African Development Bank BoD approved a USD271 mn loan to Egypt within the program to guarantee food security, as part of a FY2022-23 facility of USD1.07 bn in cooperation with WBG and ADB.

MNHD’s Board stated that OCDI’s indicative acquisition price range of EGP3.20/share to EGP3.40/share does not reflect MNHD’s value. 

ORHD’s Makadi Heights is preliminarily considering bank debt to finance the faster construction in Makadi Heights.

The Holding Company for Electricity will issue a tender offer to purchase 530 thousand smart electricity meters within weeks, at a total value of EGP2.5 billion. SWDY and Hassan Allam are bidding.

Competition Protection Authority’s decision to reduce the production of local cement producers (quota allocation) expired in mid-July. Producers demanded an extension of the decision for a period of two years. Authority will reach a decision by the end of July.

MOIL reported 1Q22 net loss of USD11 million (-46% YoY).