Today’s Top News & Analysis
SCZone to secure an EGP30bn loan for green hydrogen projects
Gulf investors are interested in acquiring UCP
Three companies are interested in acquiring Delta Steel Mill Co.
A subsidiary of Emaar to acquire a real estate company in Egypt
EFID signed two medium-term loan contracts
SUGR denies receiving any acquisition offers
Reliance Life Sciences is interested in EIPICO
eCards signs a strategic agreement with Network International
MACRO
SCZone to secure an EGP30bn loan for green hydrogen projects
The General Authority for Suez Canal Economic Zone (SCZone) is reportedly in negotiations to borrow a 20-year EGP30bn loan from a number of national banks, including Banque Misr, Suez Canal Bank [CANA], CIB [COMI], Banque du Caire [BQDC], and Arab African InternationalBank (AAIB), to finance the infrastructure of several green hydrogen projects. (Asharq Business)
CORPORATE
Gulf investors are interested in acquiring UCP
Sources cited several GCC investors interested in acquiring a stake in the Egyptian pharma distributor United Co. for Pharmacists (UCP), adding that UCP is targeting to find sources of finance to resolve its debt issues. The sources added that one of the investors is a KSA-based company called Tamer Group which already contacted UCP for a potential offer. (Enterprise)
Three companies are interested in acquiring Delta Steel Mill Co.
There are three companies reportedly interested in acquiring Delta Steel Mill Co., a subsidiary of the Ministry of Public Enterprise. This comes after the Egyptian government said it is considering the sale of the company. Interested companies are Al Gioshy Steel, El Garhy Steel, and El Marakby Steel. Additionally, The Sovereign fund of Egypt (TSFE) will assign an IFA to set the fair value for the deal. (Economy Plus)
A subsidiary of Emaar to acquire a real estate company in Egypt
Eagle Hills, a subsidiary of the Emaar Properties [DFM: EMAAR], has begun negotiations with The Sovereign Fund of Egypt to acquire a stake in a leading real estate company operating in Egypt. Emaar is studying several opportunities in the Egyptian market, specifically in the development sector. (Economy Plus)
EFID signed two medium-term loan contracts
Edita Food Industries [EFID] announced signing two medium-term loan contracts over a seven-year period as follows:
(1) EGP190mn to finance 50% of the acquisition of Edita Frozen for Food Industries, formerly known as Fancy foods.
(2) EGP200mn to refinance Edita Frozen for Food Industries’ needed investments.
On a separate note, sources said that the loan will be given to EFID by National Bank of Kuwait (NBK). (Company disclosure, Enterprise)
SUGR denies receiving any acquisition offers
Following news that cited the Egyptian government offering 20-25% of Delta Sugar [SUGR] to ADQ, SUGR denied receiving any acquisition offers. (Company disclosure)
Reliance Life Sciences is interested in EIPICO
Sources said that Reliance Life Sciences, an India-based company, is interested in acquiring an undefined stake in EIPICO [PHAR]. The sources added that there are no official offers yet. Reliance Life Sciences is a subsidiary of Reliance Group which has investments in various industries, including pharma, especially in biosimilar products. (Al-Mal)
eCards signs a strategic agreement with Network International
eCards, a subsidiary of the E-Finance [EFIH], and Network International (NI), the leading enabler of digital payments and commerce across the Middle East & Africa (MEA) region, recently signed a strategic agreement aimed at achieving joint regional expansion in the production, customization, and processing of smart financial cards. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
19-Sep-23
EXPA: EGM / Amending Article No. 5 of the bank's bylaws.
IRAX: Voluntary delisting / Voluntary delisting starting date.
20-Sep-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.25/share (1st installment).
RMDA: Stock dividend / Last date for eligibility for a 0.52-for-1 stock dividend.
21-Sep-23
RMDA: Stock dividend / Date for distributing a 0.52 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
25-Sep-23
IRAX: Voluntary delisting / Voluntary delisting ending date.
26-Sep-23
MICH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ODIN: OGM / Approving financial statements ending 30 June 2023.
ODIN: EGM / Amending Article No. 7 of the company's bylaws.
TAQA: OGM / A board reshuffle.
TAQA: EGM / Amending Article No. 24 of the company's bylaws.
27-Sep-23
BTFH: OGM / Discussing netting contracts.
28-Sep-23
EAST: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
30-Sep-23
ABUK: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ABUK: EGM / Amending Articles No. 8, 16, 21 & 39 of the company's bylaws.
AMOC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
IFAP: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.