El-Sisi welcomes Emirati President at El Alamein airport
El-Sisi welcomes Emirati President at El Alamein airport. Egyptian President Abdel Fattah El-Sisi has welcomed President of the UAE Mohamed bin Zayed bin Sultan Al Nahyan at El Alamein International Airport yesterday. The two presidents have discussed bilateral cooperation and opportunities to reinforce strategic partnership between the two countries in the economic fields that support achieving sustainable development. They also exchanged opinions on a number of international issues, along with regional security and the current situation in the Arab World. (Arab Finance)
- The Suez Canal Economic Zone’s (SCZone) Main Development Company (MDC) and DP World Sokhna have signed an agreement to build a USD 80 mn logistics zone at Sokhna Port.
Construction on the first phase of the zone will kick off in the coming months, which will cost 50 million USD to build and is set to be operational by the end of 2023, the statement read. The zone will create 600 jobs. DP World said last year it would invest 25-35 million USD in improving logistics services and upping capacity at the Ain Sokhna seaport over a 2–3-year period, days after it completed a multi-mn USD expansion of the Red Sea port. The Emirati port giant has been investing in our ports alongside the UK government’s development finance arm, as part of the pair’s 1.7 billion USD platform to invest in African ports and logistics infrastructure.
- Egypt to allocate 10 billion EGP under 5th phase of immediate cash payment initiative.
Egyptian Ministry of Finance will allocate a sum of 10 billion EGP to launch a fifth phase of the immediate cash payment initiative to support exporters. This move will accelerate the process of supporting exporting companies to provide them with enough cash to continue production, expand the base of exports, and reinforce the competitiveness of Egyptian products in regional and global markets. The ministry is already receiving requests from exporting companies aiming to benefit from the fifth phase of the immediate cash disbursement initiative. (Arab Finance)
- Moreover, the minister noted that two dates have been set to disburse receivables for beneficiaries who meet the required conditions; on October 1st and December 1st.
For his part, Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk said that the Export Development Fund has disbursed over 33 billion EGP to exporters since the launch of the export subsidy program in October 2019 until now. (Arab Finance)
- CBE to fully cooperate with government on common issues: Acting Governor.
The Central Bank of Egypt (CBE) will fully cooperate with the government on a number of common issues over the coming period. The CBE’s acting governor Hassan Abdallah stressed that the relation between the government and the CBE will be harmonious to achieve the objectives of the sustainable development plans in Egypt amid the global challenges. The government is also working on promoting national industry and boosting exports, in addition to, supporting logistics projects to facilitate the global trade through the Suez Canal. Moreover, Madbouly noted that such efforts target raising the foreign exchange reserve in Egypt. (Arab Finance)
- Moving to our EGX and companies, Chemical Industries Holding could sell Pachin’s stake for higher bid.
The Holding Company for Chemical Industries (HCCI) has no reservations about selling its stake in Paints and Chemical Industries (Pachin) (PACH) on the condition of receiving a suitable offer to the company’s fair value (FV). The recent offers do not match the value of the company, Mostafa stated. It is worth highlighting that HCCI holds 44.6% of the shares of Pachin. On August 7th, Pachin received a non-binding purchase offer from SIPES International for 100% of its issued capital at an initial price ranging between 17.5 EGP and 18.5 EGP per share. (Asharq Business)
- Rowad to acquire up to 1 billion EGP property assets.
The ordinary general meeting (OGM) of Rowad Tourism (Al Rowad) (ROTO) approved authorizing the board of directors to buy real estate assets at a maximum value of 1 billion EGP. The value of the purchases will be determined by an independent financial advisor appointed to evaluate the targeted assets. Moreover, the OGM authorized the board of directors to sign purchase contracts for these assets. It is worth noting that Rowad Tourism incurred a consolidated net loss excluding minority interest of 29.33 million EGP in Q1 2022, versus a net profit of 1.59 million EGP in Q1 2021. (EGX)
- Arafa’s vice chairman transfers ownership of 87.6M shares.
Al Arafa for Investment and Consultancies (AIVC) announced that its Vice Chairman and Managing Alaa Ahmed Abdelmaksoud Arafa transferred 87.573 million shares to his daughters Shams Alaa Ahmed Arafa and Malak Alaa Ahmed Arafa. The decision was taken in the context of a restructuring of the vice chairman’s shares and his related parties. The company confirmed that Alaa Arafa is still holding his post as vice chairman and managing director. (Mubasher)
- AMOC’s standalone profits skyrocket 162% YoY in FY 2021/2022.
Alexandria Mineral Oils Company’s (AMOC) net standalone profit after taxes jumped 161.91% year-on-year (YoY) during the fiscal year (FY) 2021/2022. The company’s net profit after taxes soared to 1.044 billion EGP in the FY ended June 30th from 398.78 million EGP in FY 2020/2021. Net sales surged to 18.219 billion EGP in FY 2021/2022 from 10.003 billion EGP a year earlier. It is worth noting that AMOC's consolidated net profit after tax amounted to 1.226 billion EGP in the 12-month period ended June 30th, compared to 499.286 million EGP in FY 2020/2021. (EGX)
- Egypt Aluminum, EMPC reply to news reporting PIF’s potential investment.
Egypt Aluminum and the Egyptian Media Production City Company (EMPC) have made two statements on Sunday in line with the news reporting that Saudi Arabia’s Public Investment Fund (PIF) aims to invest in the two companies. Egypt Aluminum revealed that it is currently studying increasing the company’s capital, adding that it will present the transaction to a strategic investor. The capital raise aims to finance Egypt Aluminum’s development and maintain the current production capacity at 320,000 tons a year. In a separate statement, EMPC said it has no information regarding the news. (Mubasher)
- SAIB's board agrees to sell entire stake in Pyramids Paper Mills.
The board of directors of Societe Arabe Internationale De Banque (SAIB) agreed to sell the bank’s stake in Pyramids Paper Mills (Flora). SAIB owns 8.53% of the total shares of Flora. SAIB added that work is underway to complete the selling procedures. It is noteworthy to mention that in the first half (H1) of 2022, the net earnings of SAIB totaled 16 million USD, up 79% when compared to 8.95 million USD in the corresponding period in 2021. Interest income for the six-month period ended 30 June 2022 fell by 7% during H1-22 to 184.68 million USD, compared to 197.79 million USD in H1-21. (Mubasher)
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