Top News & Analysis
MACRO NEWS
Ethiopia is interested in returning to the negotiating table with Egypt and Sudan to seal an agreement over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD). (Enterprise)
Japanese conglomerate Sumitomo has chosen Egypt as the site of its new factory, inking an MoU with GAFI. (Enterprise)
CORPORATE NEWS
Cairo for Investment & Real Estate Development's [CIRA] BoD approved to securitize receivable portfolio worth of a maximum of EGP2bn to be used for the purposes to be determined by the CIRA’s extraordinary general meeting (EGM). The BoD also agreed that the value of the first issue would be EGP800mn. (Company disclosure)
The Supreme Council of Private Universities decided to end the centralized enrollment system that required students to use it to apply to private universities and return to the direct enrollment system for private universities directly through the website of each university. (Youm 7)
Palm Hills Developments’ [PHDC] BoD has approved waiving rights of 481.25 feddans of land plot in favor of the NUCA for c.EGP2.8bn. (Arab finance)
Ezz Steel [ESRS] will be negotiating with one of the large local bank to obtain financing up to EGP2.2bn for its newly EGP3.2bn meltshop to be opened by Q4 2022. (El-Shrouk)
Savola Snacks, a Saudi company, has signed the Asset Purchase Agreement (APA) to acquire 100% of assets in the Egyptian Belgian Company for Industrial Investments, the agreement is worth EGP622.4mn. (Enterprise, Company disclosure)