Egypt offers 10% of its stake in Telecom Egypt for sale
Egypt offers 10% of its stake in Telecom Egypt for sale. The government owns 80% of Telecom Egypt, while the remaining 20% of the company’s shares are being traded on the Egyptian Exchange (EGX). In addition, two or three companies in the Sovereign Fund of Egypt’s (SFE) pre-IPO fund are expected to see stake sales before the end of April, SFE CEO Ayman Soliman said. The SFE is also planning to make an announcement about investments in the seven state-owned hotels bundled into one firm as part of the state privatization program. (Reuters & CNBC)
The CEO of Abu Dhabi Ports was in town yesterday for talks with President El Sisi about developing ports and logistics zones
The ADQ-owned company has been pushing aggressively into Egypt’s maritime sector. It said in 2021 that it could invest 500 million USD to develop a terminal at Ain Sokhna port and one at Safaga port, and is expected to bid in the upcoming tender for the Tenth of Ramadan dry port. It also recently purchased a controlling stake in local shipping and logistics firm International Associated Cargo Carrier. (Al Mal)
Mostafa Badra: the CBE will move forward its March policy meeting
The economist Mostafa Badra, was interviewed on Ala Mas’ouleety last night that the central bank will now meet on Saturday, 18 March, rather than 30 March as is currently scheduled. Badra didn’t explain how he obtained this information. As of this morning the meeting schedule on the CBE’s website is unchanged. (Enterprise)
Public transport fares have not increased
The cabinet released a statement yesterday denying rumors that mass transit (microbuses and buses) fares increased in response to the latest round of fuel price hikes. Last week’s decision by the fuel pricing committee should have no impact on fares because diesel prices were left unchanged at 7.25 EGP per liter. (Al Mal)
Inflation figures for February will be out at the end of this week
Consumer prices accelerated at their fastest pace in five years in January on the back of record food price inflation triggered by the devaluation of the EGP. Annual urban inflation jumped to 25.8% y-o-y in January, up from 21.3% the month before, driven largely by spiking food costs which surged to 48% from 37.3% in December. (CAPMAS)
Egypt’s FRA allows bonds, sukuk listing without credit ratings
The Financial Regulatory Authority (FRA) has decided to allow the listing of bonds and sukuk with credit ratings. As per the FRA’s resolution, the value of bond or sukuk issuance shall not exceed that of the company’s assets value, with only eligible investors having the rights to trade on the bonds or sukuk through a private offering. This decision aims at cutting the costs of listing and issuing bonds and sukuk to facilitate the process for companies to receive necessary funds for expansion and future investment plans. (EGX)
Nassef Sawiris’ V Sports to buy 46% stake in Portuguese Vitoria SC
V Sports, with fund owned by Egyptian billionaire Nassef Sawiris, will acquire a 46% stake in the Portuguese Vitória SC for 5.5 million EUR. The large majority of Vitória SC’s partners have voted in favor of the sale of the 46% stake to V Sports at the club’s extraordinary general meeting (EGM). Moreover, the Portuguese club will see about 2 million EUR in infrastructure as per an established pre-agreement. In 2018, V Sports, owned by Nassef Sawiris and magnate Wes Edens, purchased 55% of the Premier League’s Aston Villa FC. (Al Mal)
Egypt’s S.E.D.E executes 8.4 billion EGP water supply project in Oman
- Egypt’s SCA manages to refloat grounded container ship. Container ship MSC ISTANBUL resumes its northbound transit through the Suez Canal after the Suez Canal Authority (SCA) deployed four tugboats to manage its grounding. Salvage operations at the Suez Canal were carried out to handle the grounding incident of the container ship, which is heading to Portugal from Malaysia. (Hapi Journal)
The project covered establishing a 230-kilometer water transmission pipeline, 15 storage tanks with a 451,000 cubic-meter capacity, and 4 pumping stations with a maximum capacity of 144,000 cubic meters per day. In related news, the Arab Bureau for Design and Engineering Consultancy has been recently awarded a bid in an African country. (Arab Finance)
Egypt’s SCA manages to refloat grounded container ship
Container ship MSC ISTANBUL resumes its northbound transit through the Suez Canal after the Suez Canal Authority (SCA) deployed four tugboats to manage its grounding. Salvage operations at the Suez Canal were carried out to handle the grounding incident of the container ship, which is heading to Portugal from Malaysia. (Hapi Journal)
Arab Developers turns to losses in 2022
Arab Developers Holding (ARAB) incurred consolidated net losses attributable to the parent company of 17.305 million EGP for the full-year ended December 31st 2022, versus net profits of 91.627 million EGP in 2021. Moreover, the company generated consolidated revenues of 849.195 million EGP last year, down from 1.105 billion EGP in 2021. Meanwhile, the company achieved a standalone net profit after tax of 92.871 million EGP in 2022, up from 6.737 million EGP in 2021. (Arab Finance)
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