The government wants to secure as much as USD3 bn in fresh debt financing by the end of the fiscal year, this is set to include:

• USD 1.5 bn from a range of financial institutions;
• USD 500 mn from Deutsche Bank and the Arab Banking Corporation;
• The equivalent of USD 500 mn from the recently-closed panda bond;
• Another USD 500 mn from an upcoming samurai bond.

Egypt's 5-year CDS rate rose to 18.82% on Wednesday, two days before S&P credit rating review for the country, increasing 1.8% compared to 11 October levels.

Chinese cable manufacturer Hengtong will invest USD18 mn to expand its factory in the TEDA zone under an agreement signed yesterday at the Belt and Road Forum, the Suez Canal Economic Zone.

Intro Group subsidiary Intro Sustainable Resources will work with Siemens to build 300 MW of combined heat and power (CHP) plants in Egypt and the region by 2030.

The government is considering issuing green bonds worth USD700 million through one of the Ministry of Electricity's affiliated entities, for launching a green project for the benefit of the private sector or in partnership with it.

Egypt will study at a later stage the issuance of sustainability bonds and social bonds, so that it diversifies its debt market instruments to attract foreign investors.

EGBE (FV: USD0.55, OW) released 3Q23 standalone financial indicators implying net profit after taxes of EGP388 mn (+81% y/y,+13.8% q/q), partially driven by the growth in the top-line, along with a probable growth in non-interest income and decline in provisioning. EGBE is currently trading at annualized P/E23 of 3.7x, P/B23 of 0.7x.

A consortium of seven banks are arranging a syndicated loan for TAQA worth EGP3 billion, to finance the purchase of Wataniya fuel stations. 

Cheiron Petroleum, Egypt’s largest independent energy company, will invest some USD160 million in natural gas exploration and production in the West El Burullus concession.

The Arab Organization for Industrialization signed an MoU with Gama Construction to study the implementation of a Petrochemicals complex in Egypt.

AXPH (FV: EGP169.46, EW) declared a cash dividend of EGP13.00/share (DY 9.3%, DPO 52%) for FY22/23. Distribution date is November 15, 2023. Record date is November 12, 2023. 

DSCW's shareholders have until 15 November to respond to The Toma family’s bid to acquire an additional 46.9% starting today. The offered price is EGP0.65 per share. DSCW is currently trading at a FY24 PE of 2.9x and an EV/EBITDA of 3.2x.