Top News & Analysis
MACRO NEWS
Fitch has cut Egypt’s GDP growth forecast for FY23 to 4.4% from a prior projection of 5.5%, saying the economy will grow more slowly the next fiscal year due to inflationary pressures. (Enterprise)
The government yesterday began the first of a series of public consultations on its state ownership policy. (Enterprise)
CORPORATE NEWS
EFG Hermes Holding [HRHO] announced today that Alhokair Family has entered into an agreement to acquire a 4.99% stake in valU through a capital injection of USD12.4mn, signifying a valuation of USD247.4mn for the company. (Company disclosure)
Arab Moltaqa Investments [AMIA] will finance their stake in Domty's [DOMT] acquisition through previous exits. Meanwhile, in a previous note AMIA announced joining the Expedition Investment alliance to acquire DOMT. (Al-Mal)
Egytrans [ETRS] signed a contract with Kuehne Nagel for EGP26mn to transport 70 towers to an electric generation wind farm. (Company disclosure)
Dice Sport & Casual Wear’s [DSCW] OGM decided not to distribute dividends for 2021. (Company disclosure)
Arabia Investments Holding [AIH] said that the lawsuit filed against French Peugeot was postponed to 24 July 2022. (Company disclosure)