Today’s Top News & Analysis
Banks to secure FX to clear import backlog
Education and healthcare purposes are exempted from withdrawal limits
A slippage in poultry fodder prices
Waha Investment lowers its stake in CIRA
One more acquisition offer for PACHIN
MACRO
Banks to secure FX to clear import backlog
President El-Sisi said that banks in the next four days will secure foreign currency needs to cover letters of credit for goods stuck at ports. (Enterprise)
Education and healthcare purposes are exempted from withdrawal limits
The Central Bank of Egypt said that people withdrawing FX overseas for medical or educational purposes will be exempt from withdrawal limits. (CBE)
A slippage in poultry fodder prices
Fodder prices decreased this week by c.9%, reaching EGP22,000/ton. The drop in prices is due to lower corn prices in Brazil and Argentina by c.16% to EGP12,000/ton. (Al-Mal)
CORPORATE
Waha Investment lowers its stake in CIRA
Waha Investment Management SPC lowered its stake in CIRA Education [CIRA] to 2.82% down from 5.03% at an average price of EGP13.2/share. (Company disclosure)
One more acquisition offer for PACHIN
Paints and Chemical Industries (PACHIN) [PACH] received yet another offer from Eagles Chemicals SAE to acquire at least 76% and up to 100% of PACH’s shares at price of EGP29.5/share. We note that PACH has another offer from UAE-based National Paints Holding at EGP29.0/share. (Company disclosure)
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