CBE: Foreign currency private sector deposits increased during March by about USD471 million to reach USD16.5 billion by the end of March, and added USD884.6 million in 1Q23. Individual deposits increased by about USD293.9 million in March, to reach about USD29 billion, and added USD500 million in 1Q23. 

The government will establish an emergency fund for day laborers and workers in the informal economy. The government will transfer the irregular workers’ social insurance dues to the fund for reimbursements in case of emergencies. 

AMOC released negative 3Q22/23 financial indicators showing an 18% YoY growth in consolidated net profit before minority interest, recording EGP416 million compared to EGP352 million in 3Q21/22, but lower 31% QoQ than EGP606 million recorded in 2Q22/23. The stock is currently trading at FY22/23e PE of 4.8x and EV/EBITDA of 3.5x.

Shareholders in PACH have until the end of today’s trading session to decide whether to sell their shares to National Paints Holding (NPH) (EGP39.80/share) or Eagle Chemicals (EGP39.00/share).  30% of shareholders of PACH approved National Paints’ acquisition offer EGP39.80/share. 

The Oil Ministry has extended its tender for 12 exploration blocks in the Mediterranean and Nile Delta until the beginning of June. 

The Parliament's Energy and Environment Committee has approved a draft bill that would allow the Oil Ministry to contract Eni subsidiary IEOC to launch oil and gas exploration operations at three East Mediterranean concessions.

The Sovereign Fund of Egypt has prequalified 17 consortiums, out of more than 25 applied, to bid in its upcoming tenders for renewables-powered desalination projects. The SFE is planning to have three or four of these plants tendered by 3Q 2023. Prequalified bidders include: ORAS, SWDY and Taqa Arabia.

MPs yesterday gave preliminary approval to legislation that hands tax exemptions to local and international companies working on the Dabaa nuclear plant.

The Ministry of Transport will announce in a month the winning consortium to implement the Abu Qir metro project in Alexandria Governorate, with investments of c. EUR1.5 billion. According to the sources, qualified consortia include SWDY - German Siemens, the French Alstom - Arab Contractors - Hassan Allam - Concord, ORAS - Colas Rail, and a consortium of Chinese companies.

HELI Board approved adjusting the second and third installments of the EGP0.22/share cash dividends to EGP0.04/share and EGP0.13/share, respectively, instead of EGP0.10/share and EGP0.07/share, respectively.

EFG Hermes has launched a new trading system on Microsoft’s cloud computing service, Azure, which should be much faster than the former system. 

Asset managers Azimut and Evolve Investment Holding have gotten the greenlight from the Financial Regulatory Authority to launch a gold-backed investment fund. 

According to local media, Egypt's sugar imports are expected to rise by 12% YoY during 2023/2024 to reach 930 thousand ton from a previous 830 thousand ton. 

Saudi electronics retailer Extra (United Electronics Company), has shelved plans to establish a subsidiary in Egypt.

Transport Ministry-affiliated AlKahera Company for Ferries and Maritime Transport and Korean shipbuilder Dae Sun will build two multi-purpose container ships under an agreement signed yesterday.