Today’s Top News & Analysis
CBE governor announces currency hedging contracts and a new EGP index
Expected procedures to ease imports difficulties
More on the IMF assistance package
Elsewedy Electric denies the rumors about raising EGP5bn of debt
MICH releases unaudited bottom line for Q1 2022/23
General Company for Silos posts preliminary Q1 2022/23
Ibnsina Pharma signs a contract with OMRON Healthcare
MACRO
CBE governor announces currency hedging contracts and a new EGP index
During the economic conference, the CBE governor announced a close launch of a new EGP index that tracks the EGP performance against many currencies alongside gold. He also stated that the CBE is still working on currency hedging contracts, while EGP Non Deliverable Forwards (NDFs) are ready. These derivatives come as part of the CBE's currency support strategy that aims to hedge FX fluctuation risk. (Asharq Business)
Expected procedures to ease imports difficulties
The government is currently working on reversing the requirement for importers to issue letters of credit to buy goods soon, Prime Minister said during the economic conference. (Enterprise)
More on the IMF assistance package
Talks with the IMF on an assistance package are reportedly set to continue the first week of November in Cairo. (Enterprise)
CORPORATE
Elsewedy Electric denies the rumors about raising EGP5bn in debt
Elsewedy Electric [SWDY] denied the rumors about raising EGP5bn in debt from a consortium of banks led by Banque Misr (Company disclosure)
MICH releases unaudited bottom line for Q1 2022/23
Misr Chemical Industries' [MICH] BoD held on 22 October 2022 announced unaudited bottom line for Q1 2022/23. Bottom line reached EGP104mn vs. EGP50mn a year earlier, thanks to higher selling prices. (Company disclosure)
General Company for Silos posts preliminary Q1 2022/23
General Company for Silos & Storage [GSSC] preliminary Q1 2022/23 results showed net earnings of EGP23.5mn vs. EGP9.9mn a year earlier. Higher bottom line came in view of 56% y/y growth in top line to EGP144mn, coupled with stronger GPM of 34% vs. 27% a year earlier. (Company disclosure)
Ibnsina Pharma signs a contract with OMRON Healthcare
Ibnsina Pharmaceuticals [ISPH] announced signing a contract with OMRON Healthcare, being the primary distributer to OMRON's devices through pharmacies and medical shops. (Company disclosure)
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