Egypt received an additional USD5 billion as the final part of the first tranche of the USD35 billion Ras El-Hekma deal with the United Arab Emirates on Friday, the Egyptian Cabinet said.

Egypt repaid USD-denominated Eurobonds worth USD750 million, which it offered on February 26, 2019, with a coupon of 6.2%.

The government received USD520 mn as part of the USD800 mn sale of the seven historic hotels.

Fitch Ratings thinks that the agreement will “significantly improve” Egypt’s external financing position and its FX liquidity, paving the way for an adjustment of its exchange rate with a limited magnitude.

US Treasury Secretary said that Egypt is inching closer to finalizing an agreement with the International Monetary Fund.

The Suez Canal has lost over USD700 mn in revenue since the start of the war on Gaza compared to the same period a year earlier, according to estimates from Bloomberg Intelligence.

The cabinet approved EUR135 mn in soft financing from the EIB and a EUR30 mn grant from the EU, according to a cabinet statement.

Saudi Arabia’s Al Hokair Group has requested its usufruct contract of the Egyptian Media Production City (EMPC)'s Magic Land to be extended to 2078 from 2058.

GBCO (FV: EGP12.86, OW) released 4Q23 results. GB Corp is currently trading at a FY24 P/E of 3.5x and an EV/EBITDA of 3.1x.

EFIH (FV: EGP23.50, OW) reported 4Q23 results. BoD proposed distributing EGP0.19 per share (DPO: 28%, DY: 1%). EFIH is currently trading at 2024f P/E of 25.1x and EV/EBITDA of 18.2x.

Basata Holding for Financial Payments and Jordan Kuwait Bank announced the acceptance of their binding offer to acquire a 30% stake in Madfoatkom for Electronic Payment.

We raised our FV for HDBK from EGP65.00/share to EGP75.00/share and maintain our Overweight recommendation. HDBK is currently trading at 2024 P/E of 4.7x and P/B of 1.4x.

CANA released 4Q23 results. We reiterate our Overweight recommendation on CANA on an updated FV of EGP25.00/share. CANA is currently trading at P/E24 of 3.6x and P/B24 of 0.7x on ROAE of 24%.

CBE issued controls that banks must adhere to when financing financial leasing companies. The controls will come into force as of date of issuance on February 29th. 

The Kuwait Finance House (KFH) has submitted a non-binding offer to get the required data on central bank-owned lender United Bank for assessment. The group still has not submitted a final offer.

OFH shareholdershave 30 trading sessions starting today to respond to B Investments’ bid to acquire up to 90% of the company via a share swap.

HELI (FV: EGP18.84, OW) received an offer from Mountain View to co-develop 517 feddans in New Heliopolis. 

ARCC posted a solid set of consolidated results for 4Q23 and FY23. ARCC is currently trading at FY24e P/E of 10.9x and EV/EBITDA of 5.0x.

SCEM has appointed Tamer Ragheb as chairman following the resignation of Mohamed El Kady. The decision is pending general assembly approval. 

EFIC released 4Q23 audited standalone results.  EFIC'S BoD is proposing a cash dividend of EGP7/ share, implying a dividend yield of 9%. EFIC is currently trading at 2024e PE of 6.7x and EV/EBITDA of 5.5x.

ABUK announced that it will start the maintenance of ABUK 1 factory on 28 April 2024, where the factory will stop production for one month.

PHAR released solid 4Q23 full financials. PHAR is currently trading at 2024f P/E of 8.0x and EV/EBITDA of 5.4x.

According to local media, OLFI announced it will be reducing its white cheese prices by EGP15-30/carton.