Today’s Top News & Analysis
Egypt's poultry industry is in danger
Hassan Allam was awarded a new project in the New Administrative Capital
Telecom Egypt selected by Lumen to expand in the Middle East
Kahira Pharmaceuticals shareholders approved a cash dividend
PACHIN denies rumors about the withdrawal of Saybad's offer
Mansoura Poultry addresses the impact of higher fodder prices
MACRO
Egypt's poultry industry is in danger
Fodder prices in Egypt reached a high of EGP17,500/ton, on the back of higher raw material prices. Soybeans prices reached EGP24,000/ton in some areas, while corn prices reached EGP11,700/ton. (Al-Borsa)
Hassan Allam was awarded a new project in the New Administrative Capital
Hassan Allam Holding’s subsidiary Hassan Allam Construction has been awarded a contract to construct a new irrigation water transmission line in the New Administrative Capital. The scope of work for this project includes a double irrigation concrete pipeline with a 1500mm diameter and a total length of 6.5 kilometers each. (Press Release)
CORPORATE
Telecom Egypt selected by Lumen to expand in the Middle East
Telecom Egypt [ETEL] and US-based internet provider Lumen Technologies will collaborate to build Lumen’s first regional network node in Egypt. (Company disclosure)
Kahira Pharmaceuticals shareholders approved a cash dividend
Kahira Pharmaceuticals [CPCI] will pay a DPS of EGP5.53/share, implying 14% in dividend yield. (Company disclosure)
PACHIN denies rumors about the withdrawal of Saybad's offer
Number of media reports cited that Saybad Industrial Investment did withdraw its offer to acquire Paints & Chemical Industries (PACHIN) [PACH]. On the other hand, PACH denied the rumors about Saybad withdrawing its acquisition offer. To recap, PACH has two acquisition offers for a majority stake in the company from Saybad Industrial Investment at an average price of EGP17.625/share, while the other is from SIPES at an average price of EGP18.0/share. (Company disclosure) (Al-Mal)
Mansoura Poultry addresses the impact of higher fodder prices
Mansoua Poultry [MPCO] reported that the impact of higher fodder price is not very impactful till now, since MPCO produces its own fodder. However, higher soybeans and corn prices up MPCO's production costs. (Company disclosure)
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