Today’s Top News & Analysis
Cabinet grants the golden license to a green ammonia plant
Possible amendment to the income tax act
EGX receives DCHC listing request
More and more green investments
Flourish Investment lowers its stake in Electro Cables Egypt
CAED shareholders approve cash dividends
Fed hikes rates by 50bps — But will remain hawkish for 2023
MACRO
Cabinet grants the golden license to a green ammonia plant
Cabinet has awarded a golden license to Egypt Green Ammonia Company in order to inaugurate a USD5.5bn green ammonia plant in Ain Sokhna, with a production capacity of 1mn tons per annum. (Enterprise)
Possible amendment to the income tax act
The Finance Ministry is reportedly proposing amendments to the income tax act that would enforce a new 27.5% wage tax rate on salaries of more than EGP800,000 a year. (Enterprise)
CORPORATE
EGX receives DCHC listing request
The EGX listing committee has agreed to temporarily list the shares of Damietta Container Handling Co. (DCCC) on the EGX, giving the company six months to meet the minimum requirements for the IPO. We note that the EGX has approved the temporarily listing of Port Said Container & Cargo Handling Co. (PSCCHC) shares on EGX last week. We also note that Canal Shipping Agencies [CSAG] has a 20% stake in both DCHC and PSCCHC. (Enterprise)
More and more green investments
The 100MW green hydrogen plant being developed by Scatec, Fertiglobe and Orascom Construction [ORAS] has received a golden license from the government yesterday, with total investments of USD135mn. (Enterprise)
Flourish Investment lowers its stake in Electro Cables Egypt
Flourish Investment lowers its stake in Electro Cables [ELEC] from 9.99% to 3.01% by selling 248mn shares at an average price of EGP0.475/share. Meanwhile, Semow Group and Al-Hosn Consultancy, both subsidiaries of Aspire Capital Holding [ASPI], upped their stake. (Amwal Al Ghad)
CAED shareholders approve cash dividends
Shareholders of Cairo Educational Services [CAED] approved DPS for 2021/22 of EGP1.15/share, implying 7.4% in dividend yield. (Mubasher)
GLOBAL
Fed hikes rates by 50bps — But will remain hawkish for 2023
The Federal Reserve raised interest rates by 50bps on Wednesday and projected at least an additional 75bps of increases in borrowing costs by the end of 2023 as well as a rise in unemployment and a near stalling of economic growth. (Reuters)
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