Today’s Top News & Analysis
The House approves bonus to public sector employees
SFE awaits number of roadshows
Ezz Steel estimates H2 2022 FX losses
Valu targets EGP6bn in sales for 2022
GB Auto hires Alpha capital as IFA
MACRO
The House approves bonus to public sector employees
The House of Representatives’ committee approved yesterday disbursing a bonus of EGP300 in November to public-sector employees and pensioners. (Enterprise)
SFE awaits number of roadshows
The Sovereign Fund of Egypt (SFE) will reportedly begin the roadshow for its pre-IPO fund at the end of November 2022. (Enterprise)
CORPORATE
Ezz Steel estimates H2 2022 FX losses
Ezz Steel [ESRS] has stated that expected FX losses for H2 2022 are estimated to reach EGP2.2bn, based on the FX rate at the end of 27 October 2022, as a reflection to the recent EGP flotation. (Company disclosure)
Valu targets EGP6bn in sales for 2022
Valu, the consumer finance arm of EFG Hermes Holding [HRHO], is targeting EGP6bn in sales for 2022. Meanwhile, Valu and aiBank, both are subsidiaries of HRHO, have partnered with Sylndr, a fintech specializing in e-commerce for used cars in Egypt. (Mubasher, Al-Mal)
GB Auto hires Alpha capital as IFA
GB Auto [AUTO] appointed Alpha Capital as IFA to conduct a fair value study for MNT Investment BV. (Company disclosure)
MARKETS PERFORMANCE
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