IDHC (FV: EGP22, OW) signed a sale and purchase agreement to acquire 50% of Islamabad Diagnostic Centre for a total consideration of USD72.35 million (EGP1.90/IDHC share). The transaction is expected to close in 1H2022. IDC contributes around 15% to the combined company’s consolidated revenue and consolidated EBITDA. Transaction should not impact dividend distribution plans for IDHC in 2022 and 2023. IDHC is trading at 2022 P/E of 9.0-10.0x and EV/EBITDA of 5.0x post transaction/consolidation.

EAST announced temporarily halting operations at its Alexandria factory due to inventory pile up, and efficiency considerations. The factory represents 3-5% of total production volume. Labor compensation will continue to be disbursed normally. 

JUFO announced the record date for the FY2020 dividend distribution of EGP0.20 per share, to be Jan 2 and payment will be on Jan 5, 2022.

Nestlé Egypt is investing EGP 700 mn in new production lines between 2021 and 2025.

DSCW called for EGM on January 15 to approve the proposed capital increase by EGP265 million to EGP371 million. 

UEGC was awarded EGP1.37 billion project award to be executed over the next 18 months. 

EMEA Power is studying the execution of water desalination projects using renewable energy in Egypt in cooperation with Asian partners.

HELI’s CEO, Tamer Nasser, expects that the contract for the development of Heliopark would be awarded within 10 days. Nasser expected to inject investments ranging between EGP800-850 million in the development of New Heliopolis, which will be developed inhouse, by 2Q2022. Government stake sale will not happen before mid-year 2022. 

Telecom Egypt signed an agreement with the Chamber of Hospitality and Tourism in Egypt to raise the efficiency of the communications infrastructure and provide integrated communications services in hotels and tourist villages in Egypt. 

COMI signed the UN financial inclusion initiative where it will start setting targets that make a substantial contribution to the financial health and inclusion of societies.