Today’s Top News & Analysis
The FRA amended rules regarding capital increases
Government reduces fees for the national gas network for 2023
CBE issues one-year USD treasury bills worth USD1.06bn
Egypt Gas 2022 preliminary results show net profits improving by 82% y/y
House Budget & Planning Committee assures offering a 45% stake of Banque du Caire
Taaleem to finance 60% of Badya University
B Investments exit from TotalEnergies Marketing Egypt
International Finance Corporation to invest in MNT-Halan
Amer Group published its spin-off adjusted pro-forma financials for 2020 and 2021
MACRO
The FRA amended rules regarding capital increases
The Financial Regulatory Authority (FRA) modified the regulations regulating capital increases to simplify the process for companies listed on the EGX to raise new capital. (FRA disclosure)
Government reduces fees for the national gas network for 2023
Government sources reportedly announced new reduced fees of 37.6 cents/MMBTu for use of the national natural gas network in 2023. Transportation fees through the national gas network were 41.07 cents/MMBTu in 2022. (Al-Mal)
CBE issues one-year USD treasury bills worth USD1.06bn
In an auction held yesterday, the Central Bank of Egypt (CBE) issued one-year USD treasury bills worth USD1.06bn at an average yield of 4.9%. (CBE)
CORPORATE
Egypt Gas 2022 preliminary results show net profits improving by 82% y/y
Egypt Gas [EGAS] 2022 preliminary results show net profits improving by 82% y/y to EGP301mn on revenues of EGP7bn (+30% y/y). The increase in bottom line came from a jump in investment income and other non-operating revenues, recording EGP544.9mn (+236% y/y) during the year. Meanwhile, GPM came at 5.3% (-0.7pp y/y). In other news, the BoD proposed a cash dividend of EGP1/share, implying a dividend yield of 2.9%. (Company Disclosure)
House Budget & Planning Committee assures offering a 45% stake of Banque du Caire
Dr. Fakhry Al-Fiky, head of the House of Representatives’ Budget and Planning Committee, stated that a 45% stake of Banque du Caire [BQDC] will be offered in an IPO during H1 2023. He also added that by Q1 2023 The United Bank's acquisition by Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, will be finalized. (Al-Mal)
Taaleem to finance 60% of Badya University
Taaleem Management Services [TALM] announced that it will finance 60% of Badya University, through a loan worth EGP1.5bn. The loan should be granted to an entity established by TALM and Palm Hills Developments [PHDC], to be in charge of Badya University. This entity is composed of 60% for TALM and 40% for PHDC. (Company disclosure)
B Investments exit from TotalEnergies Marketing Egypt
B Investments [BINV] has finalized the exit of its entire stake of 6.38% in TotalEnergies Marketing Egypt LLC, to TotalEnergies Marketing Afrique SAS (TEMA) for total proceeds of USD28mn. BINV was eligible for the addition of USD2.2mn subject to TEMA's transaction with Abu Dhabi National Oil (ADNOC). (Company disclosure)
International Finance Corporation to invest in MNT-Halan
According to a reliable source, International Finance Corporation (IFC) plans to invest USD40mn in MNT-Halan stocks. (Al-Borsa)
Amer Group published its spin-off adjusted pro-forma financials for 2020 and 2021
Amer Group Holding Co. [AMER] published its pro-forma statements, adjusted for the spin-off into Amer Group and A Capital, for 2020 and 2021. Amer Group achieved net profits after minorities of EGP72.5mn on revenues of EGP1,416mn during 2021. Moreover, A Capital achieved a net loss of EGP26.5mn on revenues of EGP407.6mn during 2021. To recap, AMER shareholders approved dividing the company horizontally into two companies, Amer Group Holding and A Capital. The division will be by decreasing AMER paid-in capital by the book value of the shares. Moreover, the shareholders approved to restructure its sister companies and subsidiaries so that 16 of them will go to AMER and the other 5 will go to A Capital. (Company disclosures:1,2)
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