The CBE is working to link Russia’s MIR payments system with Egypt’s homegrown Meeza card network
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The Central Bank of Egypt is working to link Russia’s MIR payments system with Egypt’s homegrown Meeza card network. This MIR is Russia’s answer to Mastercard and Visa. It’s a payments system that operates independently of the Western financial system, allowing countries to transact with Russian banks outside of Swift and letting Russian citizens to make digital transactions. We believe Egypt could move to pay for Russian commodities such as wheat and cooking oil in RUB rather than USD once Egypt’s banking system is hooked up to MIR. This would be a positive step for the country and would alleviate some of the funding pressure currently weighing on Egypt by a scarcity of USD. (Enterprise)
- Sumitomo Egypt to build its biggest wiring harness plant in Egypt.
The Egyptian unit of Japanese manufacturer Sumitomo Corporation is set to start construction works at its biggest factory in the world for the manufacturing of electrical wiring harness for vehicles in the 10th of Ramadan City. The project will be built at 150,000 square meters with around 100 million USD in investments. Export of the new factory’s output will start before the end of 2023, he noted, adding that 100% of the factory’s production will be exported. The top executive unveiled that Sumitomo Egypt will build a raw material storage warehouse to be used as a distribution hub for North and Middle Africa. The project will create around 10,000 jobs and will be operational by the end of 2023. (Arab Finance)
- OS Private Trust transfers ownership in Orascom Construction to Sawiris family members.
OS Private Trust has transferred its ownership of 12.87% of Orascom Construction Plc’s (ORAS) total issued shares to entities held by the Sawiris family members. As a result, the Sawiris family and the entities held for their benefit now own 51.80% of Orascom Constructions’ total issued shares. A stake of 5.52% or 6.439 million shares have been transferred to the entity held for the benefit of Nassef Sawiris, raising their ownership in the company to 34.48% from 28.97%. (Hapi Journal)
- EGX plans to boost liquidity, attract new investments.
The Egyptian Exchange (EGX) is planning to apply a tripartite strategy to develop the capital market, which entails boosting liquidity and attracting new investments. The strategy also involves the expansion of the trading base through offering new products tailored for retail traders. The EGX’s strategy also includes increasing offerings, noting that the market relies on the government IPO program to achieve that. It’s worth noting that the EGX communicated with asset management companies to offer new products to attract a new category of retail investors. (Al Ahram Gate)
- Companies will be able to temporarily list their shares on the EGX before seeking regulatory approval from the Financial Regulatory Authority (FRA), as part of new amendments to listing rules.
Under the amendments, companies will get a six-month grace period to meet regulatory requirements — including the minimum number of shares being listed and shareholders in the company — to complete the IPO of their shares. Listing regulations previously required companies to seek pre-approval from the FRA before listing their shares on the bourse and gave them a one-month window to begin trading after getting the FRA’s blessing. (Hapi Journal)
- Edita Food Industries to acquire cake production line for 20 million EGP.
Edita Food Industries (EFID) has reached the final stages in acquiring an additional production line in the cake segment at a value of around 20 million EGP from a company that recently halted operations. The new line will contribute to boosting the production capacity of the cake segment, which currently experiences an increase in operating capacity. The acquisition transaction comes within the framework of Edita’s strategic vision, under which it seeks to continue expansion plans to keep up with the expected high demands in the Egyptian snacks market, particularly the cake segment. (Al Mal)
- CHG sees 11.14 million EGP ownership transfer transaction.
A transfer of ownership transaction has been implemented on 2.246 million issued shares of Cleopatra Hospitals Group (CHG) (CLHO) at a total value of 11.142 million EGP. The transaction has been carried out within the framework of the employee stock ownership plan (ESOP). Established in 2014, CHG expanded its geographical network in West Cairo to acquire two additional facilities, namely Nile Badrawi Hospital in 2015 and Al Shorouk Hospital in 2016. (EGX)
- Qalaa Holding subsidiary Taqa Arabia will explore ways to develop and operate gas transport services in Saudi Arabia.
after signing an MoU with the Natural Gas Distribution Company. The Saudi company said the agreement, signed on 6 September, is aimed at supporting its expansion plans and boosting profitability, in a disclosure to the Saudi stock exchange. (Hapi Journal)
- Medical training startup 5 Quarters has raised an undisclosed seed round from a Saudi angel investor.
The company will use the funds to grow its footprint in Saudi Arabia and add new services to its platform. The company, founded in 2016, offers online courses taught by certified professionals for doctors, dentists, pharmacists, and physiotherapists. It says it has c. 15k customers across Egypt, Saudi Arabia, Libya, Iraq, the UAE, Tunisia, and Jordan. (Wamda)
- Local, foreign investors announce 1 billion USD industrial projects in Egypt.
Egypt is boosting local manufacturing and is well-prepared to issue relevant licenses immediately to serve local industries in different sectors. General Manager of Haier Egypt Ahmed Mossad revealed that his company received a land allotment letter from the Industrial Development Authority (IDA) to build an industrial complex at an area of 200,000 square meters (sqm) in the 10th of Ramadan City with $130 million investments. The project will be executed in two stages and will start production in early 2024 with a cost of $85 million, and will create around 3,500 jobs, Mossad added. (Al Mal)
- Egypt considers offering 6 billion USD stakes in public companies on stock market.
The Pre-IPO fund launched by the Egyptian government is working on preparing public sector companies for initial public offerings (IPO) that could reach a value between 5.5 billion USD and 6 billion USD, according to the Minister of Planning and Economic Development Hala El-Saeed. The first tranche of the planned IPOs will be worth a range of between 2.5 billion USD and 3 billion USD and will be announced within four weeks. The second tranche will be valued at around 3 billion USD. The Pre-IPO fund is a sub-fund affiliate to the Sovereign Fund of Egypt (TSFE) that plans the stakes to be offered in the government IPO program. (Asharq Business)
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