Top News & Analysis
MACRO NEWS
The Prime Minister has directed the Ministry of Finance to update its plan of the state privatization program. (Enterprise)
Egypt's foreign reserves fell by USD1.63bn or 4.4% m/m to USD35.495bn
CORPORATE NEWS
The IPO prospectus of Ghazl El-Mahalla Football Co. (GMFC) was published today with an IPO price of EGP1.02/share (including issuance fees).
EFG Hermes Holding’s [HRHO] subsidiary ValU agreed to acquire 35% of FAS Finance, the consumer finance arm of Saudi Arabia’s (KSA) FAS Labs.
Orascom Financial Holding [OFH] said that WM Consultancy’s offer to acquire 51-90% of Beltone Financial Holding [BTFH] will likely take 60 days to complete post the FRA approval. (Company disclosure)
Egyptian Resorts Co.’s [EGTS] Q1 2022 consolidated net losses widened to EGP59.5mn vs. EGP6.5mn in Q1 2021, despite higher revenues of EGP24.4mn (+36% y/y) compared to EGP17.9mn in the same period last year. (Mubasher)
Raya Contact Center’s [RACC] BoD has approved the establishment of a new limited liability company in Dubai under the name of Raya Gulf Customer Experience. RACC’s stake in the new company will be 100%. (Company disclosure)
Ajwa Group for Food Industries’ [AJWA] Q1 2022 consolidated results showed an increase in net profits to EGP43mn (+187% y/y) on higher revenues of EGP472mn (+7.5% y/y) and a lower SG&A-to-revenues ratio of 2.6%. (Company disclosure)
Global Corp. signed a leasing contract with Mountain view, where the issuance is worth EGP450mn. (Al-Mal)