The International Company for Pharmaceutical Industries plans to add 3 new production lines next year
For our top talks today, the International Company for Pharmaceutical Industries (IKMI) plans to add 3 new production lines next year, in its factories in Abu Rawash and the 10th of Ramadan. Hesham Saber, the managing director of the company, stated that two new production lines will be added to produce self-destructing syringes, and a production line for solution devices, which will raise the company’s production capacity to 200 million syringes annually, and 2 million solution devices, and will also create export opportunities new to the African market. He revealed that this comes within the framework of an investment plan funded through a capital increase of 48 million EGP, which will be directed to new production lines, working capital, and completing the acquisition of the Tenth of Ramadan factories. (Al-Mal)
- In a different context, a financial report published by the Sixth of October Development and Investment Company (SODIC) showed that the fair value of the share is higher than the UAE offer by about 3.42 EGP.
SODIC said in a disclosure sent to the EGX on Monday, that this report was prepared by BDO Keys Financial Consulting Company, and its results ended up valuing the stock at 23.42 EGP. The company’s board of directors met yesterday (November 28) to discuss the report, and its members concluded, after a long discussion, that the UAE offer to acquire it is good in light of global economic conditions and the Corona pandemic. The Board also considered that the entry of a strong economic partner such as the Emirati Aldar Real Estate (the offer) will reflect positively on the company and its employees. (EGX)
- Moreover, Egyptians for Housing and Development Company (EHDR) has appointed Moore Stephens Egypt to conduct a fair value (FV) study on Egyptians for Housing’s stock.
Another FV study will be also conducted on Emerald Real Estate Investment’s (EMRI) stock. This follows the decision taken by Egyptians for Housing’s board of directors to assign the chairman in appointing a certified independent financial advisor (IFA) to set the FV of the company’s stock. Egyptians for Housing operates in the real estate development and investment sector, with the focus on the businesses of buying, purchasing, dividing, and selling lands, and establishing buildings and facilities. (EGX)
- In addition, the Commercial International Bank Egypt (CIB) (COMI) will act as the lead manager of the securitized bonds' issuance worth 1.6 billion EGP for GB Lease, a subsidiary of GB Auto (AUTO).
The multi-tranche securitization issuance is expected to be concluded in December 2021. Moreover, a number of banks are mulling over taking part in the issuance as underwriters. In January, GB Lease announced the successful completion of a securitization issuance valued at a total of 2.04 billion EGP. (Al Shorouk News)
- Moving to our investments talks, SoftLine, a leading company in digital transformation and cloud services, is planning to extend its business volume and investments in Egypt.
The company has already held a number of meetings with various authorities and entities, including the Ministry of Communications and Information Technology, the General Authority for Investments, and the Information Technology Industry Development Agency (ITIDA). During these meetings, the company has discussed several topics, particularly the targeted investments in the coming years. (Arab Finance)
- Additionally, Dubai-based global port operator DP World is planning to pump investment worth around 25 to 35 million USD in Ain Sokhna seaport over the coming two or three years.
These investments will be mostly injected into the provision of the necessary equipment and machines for the port’s second dock to bring its capacity to over 1 million twenty-foot equivalent units (TEUs). The implementation of the second dock has been completed last week and the company has obtained the operation license from the General Authority for the Suez Canal Economic Zone (SCZone) and the ministries of transport and finance. The second dock doubles the capacity of Ain Sohkna port, bringing it to 1.7 million TEUs per annum. (Al-Mal)
- Also, DP World has a new expansion plan for 2022 in the logistics field, noting that its arm DP World Egypt for Logistics Services will focus on extra services inside and outside the port over the coming period, in addition to, adding some equipment to the new terminal.
In October, DP World signed an agreement with the UK-based CDC Group to inject $1.7 billion investments to develop ports and logistics in Africa over the next two years. The partnership is expected to boost trade and deliver employment opportunities in Dakar (Senegal), Sokhna (Egypt), and Berbera (Somaliland).
- And for today’s Egypt debt talks, Egypt is aiming at settling short-term external debts worth 5 billion USD in the first half (H1) of 2022.
While, the total external debt being repaid by Egypt amounts to around 13.772 billion USD. The short-term debts due in January 2022 are valued at around 162.93 million USD, while the debts due in February 2022 are valued at about 3.377 billion USD. Meanwhile, the short-term debts due in March 2022 amount to 360.3 million USD, and the debts due in April are valued at about 57.77 million USD. Also, the value of Egypt’s short-term debts due in June 2022 exceeds 1.138 billion USD. (Amwal Al Ghad)
- Furthermore, the volume of the Gulf States’ long-term deposits at the Central Bank of Egypt (CBE) dropped by 2.2 billion USD to reach 15 billion USD at the end of June 2021.
The GCC deposits at the CBE include an amount of 5.7 billion USD from the UAE and 5.3 billion USD from Saudi Arabia. Meanwhile, deposits from Kuwait at the CBE recorded $4 billion. Moreover, Egypt’s external debts rose to 137.9 billion USD at the end of June 2021, versus 137.8 billion USD at the end of March 2021. Egypt’s long-term debt accounts for around 90.1% of the total external debts, representing 124.2 billion USD at the end of June 2021. (CBE)
- Likewise, the governments of Egypt and Jordan have agreed on doubling the capacity of their joint power interconnection capacity to 1,000 megawatts from the current 500 megawatts.
The meeting tackled expansion plans in the electrical interconnection between the two countries and adapting new ways to develop the electricity sector, in addition to, opening new markets for importing and exporting energy. This will help expand the electricity systems in the two countries, allowing them to enter new markets, which will cut costs. (Arab Finance)
- And finally, Al Futtaim’s Trading Enterprises, the distributor of Volvo Cars in the UAE, has launched its first fully electric car in the region, the XC40 BEV.
Equipped with sustainable materials to cut its environmental impact, the electric car is in line with Volvo’s zero-emission objective by only selling electric vehicles by 2030. In the first ten months of 2021, cars with a fully electric or plug-in hybrid powertrain, the recharge models, accounted for 25.5% of all cars being sold globally. (Mubasher)
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