Russia yesterday said it would withdraw from the grain export pact with Ukraine in a move that threatens to spark renewed volatility in global food prices. On the short-term, this will not have a significant impact on Egypt's wheat imports, since Egypt collected about 3.8 million tons of local wheat during the last season, which is enough for 6 months.

Saudi renewable energy firm ACWA Power yesterday signed a land allocation preliminary agreement with the Electricity Ministry for its planned 10-GW wind farm. ACWA will conduct feasibility studies for the project ahead of signing the final contracts.

Egyptian authorities are in talks with the Greek government about how to fund the planned 3-GW Egypt-Greece Interconnector (GREGY). 

The European Bank for Reconstruction and Development provided a USD100 million loan to Banque Misr, directed to lending to small, medium and micro local enterprises.

EFIH is considering applying for a digital banking license and expanding in Saudi Arabia within a month.

FWRY is considering applying for a digital banking license and expects to make a decision by the end of the year. The company is eyeing regional expansion, including Saudi Arabia, in 2024.

MTIE’s BoD approved to invest up to EGP205 million to acquire 40% in “B Pharma Holding” a company dedicated to investing in the pharmaceuticals distribution and trade services sector in partnership with BINV. 

The parliament will discuss the new taxes on tobacco products by next October. The budgeting and planning committee asked producers not to apply any price increases until the new tax rates are declared.

The government is studying to raise the prices for wheat, beats, and sugar cane supplied for different governmental entities for the next harvest season by EGP200-300/bu. This might affect SUGR margins.

SKPC’s BoD approved the fair value studies submitted by Baker Tilly, the independent financial advisor for both SKPC and Ethydco. Baker Tilly valued SKPC at EGP23.1 billion, and Ethydco at USD1.1 billion (EGP33.5 billion using an exchange rate of EGP30.9). The valuation of the new combined entity will be EGP50 billion. The new entity’s total number of shares should add up to 1.6 billion with a valuation of EGP30.6 per share. 

TALM released their 9M22/23 attributable net profit for the period recorded EGP345 mn compared to EGP277 mn in 9M21/22 (+24% YoY) with a margin of 48% versus 46% in the previous period. The rise came backed by higher revenues and margins, as well as a rise in net finance income to reach EGP19 mn compared to a previous EGP8 mn. TALM is currently trading at an annualized FY22/23 multiples of P/E 6.2x and an EV/EBITDA of 4.6x.

ADIB (FV: EGP 35.00, OW) and International Finance Corporation (IFC) have signed the first Shariah-compliant subordinated Tier 2 financing agreement worth USD 50 million. 

BINV's BoD agreed to conclude a financing agreement worth EGP 150 million with the National Bank of Kuwait. 

The House of Representatives will discuss and approve the Unified Insurance Bill in October. 

Rami Aboul Naga, Deputy Governor of the CBE, estimated the volume of Internet banking transactions at about EGP 3 trillion in 6 months. He added that a number of Egyptian banks have started to offer financial derivative products to customers.

MNHD (FV: EGP3.16, EW) signed an MoU with Misr Engineering Development Company to implement infrastructure development worth EGP1.0 billion in Taj City.