Today’s Top News & Analysis
The high-yield CDs will be suspended by end of January; pulled in EGP400bn so far
TSFE prepares to offer a 30% stake in seven state-owned hotels
Hiking electricity prices for households postponed six months
Government releases goods worth of USD1.5bn in 5 days
AMOC reports its preliminary H1 2022/23 figures
BINV signs two agreements with TSFE, targeting the healthcare sector
ValU partners with fintech start-up Sympl
Orascom Construction’s BoD approves cash dividends
Vodacom's acquisition of Vodafone Egypt minority shares executed
MACRO
The high-yield CDs will be suspended by end of January; pulled in EGP400bn so far
State-owned National Bank of Egypt (NBE) and Banque Misr (BM) decided to suspend their high-yield CDs (25% p.a. in 12 months and 22.5% p.a. monthly) by end of January. Proceeds from those CDs launched since 4 January 2023 have so far reached EGP260bn in NBE and EGP140bn in BM. (CNBC, Cairo24)
TSFE prepares to offer a 30% stake in seven state-owned hotels
The Sovereign Fund of Egypt (TSFE) is preparing to offer a 30% stake in seven state-owned hotels to GCC investors during Q1 2023. The hotels are Cairo Marriott Hotel, Cataract Aswan, Mena House Hotel, Winter Palace Luxor, Cecil Hotel Alexandria, Movenpick Aswan, and Elephantine Aswan—according to sources. (Asharq Business)
Hiking electricity prices for households postponed six months
The Minister of Electricity announced that hiking electricity prices for household is postponed for another six months until June 2023. The minister has previously delayed the hike until the end of 2022. (Economy plus)
Government releases goods worth of USD1.5bn in 5 days
The Prime Minister announced that the government managed to release USD1.5bn worth of goods congested at ports within 5 days from 18 January till 23 January. (Economy plus)
CORPORATE
AMOC reports its preliminary H1 2022/23 figures
Alexandria Mineral Oils Co. [AMOC] reported its preliminary consolidated results for H1 2022/23, recording net profits of EGP1bn (+146% y/y) on higher revenues of EGP10.7bn (+51% y/y). Meanwhile, gross profit margin improved to 10% (+2pp y/y). Higher global prices of petroleum products and the EGP devaluation were the main drivers behind the improved performance. However, in Q2 2022/23, AMOC’s revenues decreased 20% q/q to EGP4.7bn, while net profits increased to EGP605mn (+52% q/q). (Company disclosure)
BINV signs two agreements with TSFE, targeting the healthcare sector
B Investments Holding [BINV] announced signing two agreements with The Sovereign Fund of Egypt (TSFE) through TSFE Healthcare & Pharma Subfund, where:
(1) TSFE Healthcare & Pharma Subfund will invest EGP100mn in BINV's subsidiary B Healthcare Investments (BHI).
(2) BINV will invest an amount yet to be determined in TSFE subfund’s established platform dedicated to investing in pharmaceuticals distribution and trade services. (Company disclosure)
ValU partners with fintech start-up Sympl
ValU, the consumer finance arm of EFG Hermes Holding [HRHO], has partnered with Sympl, a fintech start-up in the Buy-Now Pay-Later (BNPL) market founded last year, allowing ValU customers to benefit from Sympl's payment plans across select retail partners and merchants. (Youm 7)
Orascom Construction’s BoD approves cash dividends
Orascom Construction’s [ORAS] BoD approved a cash dividend of USD0.185/share or the equivalent of EGP5.54/share, implying a dividend yield of 5.6%. (Company disclosure)
Vodacom's acquisition of Vodafone Egypt minority shares executed
Vodacom's tender offer on Vodafone Egypt [VODE], 45% owned by Telecom Egypt [ETEL], was executed. Vodacom acquired 49,493 shares or 0.02% of VODE for a total of EUR925,866 (equivalent to c.EGP30mn). (Mubasher)
MARKETS PERFORMANCE
KEY DATES
Latest Research
