Today’s Top News & Analysis
Suez Canal sees an increase in number of ships passing through
President El Sisi inaugurates the new black sand processing complex
Egypt is expecting 2 major conferences soon
Belgian Companies are interested to invest in the Suez Canal Economic Zone
ValU acquires a non-controlling stake in Kiwe
Telecom Egypt's 2023 budget approved; potential sale of a partial stake in Vodafone Egypt
MACRO
Suez Canal sees an increase in number of ships passing through
CAPMAS monthly statistical bulliten shows an increase in the number of ships that went through the Suez Canal in August 2022, reaching 2,125 ships during the month compared to 1,884 ships during August 2021. (Al-Mal)
President El Sisi inaugurates the new black sand processing complex
President El Sisi inaugurated the new black sand processing complex in Kafr El-Sheikh yesterday. The complex separates heavy precious metals from black sand and should provide strong economic benefits to the economy. Moreover, the complex will provide 5,000 new jobs. (Mubasher)
Egypt is expecting 2 major conferences soon
Egypt is hosting the Economic Conference next Sunday, the conference will discuss the macroeconomic policies and empowering the private sector. In addition, Egypt and UAE will host a conference to celebrate the 50 years relations between the two countries. (Enterprise)
Belgian companies interested to invest in the Suez Canal Economic Zone
Belgian companies are interested to invest in the green energy projects in the Suez Canal Economic Zone (SCZone) (eg. green hydrogen and green ammonia). (Al-Borsa)
CORPORATE
Telecom Egypt's 2023 budget approved; potential sale of a partial stake in Vodafone Egypt
According to Bloomberg, Qatar Investment Authority (QIA), the Qatari sovereign wealth fund, is in talks to buy c.USD2.5bn of state-held stakes in Vodafone Egypt [VODE], Egypt’s largest mobile network operator, as well as other companies. Under the potential pact, which is expected to be finalized by the end of this year, QIA would acquire a 20% stake in VODE from Telecom Egypt [ETEL], according to people with knowledge of the matter. We note that ETEL owns a 45% stake in VODE. Meanwhile, ETEL's board of directors just approved the company's 2023 budget with KPI guidance of (1) early double-digit revenue growth, (2) EBITDA margin in the mid-to-high 30%s, (3) in-service capex-to-sales ratio in the early 20%s, and (4) FCFF-to-EBITDA in the mid-20%s. (Bloomberg, Company disclosure)
ValU acquires a non-controlling stake in Kiwe
ValU, the consumer finance arm of EFG Hermes Holding [HRHO] acquires a non-controlling stake in Kiwe, a fintech company specializing in social payment solutions. The current shareholders for Kiwi is EFG Hermes Finance, EFG EV Fintech, dFin Holding, and Marakez. (Company disclosure)
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