Qatari investor could announce it will buy a significant minority stake in a state-owned hotels holding company in the coming days. ORHD (FV: EGP20.38, OW) generally reacts positively to the news.

A 30% stake in Egyptian Drilling Company (EDC) has been transferred to the Sovereign Fund of Egypt’s pre-IPO fund in preparation to sell the EDC stake to a strategic investor in 4Q 2023.

National Bank of Egypt and Banque Misr are reportedly studying the launch of USD certificates of deposit (CDs) that would pay out 10% interest in USD or 17% interest in EGP. 

World Bank expected remittances to Egypt to record USD29.2 billion in 2023. 

Egypt’s credit default swaps (CDS), with a tenor of 5 years, fell by more than 20%, to 1451 bps, from a peak on May 18. 

Emirati Burjeel is interested in acquiring an indirect stake in CLHO through acquiring a stake in a shareholding entity of CLHO.

ESRS (FV: EGP54.6, OW) has not made any offers to acquire additional shares in its subsidiary IRAX (FV: EGP1,357.5, OW).

Steel producers have been reporting that weak foreign currency availability and the difficulty of importing raw materials have pushed manufacturing capacities to their lowest in 5 years. 

MNT-Halan, 49.5% owned by GBCO's affiliate, launched a fund that offers savings products to their customers. 

GBCO's auto segment will stop the local production of Hyundai Elentra HD before the end of the year and is currently in talks with Hyundai to replace it with another model.

FRA has handed COMI’s subsidiary Commercial International Finance a license to offer mortgage financing and factoring products.

HRHO’s valU has issued EGP 1.42 bn worth of securitized bonds, its first issuance in a new EGP 4 bn securitization program.

CICH’s Reefy targets to pump financing worth EGP 4.25 billion this year. The company has 154 branches and aims to reach 200 branches.

CNFN’s Contact Creditech has signed an agreement to launch consumer financing products for Vodafone Egypt customers.

MOIL shareholders voted for continuing operations despite the fact that net losses accounted for more than 50% of the shareholder’s equity. 

MPRC declared EGP0.50/share cash dividends (DY of 4.2%). Record date is 9 July 2023. Distribution date is 12 July 2023.