Today’s Top News & Analysis
Egypt to establish five factories for drugs raw materials production
EU agrees to cease traditional car sales by 2035
JICA provides Egypt with JPY44bn to support the health insurance program
SPMD to postpone the rights issue to increase its paid-in capital
MOPCO’s expansion plans still under study
KABO repaid part of its credit facility with QNB Alahli
Egypt Gas to pay EGP1.25/share in cash dividends
FRA is reviewing fair value studies for Damietta and Port Said Container Handling Co.
Macro
Egypt to establish five factories for drugs raw materials production
The Egyptian government plans to establish five factories for the production of c.100 raw materials for drugs until 2025, supplying 20% of the Egyptian pharmaceutical market's needs for raw materials. The total investment will be c.EGP2.5bn in collaboration with subsidiaries of the Ministry of Public Enterprise and companies from the private sector. (Asharq Business)
EU agrees to cease traditional car sales by 2035
European Union officials signed an agreement that will effectively end the sale of most newly-produced internal combustion engines from 2035, with the exemption of cars that can run on synthetic fuels. The agreement will mean that car manufacturers will have to cut their carbon dioxide emissions to zero by 2035. (Asharq Business)
JICA provides Egypt with JPY44bn to support the health insurance program
Japan International Cooperation Agency (JICA) signed an agreement with Egypt to support the Universal Health Insurance System with JPY44bn. The loan will help Egypt complete the new system over the next seven years. (Cabinet statement)
Corporate
SPMD to postpone the rights issue to increase its paid-in capital
Speed Medical [SPMD] will postpone the rights issue to increase its paid-in capital by EGP111mn, offering c.555mn shares at a par value of EGP0.2/share. (Company disclosure)
MOPCO’s expansion plans still under study
In a statement published yesterday, Misr Fertilizers Production Co. (MOPCO) [MFPC] addressed the circulating news of future expansion plans of USD750mn, including a melamine plant of USD300-350mn and a green ammonia plant of around USD400mn. The company stated that both projects are still under technical and financial feasibility study, adding that neither the investment cost nor the financing method has been determined. (Company disclosure)
KABO repaid part of its credit facility with QNB Alahli
El Nasr Clothing & Textiles [KABO] paid back USD700,000 of its USD4mn credit facility with QNB Alahli [QNBA], thanks to its currently high export revenues. (Company disclosure)
Egypt Gas to pay EGP1.25/share in cash dividends
Egypt Gas’s [EGAS] BoD approved a cash dividend of EGP1.25/share, implying a 4% yield. (Company disclosure)
FRA is reviewing fair value studies for Damietta and Port Said Container Handling Co.
Fair value studies for both Damietta Container Handling Co. [DCCC] and Port Said Container Handling Co. [POCO] are currently being reviewed by the Financial Regulatory Authority (FRA), according to media sources. (Enterprise)
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