Orascom Financial Holding has issued an order to fully sell its stake in Beltone Financial Holding

Newsletter

27 Jul 2022

Starting our morning with EGX and companies talks, Orascom Financial Holding (OFH) has issued an order to fully sell its stake in Beltone Financial Holding (BTFH). The stake represents 259.12 million shares or 55.908% of Beltone’s total shares. Earlier this day, OFH said its board of directors has agreed to fully or partially sell its stake of around 259.12 million shares in Beltone to Chimera Investments at a price of 1.485 EGP per share.On June 13, OFH announced that Beltone had received a mandatory purchase offer from the Abu Dhabi-based private investment firm Chimera Investments for a stake ranging between 51% and 90% at a price of 1.485 EGP per share. (Arab Finance)

Ty Communication has sold 3 million shares in Prime Holding (PRMH) at a value of 1.44 million EGP, equivalent to an average price of 0.48 EGP per share.
Accordingly, Ty communication’s ownership in Prime Holding fell to 5.428% from 6.285%. Prime Holding is an EGX-listed company, which provides investments and financial services for corporations, institutions, government entities, and individuals within Egypt and abroad. (EGX)
The first phase of Abu Dhabi Islamic Bank Egypt’s (ADIB) rights issue has been subscribed by 95.93%.
The remaining shares to be offered for subscription under the second phase of the rights issue amounts to 8.134 million shares. It is worth noting that the company’s issued and paid-up capital is set to increase to 4 billion EGP from 4 billion EGP. The capital hike amounts to 2 million EGP distributed over 200 million shares at a nominal value of 10 EGP per share. (EGX)
And for the green economy talks, Tamweely Microfinance has created a package of green financing products which support eco-friendly projects, especially in the field of agriculture in rural areas.
The new device also supports workshops and small factories in cities that depend on electricity for their operations. The new financing product will focus on solar power projects that serve a variety of industrial and service activities. The products will also cater to the agriculture sector through financing solar power plants to supply energy to agricultural wells drilling projects and wean the sector off diesel which is a pollutant and has a higher cost. (Hapi Journal)
Egypt is leading the Arab world in terms of operating wind and solar power which reached a capacity of 3.5 gigawatts (GW), according to the June report by the US-based non-governmental organization Global Energy Monitor (GEM).
Egypt is expected to add 3.3 GW to its wind and solar power capacity by 2024, bringing the total capacity to 6.8 GW. The most populous Arab country is taking serious steps towards achieving the goal of 52 GW of sustainable energy from on-grid renewable resources by 2035. The UAE ranked second in the region on the basis of operating wind and solar power utilities with 2.6 GW. Morocco, Jordan, and Saudi Arabia came third, fourth, and fifth with capacities of 1.9 GW, 1.7 GW, and 0.78 GW, respectively. (Arab Finance)
The higher committee of the integrated industrial partnership between Egypt, UAE, Jordan, and Bahrain has approved 87 projects proposed by the executive committee including 12 projects with primary investments of 3.4 billion USD.
The projects are qualified to undergo feasibility studies and will be in the fields of agriculture, food production, fertilizers, and pharmaceuticals. The next phase of projects will be focused on the areas of metallurgical industry, chemicals, plastics, textiles, and clothes. It is worth noting that the contribution of the industrial sector to the gross domestic product (GDP) of the UAE, Egypt, and Jordan accounts for 30% of the contribution of the industrial sectors in the Middle East and North Africa (MENA). (Arab Finance)
Bahrain's joining to the tripartite partnership is expected to increase the GDP of the four countries to 809 billion USD and add 1.7 billion USD in investments to the food and agriculture sector.
Bahrain’s presence in the partnership will also add investments worth 4 billion USD, 1.7 billion USD, and 500 million USD in the sectors of metal products, chemical, and plastic substances, and medical products, respectively, along with 2.36 billion USD worth of raw aluminum exports that are anticipated. Bahrain will also increase the contribution of the partnership’s share in the value-added industry in the Middle East to 112.56 billion USD from 106.26 billion USD. (Arab Finance)
Moving to our latest Economic and markets talks, Egypt’s digital exports grew by 16.7% year-on-year (YoY) to around 4.9 billion USD during fiscal year (FY) 2021/2022.
Foreign investment in Egyptian startups surged to 490 million USD in 2021 from 190 million USD in 2020. The minister also said that Egypt is seeking to increase foreign investments in its startup sector to 850 million USD in 2022. On July 6th, Egyptian President Abdel Fattah El-Sisi officially launched the Digital Egypt platform which offers online services for all Egyptians. (Arab Finance)
Egypt’s Ministry of Finance has called on taxpayers to settle outstanding taxes or charges, regardless of their due dates, before the end of August to benefit from the recently-passed law waiving 65% of late tax payment charges and additional taxes.
Under the new law, the remaining 35% shall be paid no later than March 1st. The law will mitigate financial burdens for the business community and will support the economic sectors to create a better environment for investments. The ministry noted that the new law does not violate Clause 3 of Article 110 of the Income Tax Law no. 91 of 2005 which provides a 30% discount on charges for late tax payments. (Arab Finance)