeds from the facility have been used to finance KIMA’s Ammonia and Urea Industrial Complex in Aswan. Noting that the ammonia line currently operates at a capacity of about 80%, while the urea line operates at a capacity of about 104%.
- Moving to our investments talks, first, Neotex will sign, within days, with City Edge Real Estate Development, a subsidiary of the Ministry of Housing, a contract to exploit 6 river marinas in the Ahl Masr Walk project.
It is noteworthy that next October will witness the opening of the dry port project to store tourist yachts in the new Al Alamein area on an area of 3,000 square meters, with investments estimated at 15 million EGP. The company will start renegotiating with Dakahlia Governorate, over the implementation of the river taxi project in Mansoura, during the coming period.
- Second, Ergo Media Ventures, owned by Ayady Investment and Development, seeks to inject investments of about 250 million EGP in the local market over the current and next two years, in the fields of manufacturing and developing visual, audio and readable content as well. "Film Clinic”.
Under the deal, Ergo acquired a 49% stake in Film Clinic, marking the company’s first investment since its establishment. PwC is acting as financial advisor while Rizkana & Partners and Al Jallaf are acting as legal counsels to Ergo. Jurisera is acting as legal counsel to Film Clinic. We believe that Ergo which is basically an investment company, will seek in the future to promote its capital increase, by including other investors within the ownership structure, who have a desire to invest in the content industry.
- Moving to the EGX talks, the “Financial Group” and “Al-Ahly Pharos” company dominated 63% of foreign transactions in the Egyptian Stock Exchange during the first 8 months of this year.
According to the data, “The Financial Group” came in the lead, with a market share of 40.8%, with a trading value of 34.7 billion EGP, and “Al-Ahly Pharos” came in the runner-up with a market share of 18.7 billion EGP. It is worth noting that the “financial group” had dominated the brokerage transactions in the EGX in the period since the beginning of the year as well, with a market share of 12.1% and a trading value of 72.6 billion EGP, through the implementation of 414.7 thousand transactions.
- And finally, we would like to add that a group of small stocks on the Egyptian Stock Exchange drew attention in recent months as a natural reaction to achieving price jumps, with rates ranging between 50% and 645%. We believe that these stocks are witnessing a strong speculative movement, and that the common factor between them was that they enjoyed attractive levels of purchase,
with the start of speculation on them, and that they all have low levels of free trading that qualify speculators with high liquidity to acquire a high percentage of these shares, and then move their prices. Some of these companies have strong assets and high financial solvency, which justifies the demand for them, while others are financially weak and lack strong assets, which confirms that the strong movement on them is just speculation to achieve profit.
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