Today’s Top News & Analysis
Egypt burns more heavy fuel oil to free gas for export
EFG Hermes closes a securitization issuance – finalizes Americana’s dual listing
EGX receives DCHC listing request
Fawry collaborates with Natgas
One step closer to the Egyptian-Greek subsea data cable
Electro Cables saw a block trade yesterday
Vicat raises its stake in Sinai Cement to 67.2%
MACRO
Egypt burns more heavy fuel oil to free gas for export
The amount of carbon-intensive mazut fuel oil Egypt uses in power stations has reached five-year highs as it seeks to maximize the amount of natural gas available for export. (Reuters)
CORPORATE
EFG Hermes closes a securitization issuance – finalizes Americana’s dual listing
EFG Hermes Holding [HRHO] has closed the seventh issuances of securitized bond for Premium International worth EGP200.6mn. We note that the issuance is a part of securitization program worth EGP2bn. On the other hand, HRHO’s IB arm has finalized its advisory for Americana Group’s dual listing IPO in Saudi Arabia and the UAE, with an IPO size of USD1.8bn. (Company disclosure) (Amwal Al Ghad)
EGX receives DCHC listing request
The EGX received Damietta's Container Handling Co. (DCHC) listing request last Sunday. We note that the EGX has approved the temporarily listing of Port Said Container & Cargo Handling Co. (PSCCHC) shares on EGX last week. We note that Canal Shipping Agencies [CSAG] has a 20% stake in both DCHC and PSCCHC. (Economy Plus)
Fawry collaborates with Natgas
Fawry [FWRY] is to cooperate with Natgas, subsidiary of EK Holding [EKHO], in order to provide prepaid recharge service cards for gas meter payment. (Arab Finance)
One step closer to the Egyptian-Greek subsea data cable
Telecom Egypt [ETEL] inked an agreement with Greek Grid Telecom to lay a subsea data cable across the Mediterranean (Enterprise)
Electro Cables saw a block trade yesterday
Electro Cables [ELEC] saw a block trade yesterday of c.248mn shares (i.e. 7% of ELEC’s outstanding shares) at an average price of EGP0.475/share (+5% higher than market close). (Economy Plus)
Vicat raises its stake in Sinai Cement to 67.2%
Vicat Cement Egypt raised its stake in Sinai Cement [SCEM] by 16.6% to 67.2% through buying 21.5mn shares at an average price of EGP6.49/share. (Economy Plus)
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