According to IMF Deputy Managing Director Antoinette Sayeh, the Fund expects to see the government achieve concrete results that will work to restore confidence in its economic reform package over the course of the next several weeks.
Private equity firm Actis and Malaysian power company Edra have renewed their interest in acquiring one of the three Siemens-built power plants for USD2 billion.
The Suez Canal Economic Zone’s (SCZone) Board of Directors approved selling a 20% stake in Port Said Container and Cargo Handling (PSCCHC) in an IPO. The Suez Canal Economic Zone’s (SCZone) Board of Directors signed off Thursday on selling a 20% stake in Port Said Container and Cargo Handling (PSCCHC) in an IPO. PSCCHC achieved net income of EGP509 million and equity of EGP1.8 billion in FY21/22, and we assume a big jump occurred this FY due to local currency weakness. CSAG owns 20% of PSCCHC.
Saudi Egyptian Industrial Investment (SEII) might within weeks finalize an agreement with the state-owned Metallurgical Industries Holding Company (MIH) to acquire 70% of its subsidiary El Nasr Glass and Crystal Company.
Three-month non-deliverable forwards for the EGP against the USD climbed 1% to 33.20 on Thursday.
The spread between Egypt’s USD bonds and US treasuries has narrowed about 350 points since the middle of May to 1,136 points.
Annual urban inflation rose to 32.7% y-o-y in May from 30.6% the month before. Monthly inflation also rose to 2.7% in May — up from 1.7% in April.
All Sudanese citizens seeking to enter Egypt must now apply for a visa, according to a Foreign Ministry statement.
The government is working to expand the participation of the private sector in electricity production and attract international companies to invest about USD12 billion over three years.
The Real Estate Development Chamber of the Federation of Egyptian Industries called for canceling the safeguard measures imposed on steel imports. Reminder: The fees applied now are 25% on on imported steel from Turkey, China and Ukraine. It should expire end of June. There was news end of May that ministry of trade is planning to extend the safegurad measures.
The SCZone’s Board approved the establishment of a new steelworks in the East Ismailia industrial area at USD610 million to produce 1.8 million tons of steel per year for export to foreign markets.
The SCZone’s Board granted preliminary approval to a Chinese consortium to establish a USD300 million ironworks in Sokhna, to produce 600k tons of sheet metal a year.
According to local media, ADQ is interested in buying a 20-25% stake in Egyptian Chemical Industries – Kima, to finance its new project of urea and ammonium nitrate expansion, at USD297 million.
The government is studying offering a stake of Ethydco in an IPO after finalizing the acquisition by SKPC.
Misr Chemical Industries - MICH got the approval of the Chemical Industries Holding Company to proceed with its new project of chlorine granules with investment cost of EGP1.3 billion.
EGAS signed an agreement with a Jordanian company to feed industrial zones in Jordan with their needs of natural gas through the Arab Gas Pipeline.
Anchorage Investments signed an MoU with the Suez Canal Economic Zone (SCZone) for its proposed USD2.5 billion petrochemical complex, the Suez Canal Authority said.
Eva Pharma plans to localize the production of some of the APIs amid foreign currency sourcing challenges.
SPMD’s phase 2 rights issue subscription will take place on the 13th and 14th of June after the subscription was 98.6% covered in phase 1.
