Today’s Top News & Analysis
Car imports initiative for Egyptians living abroad secured USD835mn
Gold prices to be posted on the EGX; a new gold fund to start trading
Egypt may establish an FX hedging firm with a capital of USD5-7bn
A USD2.5bn petrochemicals industrial complex in Ain Sokhna soon
The Egyptian government sold a 10% stake in ETEL
UAE-based Agthia interested in Safi
Egypt Aluminum to sell a stake to strategic investors soon
MACRO
Car imports initiative for Egyptians living abroad secured USD835mn
The Minister of Finance reported that the car imports initiative for Egyptians living abroad has secured a total of USD835mn, with an average of USD25mn daily transfers. Moreover, the minister also reported that the initiative will not be extended after 14 May 2023. (Amwal Al-Ghad)
Gold prices to be posted on the EGX; a new gold fund to start trading
The Egyptian Exchange (EGX) will start posting live gold prices on its website in conjunction with release of a new exchange-traded gold fund on the EGX today. (Al-Mal)
Egypt may establish an FX hedging firm with a capital of USD5-7bn
According to Al-Bawabh News, Egypt is considering setting up a new firm with a capital of USD5-7bn to offer FX hedges in coordination with the Central Bank of Egypt, the Financial Regulatory Authority, Holding Co. for Insurance, National Bank of Egypt, and Banque Misr. Planned to start in H2 2023, this new firm will develop a new index for the EGP and will add instruments to hedge FX risk to stimulate foreign investment in Egypt. (Al-Bawabh News)
A USD2.5bn petrochemicals industrial complex in Ain Sokhna soon
The Egyptian government is looking to build a petrochemicals industrial complex in Ain Sokhna Port in cooperation with Anchorage Investments. The industrial complex, which will produce propylene, is expected to cost USD2.5bn over 36 months and should generate exports worth USD1.5bn in its first phase. (Al-Mal)
Corporate
The Egyptian government sold a 10% stake in ETEL
The Egyptian government sold a 10% stake in Telecom Egypt [ETEL] to investors at EGP23.11/share for a total of EGP3.95bn (USD127.5mn). A total of 170.7mn shares were sold with c.2.5x coverage, leaving a 70% stake remaining with the Egyptian government. The government had reportedly offered the 10% stake for sale at an initial price range of EGP22.22-27.16/share. (Asharq Bloomberg)
UAE-based Agthia interested in Safi
Agthia, a subsidiary of ADQ Holding, is one of the local and the GCC investors interested in buying a stake in military-owned National Co. for Natural Water (Safi). Some investors are reportedly offering to buy up to 100% of Safi. (Al-Borsa)
Egypt Aluminum to sell a stake to strategic investors soon
Egypt Aluminum [EGAL] is reportedly waiting for the independent financial adviser valuation of the company by the end of May to start the capital increase procedures that will be used to maintain the factory and increase efficiency. EGAL will be offered to strategic investors, as part of the government IPO program. (Shorouk News)
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