Today’s Top News & Analysis
Egypt’s PMI contracts further to 45.4, down 5% m/m
IMF loan on the way
A big natural gas discovery
Stake sales on the EGX before March 2023
Raya Contact Center adjusts loan terms to its subsidiary
Macro Group to introduce 46 products in 2023
Speed Medical’s shareholders to approve a 50% capital increase
MACRO
Egypt’s PMI contracts further to 45.4, down 5% m/m
Egypt’s headline seasonally-adjusted Purchasing Managers’ Index (PMI) dropped from 47.7 in October to 45.4 in November, indicating a further contraction in the non-oil private sector. The reading was the second lowest since June 2020, extending the current sub-50.0 sequence to two years. (S&P Global)
IMF loan on the way
Egypt could receive the first tranche of its new IMF loan before the end of the year. The first tranche is amounted to USD750mn, representing 25% of the USD3.0bn loan program announced last October. (Enterprise)
A big natural gas discovery
U.S.-based Chevron’s first offshore well in Egypt has struck gas, as exploration efforts in the Narges-1X well have discovered 3.5tn cubic feet of natural gas. (MEES)
Stake sales on the EGX before March 2023
The Egyptian government could sell stakes in companies in the banking and oil sectors through the EGX before March 2023. (Enterprise)
CORPORATE
Raya Contact Center adjusts loan terms to its subsidiary
Raya Contact Center’s [RACC] BoD held on 1 December 2022 approved to increase the loan given to Gulf Customer Experience, its Bahraini subsidiary, to USD3.5mn from USD0.5mn. Meanwhile, RACC extended the loan tenor to two years instead of one. (Company disclosure)
Macro Group to introduce 46 products in 2023
Macro Group [MCRO] plans to introduce 46 new products in 2023 for personal care and dietary supplements. Meanwhile, MCRO expects c.EGP760mn in revenues by the end of 2022. (Arab Finance)
Speed Medical’s shareholders to approve a 50% capital increase
Speed Medical’s [SPMD] BoD held on 1 December 2022 agreed to call for an EGM to approved the increase of its paid-in capital by c.50% from EGP222mn to EGP332mn at a par value of EGP0.20/share in cash or through settlement of outstanding debt. (Company disclosure)
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