Today’s Top News & Analysis
Egypt’s USD3bn loan approved by the IMF
Qalaa Holdings reports Q3 2022 results
ValU to acquire a stake in Fas Finance; EFG Hermes concludes its advisory for Vodacom
Elsaeed Contracting buys more treasury shares
Orascom Investment Holding looks to settle its balances in Koryolink
Orascom Financial buys back treasury shares
Juhayna denies receiving any acquisition offer
Rameda to buy back more shares; to raise capital for its employees’ incentive program
MACRO
Egypt’s USD3bn loan approved by the IMF
The IMF has approved a 46-month USD3bn loan for Egypt, with an immediate disbursement of USD347mn to meet the balance of payments and budget needs. (IMF)
CORPORATE
Qalaa Holdings reports Q3 2022 results
Qalaa Holdings [CCAP] reported its Q3 2022 results where net income reached EGP16.7mn vs. a net loss of EGP441mn a year ago. Revenues rose 85% y/y to EGP23.7bn, with Egyptian Refining Co. (ERC) contributing c.75% of total revenues, while gross profit margin expanded to 34.6% vs. 3.3% a year ago. (Company disclosures: 1, 2)
ValU to acquire a stake in Fas Finance; EFG Hermes concludes its advisory for Vodacom
ValU, the consumer finance arm of EFG Hermes Holding [HRHO], is looking to acquire a 35% stake in KSA-based Fas Finance for USD25mn. This is considered to be its first arm outside Egypt, and the fourth acquisition for ValU after Paynas, Kiwi, and Hoods. Meanwhile, the investment banking arm of EFG Hermes Holding [HRHO], has successfully concluded its advisory for Vodacom to acquire 55% stake in Vodafone Egypt for EUR577mn. (Al-Mal, Enterprise)
Elsaeed Contracting buys more treasury shares
Elsaeed Contracting & Real Estate Investment Co. [UEGC] bought back 250,000 treasury shares on 14 December 2022 to reach a total of 3.28% of its total shares outstanding. (Company disclosure)
Orascom Investment Holding looks to settle its balances in Koryolink
Orascom Investment Holding [OIH] is looking to settle its balances in Shio Technology (Koryolink), based in North Korea, with a potential for retained earnings of EGP16.2bn. Such a settlement, if successful, could be made in Q1 2023. (Shorouk news)
Orascom Financial buys back treasury shares
Orascom Financial Holding [OFH] bought back 5.55mn treasury shares on 14 December 2022. This was a part of OFH's program to buy up to 10% of its total outstanding shares in treasury shares between 30 August 2022 and 5 March 2023. (Company disclosure)
Juhayna denies receiving any acquisition offer
Juhayna Food Industries [JUFO] denied receiving any acquisition offer after it has been reported that there is interest in the company. (Mubasher)
Rameda to buy back more shares; to raise capital for its employees’ incentive program
Rameda’s [RMDA] BoD approved a share buyback program of up to 10% of its issued shared in the period from 15 December 2022 until 28 February 2023. RMDA can buy up to 71mn shares to reach 10% of its outstanding shares at market price. In addition, RMDA will increase its paid-in capital by 0.8%, from EGP250mn to EGP252mn. The increase will take place through the reserves to employees’ incentive program. (Company disclosure)
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