Top News & Analysis
MACRO NEWS
Egypt’s imports of Russian wheat climbed 84% y/y in the three months from March 2022 to May 2022. (Enterprise)
CORPORATE NEWS
Orascom Investment Holding [OIH] turned its bottom line from continued operation from a net loss of EGP49mn in Q1 2021 to a net income of EGP37mn in Q1 2022. Such an improvement in earnings was due to FX gain of EGP103mn. (Company disclosure)
The Egyptian Grievance Committee of the Egyptian General Authority for Investment and Free Zones (GAFI) accepted a petition filed by Makadi Heights, an Orascom Development Egypt [ORHD] subsidiary, and voided the land bank reduction decision. (Company disclosure)
EIPICO [PHAR] has signed an agreement with the Greenmia Alliance and EL Square to implement a digitalized system (i.e. EIPICO Pharma 4.0). The system is aimed to digitalize the pharmaceutical process. (Company disclosure)
Contact Financial Holding [CNFN] plan to issue Sukuk worth EGP2.5bn before the end on 2022. (Al-Mal).
A consortium of six banks led by the National Bank of Egypt (NBE) has signed a long-term syndicated loan agreement with Egyptian Chemical Industries (KIMA) [EGCH] for a total amount of EGP7.2bn. (Arab Finance)