Today’s Top News & Analysis
ACWA unit looks to build a wind farm in Egypt
QIA to invest in Egypt's green hydrogen plants
Potential easing to the pileup at ports
Obour Land resumed operations after securing palm oil from Savola Foods
valU invests in Hoods
CLHO is expanding in physiotherapy
Heliopolis Housing proposes cash dividends
Prime Holding reported Q3 2022 results
RIMCO raises its stake in Edita once again
MACRO
ACWA unit looks to build a wind farm in Egypt
Saudi renewable energy developer ACWA Power will build a 10GW wind farm in Egypt after signing an MoU with Egypt’s New & Renewable Energy Authority (NREA) and the Egyptian Electricity Transmission Co. (EETC). (Enterprise)
QIA to invest in Egypt's green hydrogen plants
Qatar Investment Authority (QIA) mulls investing in a green hydrogen and ammonia project in the Suez Canal Economic Zone with investments of around USD1bn. (Al-Borsa)
Potential easing to the pileup at ports
The Egyptian Ministry of Trade & Industry will reportedly allow the immediate release of some goods imported for private use in a bid to reduce the pileup at ports. (Enterprise)
CORPORATE
Obour Land resumed operations after securing palm oil from Savola Foods
News sources said that Obour Land Food Industries [OLFI] had to stop production for seven days due to the lack of palm oil and other raw materials. However, it was also reported that OLFI resumed operations yesterday after Savola Foods resumed supplying palm oil to local producers after the release of shipments held up in ports. (Masrawy, Al-Mal)
valU invests in Hoods
valU, a subsidiary of EFG Hermes Holding [HRHO], announced yesterday that it has made an investment in Hoods, an e-commerce firm is specializing in the shopping space. (Company disclosure)
CLHO is expanding in physiotherapy
Cleopatra Hospital's [CLHO] subsidiary has signed a usufruct agreement for Haven Hospital, located in the Sixth of October City, where the usufruct contract will be for 18 years. We note that Haven Hospital is specialized in physiotherapy. (Mubasher)
Heliopolis Housing proposes cash dividends
Heliopolis Housing & Development [HELI] proposed a DPS of EGP0.22/share, implying a 4% yield. (Mubasher)
Prime Holding reported Q3 2022 results
Prime Holding [PRMH] reported narrower operating losses of to EGP3.2mn in Q3 2022 (-76% y/y, -66% q/q) as consolidated revenues rose to EGP27.6mn (+6% y/y, +27% q/q). Meanwhile, net earnings were a negative EGP20.8mn as opposed to a negative EGP12.9mn a year before as provisions were calculated with extra precautionary measures. (Company disclosure)
RIMCO raises its stake in Edita once again
UAE-based RIMCO EGT Investment LLC raised its stake in Edita Food Industries [EFID] by 1.38% (or 10mn shares) to 5.35% at EGP10.15/share. (Company disclosure)
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