Today’s Top News & Analysis
EEC22 recommendations and key takeaways
G7 nations plan a price cap on natural gas
The House approves fresh green finance
EAST shareholders approved distributing dividends
EIPICO announces updates on UP Pharma offer
Tanmeyah enters an agreement with Bee and Masary
MACRO
EEC22 recommendations and key takeaways
The Egyptian Economic Conference (EEC) ended yesterday after three days in action. Top highlights from the conference are: (1) the continuous reduction of the government’s debt-to-GDP, extending debt maturities, and generating primary surpluses, (2) the swift conclusion of negotiations with the IMF concerning the financing package, (3) the importance of maintaining a flexible exchange rate regime to reflect the market dynamics in terms of supply and demand, (4) the launch a currency derivatives market as a hedging tool against FX rate volatility, (5) the launch of an EGP index to gauge its performance against currencies of Egypt’s main trading partners as well as gold, (6) the imminent removal of LCs regime to facilitate imports, (7) the finalization of the government’s state ownership policy document, and (8) the government’s main objective is to promote private-sector involvement, support local industry to improve exports. (Hapi Journal)
G7 nations plan a price cap on natural gas
Ministers from gas-producing countries voiced “great concern” over Europe’s bids to impose “politically-driven price caps” on natural gas. (Enterprise)
The House approves fresh green finance
The House of Representatives approved a draft presidential decree for a EUR83mn loan from the African Development Bank (AFDB) to finance the second phase of the Electricity & Green Growth Support Program. (Enterprise)
CORPORATE
EAST shareholders approved distributing dividends
Eastern Company’s [EAST] shareholders approved the distribution of a cash dividend of EGP1.6/share, implying a 14% yield. (Company disclosure)
EIPICO announces updates on UP Pharma offer
EIPICO [PHAR] did not receive a response regarding its UP Pharma acquisition offer; thus the BoD will reconsider the decision to acquire UP Pharma altogether. (Company disclosure)
Tanmeyah enters an agreement with Bee and Masary
Tanmeyah, the microfinance arm of EFG Hermes Holding [HRHO], entered an agreement with Masary and Bee to facilitate the electronic collection process for Tanmeyah’s customers. (Al-Mal)
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