Today’s Top News & Analysis
Ministry of Transportation seeks funding for Metro 6th line
Orascom Construction reports Q3 2022 results
Talks between QIA and ETEL are reportedly accelerating
Shareholders of Sidi Kerir approve stock dividends
MACRO
Ministry of Transportation seeks funding for Metro 6th line
The Ministry of Transportation is in talks with three unnamed French financial institutions for a concessional EUR2.0bn loan to fund development works for Cairo Metro 6th Line. (Enterprise)
CORPORATE
Orascom Construction reports Q3 2022 results
Orascom Construction [ORAS] Q3 2022 results showed net income reaching USD23.9mn (-15.8% y/y), ahead of our expectations by 18%. Top line came at USD1.1bn (+32.7 y/y), beating our estimates by 19%. The drop in the bottom line is attributable to a lower EBITDA margin of 5% (-0.3pp y/y). We note that backlog reached USD5.7bn, where new awards during the quarter reached USD677mn (-30% y/y).
(Company disclosure)
Talks between QIA and ETEL are reportedly accelerating
News sources point to accelerated talks between Qatar Investment Authority (QIA) and Telecom Egypt [ETEL] to buy c. 20% stake in Vodafone Egypt [VODE], with expected proceeds being reportedly north of USD1.0bn. (Asharq Business)
Shareholders of Sidi Kerir approve stock dividends
Sidi Kerir Petrochemicals' [SKPC] EGM has approved to raise the company’s paid-in capital to EGP1.5bn by EGP252mn, distributed over 630mn shares, at a par value of EGP2.0/share, through 20% bonus share distribution. (Company disclosure)
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