Egypt is seeking to list a number of strategic ports on the stock exchange

Newsletter

18 May 2022

For our top talks today, Egypt is seeking to list a number of strategic ports on the stock exchange, as part of its strategy aimed at liquidating and privatizing state assets worth 10 billion USD annually. Egyptian Prime Minister Mostafa Madbouly announced in a press conference held last Sunday that the seven largest ports in Egypt are being merged under the umbrella of one entity in preparation for their Initial Public Offering, during the coming period, provided that the offering will be mainly for Egyptians with a stake available for foreign investors. The ports of Alexandria, Dekheila, Damietta, Safaga, East and West Port Said, Adabiya, Sokhna and Suez are among the largest Egyptian commercial ports. The ports recorded 156 million tons of cargo handling rates during the year 2020, compared to 172 million tons during the year 2019, while container handling rates reached 7.5 million containers. According to government data and statistics. (Alsharq Bloomberg)

Secondly, the General Authority for Investment and Free Zones decided to continue allowing free zone projects to sell 50% of their products in the local market with for a period of 6 months, with an exception for some prohibited areas.
The decision issued by H.E Mohamed Abdel Wahab, Chairman of the General Authority for Investment and Free Zones, stipulated that industrial projects in the free zones will now be able to sell 20% of their stocks of raw materials and industry supplies to the local market with the approval of the region’s president and the head of the free zone plots for a period of 6 months. (Al Mal News)
Moreover, Egypt’s Ministry of Environment, the International Company for Petroleum and Industrial Services (INCOM) and Okeanos signed a memorandum of understanding (MoU) to establish a joint venture called Okeanos Egypt to manufacture alternatives to plastics via using a Made from Stone technology.
Okeanos Egypt project aims to producing plastic based on limestone technology with an addition to a very small percentage of raw plastic, a technology that is able to reduce single-use plastics and CO2 emissions, the Egyptian cabinet announced in a statement. “The introduction of the Made from Stone technology to the Middle East region will significantly reduce the use of plastics and CO2 emissions. The project will create many promising job opportunities in the Egyptian market, through an ambitious investment plan over three years with US$ 50 million,” said Amr Sheta, CEO of the INCOM. (WAYA Media)
NBE Approves a laon for "Al Bostan Al Akhdar" to build a solar plant on the one and a half million Faddans project.
A report issued by the New Egyptian Rural Company, which owns the national project for the reclamation and development of one and a half million feddans, revealed that the National Bank agreed to allocate a loan for Al Bostan Al Akhdar Company in the extension of West Minya, with a value of two million pounds.The aim of the loan is to finance the construction of a solar energy plant needed to grow 110 acres of wheat, in implementation of the cooperation protocol signed between Major General Amr Abdel Wahab, Chairman and Managing Director of the New Egyptian Rural Development Company, and Hisham Okasha, Chairman of the Board of Directors of the National Bank recently. (Al Mal News)
The Egyptian Unified Procurement Authority (UPA) will hold the first edition of Africa Health ExCon on 5-7 June at Al Manara International Conference Centre in the Egypt International Exhibition Centre (EIEC).
To be convened under the auspicious of President Abdel Fattah El-Sisi, the conference will attract professionals in the health and pharmaceutical sectors under the theme "Your Gate to Innovation and Trade", according to a recent press release. Africa Health ExCon will enable pharmaceutical and healthcare companies to explore the investment potentials in Africa through the proper sourcing of products and equitable distribution of the medical technologies. The UPA Head, Bahaa El-Din Zidan, said that the conference aims to accelerate Goal 3 of the Sustainable Development Goals (SDGs) and raise investments in the health care sector to meet the Agenda African Union 2063. (Mubasher)
Now to EGX and Company talks, Cairo Investment and Real Estate Company CIRA Considers issuing future flow securitization bonds within 2022.
Cairo Investment and Real Estate Development Company - CIRA - is studying the issuance of the issuance of future flow securitization bonds in the local market, at a value of 1.5 billion pounds. The Financial Supervisory Authority had previously developed a new financial tool, which is future flow securitization bonds, to allow public sector entities and private sector companies to obtain the required financing through the securitization of their financial rights expected to enter their financial liability in the future (Al Mal News).
Egypt Intercontinental for Granite and Marble (EGYSTONE) (MISR) has reported a net loss after tax of 79,770 EGP during the first quarter (Q1) of 2022.
down from 224,062 EGP in the same quarter a year earlier. Total operating revenue declined to 843.634 EGP in Q1-2022, from 1.061 million EGP in Q1-2021. EGYSTONE is a subsidiary of Salama Group which was established over 40 years ago. The company operates within the materials sector, focusing on construction materials, in addition to the supply and installation of all types of granite and general contracting. (EGX)
Al Arafa For Investment and Consultancies (AIVC) has incurred a consolidated loss attributable to the parent company of 5.475 million USD during the fiscal year ended January 31st 2022.
down from 6.813 million USD in the same period a year earlier. Operating revenue surged to 183.872 million USD during the period from February 1st 2021 until the end of January 2022, from 116.765 million USD the year before. Arafa is an Egypt-based holding company engaged in financial and management consulting, and investment activities. The company is organized into three business segments; retail, apparel and tailoring, and textiles. It operates through managing and administrating its subsidiaries and affiliated companies. (EGX)
TAQA Arabia, the full-service energy and utility distribution market leader in Egypt, acquired Rosetta Energy’s LNG arm to expand its business portfolio in Egypt, Africa and the Middle East.
Rosetta is an international energy developer and operator focused on developing the full LNG value chain to supply industrial, commercial, and residential customers off the grid with clean and cost competitive energy. Through this acquisition, Rosetta will act as TAQA’s development and operating arm for LNG and Energy Transition opportunities in Egypt & Africa. This new acquisition supports TAQA’s strategy of diversifying the scope of its energy transmission and distribution services to best cater to the growing needs of its clients and customers. This also aligns with TAQA’s strategy and the Egyptian government’s plan to increase and expand the use of Natural gas nationwide. (WAYA Media)
Canal Shipping Agencies (CSAG) has reported a 7% year-on-year (YoY) decline in net profits after tax during the first nine months of the fiscal year (FY) 2021/2022.
recording 143.422 million EGP, according to financial indicators filed to the Egyptian Exchange (EGX) on Tuesday. Revenues surged 55% YoY to 57.426 million EGP from July 1st 2021 until March 31st 2022. Canal Shipping is a subsidiary of the Holding Company for Maritime and Land Transport that provides marine port and shipping services to international commercial fleets. The company operates four agencies, namely Asswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency. (Arab Finance)