The EU will provide EUR100 million to support Egypt in response to the rise in food prices due to Russia's war on Ukraine.

The Cabinet approved increases in 5 grants from the United States with a total value of USD74.6 million to reach a total of USD569.4 million, in the sectors of health, population, education, higher education, and agriculture.

The General Authority for Investment and Free zones (GAFI), the Financial Regulatory Authority (FRA), and the Information Technology Industry Development Agency (ITIDA) have agreed to work together to make it easier for both local and international Venture Capital Institutions to invest in Egyptian startups.

The World Bank intends to invest in 10 to 15 new funds in Egypt, provided that these funds will invest in 200 to 400 companies, providing USD50 million in funding.

Ministers green-lit amendments to the Income Tax Act. Details are not disclosed yet by the government, saying only that the amendments are designed to attract investors into the stock market.

Prime Minister Mostafa Madbouly instructed an urgent meeting to be held with major steel and cement producers to discuss the price hikes witnessed in the local market. The meeting will be attended by the head of the Consumer Protection Agency. 

HELI is to soon sign a contract to sell a 243 feddan (1.0 million sqm) land plot in New Heliopolis for EGP1,700/sqm, translating into a sales value of EGP1.7 billion. We value the potential transaction at EGP828.4 million, implying EGP0.62/share and EGP812/sqm. This potential transaction would take our FY22 (12-month period ending 30 June 2022) net profit forecast to EGP1.1 billion, P/E 2022 of 7.5x, and EV/EBITDA 2022 of 7.0x.

The government and real estate developers met to discuss ideas, such as launching mortgage finance initiatives with the private sector and looking into postponing liability payments, in an effort to mitigate the impact of the Russian-Ukrainian conflict on the sector. 

Cabinet approved yesterday the establishment of a freezone for the state-owned Egyptian Group for Multi-Purpose Terminals (EGMPT) at Alexandria port. The USD 500 mn project will established by The Alexandria Port Authority (a 34% shareholder in the company), the Suez Canal Authority (33%), the Holding Company for Maritime and Land Transport (20%), and Alexandria Container and Cargo Handling Company (13%). 

DSCW released positive 4Q21 consolidated results showing attributable net profit recorded EGP14.5 mn, compared to EGP12.6 mn the previous quarter and EGP2.0 mn in 4Q20. FY21 bottom-line is boosted by healthy and solid growth in revenues as well as a rise in export rebates by 84.4% YoY. DSCW is currently trading at a FY22 P/E of 4.0x and an EV/EBITDA of 5.6x.

RTVC reported FY21 net loss of EGP455.3 million, compared to FY20 net loss of EGP443.4 million.

The required minimum hotel price levels will be implemented starting 1 November 2022.

Doctors, physiotherapists, and dentists authorized by the Medical Syndicates Union are now eligible for the Central Bank of Egypt’s (CBE) 5% interest rate loans for SMEs.

Chinese electronic device maker Oppo has partnered with HRHO’s consumer finance arm Valu to provide installment solutions to customers.

Mopco approved in its OGM the distribution of a DPS EGP10.00 with a dividend yield of 9.6%. Record date is 06/04/2022 and distribution date is 10/04/2022.

AUTO is to divide the EGP0.35/share dividends distribution into two tranches. The first will be EGP0.10/share distributed on the 21st of April 2022. The second EGP0.25/share is to be distributed on the 29th of September 2022.

ELSH Board proposed the distribution of EGP0.05/share cash dividends (DY of 0.8%).