Misr Italia Properties has signed a new partnership agreement with ASASS Construction to conclude the construction work of IL BOSCO New Capital and IL BOSCO City New Cairo
For our top talks today, first, Misr Italia Properties has signed a new partnership agreement with ASASS Construction to conclude the construction work of IL BOSCO New Capital and IL BOSCO City New Cairo. The newly signed agreement aims to accelerate the delivery process of new phases in IL BOSCO New Capital and IL BOSCO City New Cairo as per the agreed-upon contractual delivery dates. ASASS will be in charge of the construction work of phase one of IL BOSCO City New Cairo as well as the buildings of phase one and the villas of phases two and three of IL BOSCO New Capital. This strategic partnership comes in line with Misr Italia’s strategy to cooperate with credible partners to maintain the highest levels of quality across its projects. The real estate developer aims to invest 800 million EGP in the first phase of IL BOSCO City New Cairo in 2022 to ensure on-time delivery in 2024. (Arab Finance)
- Second, the Financial Regulatory Authority (FRA) has approved the publication of a disclosure of an acquisition offer by Vicat Cement Egypt for a 42.12% stake in Sinai Cement Company (SCEM) at 6.74 EGP per share.
Vicat will buy 56.064 million shares in Sinai Cement, increasing its stake in the company to 100%. Vicat Egypt is a subsidiary of the French cement manufacturer Vicat. Sinai Cement is engaged in the manufacture and packing of different types of cement and its related products. The Egypt-based company also produces clinker, cement, and other related products, in addition to cement packing bags. (EGX)
- Moreover, General Company for Paper Industry (Rakta) (RAKT) has posted a net profit of EGP 387.777 million from July 1st to February 28th, compared a net loss of EGP 7.875 million in the comparative period a year earlier.
It is worth noting that Rakta posted a net profit after tax of EGP 397.802 million in the first half (H1) of fiscal year (FY) 2021/2022. Rakta is an Egypt-based public shareholding company engaged in the production and distribution of printing and wrings papers, and multi-layered duplexes carton papers. Here, it is worthy to mention that Egypt’s export of printing, packaging, paper, literary and artistic works rose by 65% from January to February, hitting 198 million USD. (EGX)
- In addition, Al Ahly Pharos Securities Brokerage Research has set the fair value (FV) of Arabian Food Industries Company (Domty) (DOMT) at 6.71 EGP per share, with a recommendation of “Overweight”, the research firm noted in an emailed report on April 11th.
It is worth noting that Domty reported a 54.13% decline in profits for the full year ended December 31st 2021. The company’s consolidated net profit attributable to the parent company fell to 72.42 million EGP in 2021 from 157.96 million EGP in 2020. (Arab Finance)
- Rowad Tourism (Al Rowad) (ROTO) has turned to profitability in the full year ended December 31st 2021.
The company recorded a consolidated net profit attributable to the parent company of EGP 5.53 million in 2021, versus a net loss of EGP 14.21 million in 2020. Total consolidated revenue amounted to 22.20 million EGP in 2021, up from 12.17 million EGP in 2020. As per the standalone financial statement, the company’s net profit after tax for 2021 grew to 12.74 million EGP from 4.16 million EGP in 2020. Rowad is an Egypt-based public shareholding company that operates in the tourism industry. (EGX)
- The board of directors of Industrial Engineering Company for Construction and Development (ICON) has approved for Kingspan Group to conduct the due diligence process on the under-establishment demerged company for panels manufacturing.
The board also decided to appoint First Capital as the financial advisor and Alliance Law Firm as the legal counsel to provide technical and legal consulting to the board. Moreover, the board agreed upon the appointment of an independent financial advisor (IFA) to set the fair value (FV) of the demerged company. On February 3rd, the board approved the vertical demerger of the company. Accordingly, the company shall be split into a demerging company (ICON) and two demerged companies; a company for panels manufacturing and a company for projects. ICON is an Egypt-based company engaged in manufacturing and produces several types of steel-sheets-related products. (EGX)
- Banque Misr and National Bank of Egypt (NBE) have collected 499 billion EGP through sales of their certificates of deposits with annual return of 18% in 20 days.
Banque Misr attracted 159 billion EGP in proceeds from its Talaat Harb certificates in 20 days, the bank’s Chairman Mohamed El-Etreby revealed. Meanwhile, NBE generated 340 billion EGP in sales of its certificates of deposits with %18 annual return, NBE’s Deputy Chairman Yehia Aboulfotouh said. Earlier in March, NBE and Banque Misr issued certificates of deposits with annual return of 18%, following the Central Bank of Egypt’s (CBE) decisions to increase interest rates and devalue the EGP. (Amwal Al Ghad)
- International Finance Corporation (IFC), a member of the World Bank Group (WBG), announced a 15 million USD investment in Egyptian tech venture capital (VC) firm Algebra Fund II.
The investment is aimed at supporting the growth of around 20 tech startups in Egypt and Africa. With a target financing of 90 million USD, Algebra Fund II focuses on businesses led by women and projects in rural areas. Since June 2021, IFC's VC investments amounted to 1.6 billion USD in more than 100 companies and VC funds. (Arab Finance)
- Castle Developments has changed its brand to Cred in preparation for launching a 40-feddan integrated residential project in Sheikh Zayed.
The company is studying new investments in various vital and strategic areas in East Cairo and North Coast. We seek to capitalize on our great achievements, especially our projects in the New Administrative Capital (NAC), Cred Developments’ CEO Ahmed Mansour commented. We will do our best in the coming period to add value to the Egyptian real estate sector, offering a new vision, Mansour added. In 2021, Cred generated over 4 billion EGP in sales from its Castle Landmark project in NAC, including contractual sales of 1 billion EGP. (Amwal Al Ghad)
- Moving to our green economy, OneraSystems is in talks with a number of public and private entities over the implementation of 25 solar power projects, with a capacity of up to 10 megawatts.
The company is planning to reach an agreement regarding these potential projects in the third quarter (Q3) of 2022, noting that it has reached an advanced stage of talks concerning some projects. The recently endorsed incentives by the Ministry of Electricity and Renewable Resources to promote the spread of solar power projects and expand generated power by 1,000 megawatts will revive the solar power field over the coming period. It is worth noting that OneraSystems completed the supplying, installing, and operating of a 100-kilowatt solar power plant, with an additional capacity of 55 kilowatts per hour, at the wholesale market of vegetables and fruits in Amreya, affiliated to the Egyptian Chamber of Commerce in Alexandria. (Al Borsa News)
- Europe is seeking more liquified natural gas (LNG) supplies from Egypt through regional partnerships.
The old continent also desires to build a long-term cooperation in production of green hydrogen in the North African country. That was discussed in a meeting between Egyptian Prime Minister Mostafa Madbouly and the European Commission Executive Vice-President for Green Deal Frans Timmermans. Timmermans and Madbouly also discussed supporting Egyptian endeavors to host the 2022 United Nations Climate Change Conference (COP27), and helping the country secure wheat supplies amid the Russian-Ukrainian conflict. Timmermans referred to the EU’s decision to allocate 100 million EUR to bolster Egypt’s food security and facilitate access to affordable wheat supplies. Madbouly stressed that Egypt has dedicated locations for green hydrogen projects in the Suez Canal Economic Zone (SCZONE). (Arab Finance)
- More on Oil and Gaz, Lebanon awaits the World Bank's approval to finance the import of Egyptian natural gas that will pass through Jordan and Syria.
Lebanese Energy Minister Walid Fayad said his country is close to signing a contract in the coming days to import natural gas from Egypt after getting the World Bank's funding. Fayad added, in statements, that the Lebanese electricity sector has experienced problems that paralyzed the government work for three months, noting that the international community and the World Bank demanded that an electricity plan to be drawn up to supply the country with the necessary fuel for power generation. He noted that Lebanon awaits the World Bank's approval to finance the import of Egyptian natural gas that will pass through Jordan and Syria. (Egypt Business)
- And finally, Egypt considering a railway with Sudan. The railway will facilitate carrying Egyptian trades and goods to all of Africa and the deal will enable studying the feasibility of creating it.
Minister of International Cooperation, Rania Al-Mashat signed a grant agreement with the Kuwaiti Fund for Arab Economic Development (KFAED) to study building a railway line between Egypt and Sudan. The deal signed is worth 2.5 million USD. The idea of the railway goes back to 2008 when Egypt and Sudan founded a railway committee. It was discussed in 2010 and the discussion was opened again in 2018 to construct this 570km line. Currently. The ministry of transportation of Egypt has concluded its preliminary study, and a coordination committee between the 2 countries is established to supervise the progress. (Egypt Business)
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