Today’s Top News & Analysis
Fitch Revises Egypt's Outlook to Negative; Affirms at 'B+'
Elsewedy Electric & Deutsche Bahn signed a EUR1bn contract
Orascom Construction started commissioning the integrated green hydrogen plant
MOPCO reports 9M 2022 standalone indicators
Egytrans shareholders postpone dividend distribution
MACRO
Fitch Revises Egypt's Outlook to Negative; Affirms at 'B+'
Fitch Ratings has revised the outlook on Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR at 'B+'. The revision of the outlook to Negative reflects the deterioration in Egypt's external liquidity position. (Fitch)
CORPORATE
Elsewedy Electric & Deutsche Bahn signed a EUR1bn contract
Elsewedy Electric [SWDY] and Deutsche Bahn have signed a contract with the government to manage and operate the first line of the planned high-speed rail network for EUR1bn. (Enterprise)
Orascom Construction started commissioning the integrated green hydrogen plant
Orascom Construction [ORAS] started commissioning the first phase of the integrated green hydrogen plant during COP27 in a consortium with Fertiglobe, Scatec, and the Sovereign Fund of Egypt. The facility will deliver up to approximately 15,000 tons of green hydrogen as feedstock for production of up to 90,000 tons of green ammonia per year. (Company disclosure)
Beltone Financial agrees to obtain a loan from Chimera
Beltone Financial Holding’s [BTFH] BoD has agreed to obtain an interest free loan of EGP1.34bn from its UAE-based shareholder, Chimera Investments. (Company disclosure)
MOPCO reports 9M 2022 standalone indicators
Misr Fertilizers Production [MFPC] 9M 2022 preliminary standalone EPS came at EGP15.95 (+253% y/y) vs. EGP4.52 a year earlier. Reasons for such leap in bottom line performance could be explained in view of (1) 106% y/y growth in revenues to EGP4.7bn, and (2) GPM improved to 59% (+1pp y/y). (Company disclosure)
Egytrans shareholders postpone dividend distribution
Egytrans [ETRS] shareholders decided to postpone the decision of cash dividend distribution for 2021, as the company is entering into a number of investments during the coming period. (Mubasher)
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