Suez Canal revenues jumped to 7 billion USD in the 2021-2022 fiscal year
Suez Canal revenues jumped to 7 billion USD in the 2021-2022 fiscal year, the highest value ever, increased by 20% from the previous fiscal year, when it reached 5.8 billion USD, driven by achieving the largest annual net loads of 1.32 billion tons, according to the head of the Canal Authority Osama Rabie. The Suez Canal in March increased additional transit fees for some categories of ships, mainly including crude oil tankers and petroleum derivatives, to 15%, up from 5% previously. The decision also included the continued imposition of additional fees on empty tankers at the rate of 5% of the normal transit fees. During the fiscal year ending on June 30, 22,032 ships crossed the canal, an increase of 15.7% over last year, while the total net tonnage crossing the canal increased by 10.9%. In March, the Canal Authority also raised the surcharge imposed on LPG carriers, chemical carriers, and other liquids, to 20% of the normal transit fee, compared to 10% previously. (Bloomberg Asharq)
- "Almarai" does not plan to acquire Egyptian poultry companies. Saudi Almarai Company intends to submit an offer to purchase a majority stake in the Egyptian listed company.
On the other hand, Cairo Poultry Company said, that the company had not received any offers to acquire it. Last month, Saudi Arabia and Egypt signed 14 memoranda of understanding totaling 7.7 billion USD between the private sectors in both countries, during the visit of Saudi Crown Prince Mohammed bin Salman to Egypt. In the middle of last year, the Saudi Almarai Company announced a plan to invest 6.6 billion riyals to be allocated for expansion in the poultry sector, and to be financed from the company's revenues. (Bloomberg Asharq)
- The Egyptian Ministry of International Cooperation approved around 20 billion USD in development financings in the past two years, of which 9.8 billion USD were for 2020 and 10.2 billion USD were for 2021.
Several sectors benefited from these financings, including transport, renewable energy, electricity, infrastructure, healthcare, housing, and water treatment, and agriculture, minister of International Cooperation Rania Al-Mashat said. The private sector acquired the lion’s share of the financings throughout the two years with around 5 billion USD, Al-Mashat noted. Development financings in agriculture, irrigation, food security, transport, and energy amounted to 8.7 billion USD in 2021, she added. (Arab Finance)
- Moreover, development financing in 111 infrastructure projects, including transport, housing, energy, irrigation, and social development, were valued at 18.5 billion USD, she highlighted.
The ministry also dedicated a total of 3.9 billion USD in financing for 67 projects to support youth across various sectors in accordance with the directives of President Abdel Fattah El-Sisi. Regarding the development projects in Sinai, Al-Mashat said that the ministry signed a number of financing agreements with Arab funds at a value of around 804 million USD in the fields of water desalination, infrastructure, education, and sewerage. (Arab Finance)
- Al Shams Housing and Urbanization (ELSH) has announced the dates for the distribution of 0.25-for-1 bonus share at a nominal value of 1 EGP per share, which will start as of July 21st for shareholders until the record date of July 20th.
Al Shams Housing’s board of directors agreed on December 22nd to raise the company’s issued and paid-up capital to 226.875 million EGP from 181.5 million EGP. The capital increase of 45.375 million EGP is distributed on 45.375 million shares. It is worth noting that Al Shams Housing reported a 64.63% year-on-year (YoY) decline in net profit after tax during the first quarter (Q1) of 2022, registering 17.424 million EGP. (EGX)
- Palm Hills Development Company’s (PHDC) ordinary general meeting (OGM) has approved a 80 million EGP finance lease agreement with International Company for Leasing (Incolease) (ICLE).
On April 21st, Palm Hills raised its stake in Incolease to 18.236% from 15.36%. Palm Hills is an Egypt-based company that focuses on real estate investments in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company’s operations. Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions. (EGX)
- Financial services company Easy Lease, a subsidiary of Elsewedy Electric’s (SWDY) investment arm, is planning to increase its portfolio to 5 billion EGP in 2024 from 1.3 billion EGP, Easy Lease’s Co-Founder and Managing Director Ahmed El-Kholy.
The company is currently working with 14 banks with 1.6 billion EGP credit facilities which are expected to reach a value of 2.2 billion EGP by the end of 2022, whereas it is already finalizing a deal with five banks for 600 million EGP credit facilities, El-Kholy added. Easy Lease is also considering expansion in Saudi Arabia and Africa in 2024, El-Kholy said. Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services. (Arab Finance)
- The Financial Regulatory Authority (FRA) has announced that it received a Mandatory Tender Offer (MTO) from a consortium of investors represented by Expedition Investments for 34% of the shares of Arabian Food Industries Company (Domty) (DOMT) for 5 EGP per share.
The offer includes the acquisition of 96.189 million shares in Domty. On April 3rd, Domty received a preliminary non-binding offer from Expedition Investments to acquire up to 90% of Domty’s shares. It is worth noting that Domty recorded a consolidated net profit attributable to the parent company of 50.37 million EGP in Q1 2022, versus a net loss of 3.43 million EGP in Q1 2021. (EGX)
- EFG Capital Partners, a subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes), has raised its stake in Maridive & Oil Services to 5.32% from 8.26% in exchange for 940,000 EGP.
EFG Capital has purchased 12.36 million shares in Maridive & Oil Services at a price of 0.076 USD per share. It is noteworthy to mention that in May, the extraordinary general meeting (EGM) of Maridive & Oil Services approved to reduce the authorised capital by 5.94% to 940.51 million USD. (Mubasher)
- Careem has acquired the assets of Denarii, a Dubai-based money transfer platform, to use its technology to connect customers and captains with remittance services offered by licensed providers.
Established by Jon Santillan and Walfrido Perez in 2019, Denarii integrates fintech and financial institutions with remittance aggregators, banks, exchanges, and wallets globally. The platform benefits from an application programming interface (API) call to help fintechs facilitate quick and affordable international money transfers and enables businesses to build secure profit centres through account payable and B2B payments. Some key members of the Denarii team will be joining Careem. (Mubasher)
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