Today’s Top News & Analysis
Egypt inks agreement with JICA for second tranche of Cairo Metro loan
FRA raises installment to income ratio for mortgage activities
TCI Sanmar to invest USD160mn in Egypt
Sheeni agrees to sell a land plot
More shares of EK Holding are available in USD
MACRO
Egypt inks agreement with JICA for second tranche of Cairo Metro loan
The Japanese International Cooperation Agency (JICA) signed an agreement with the government to disburse the second USD301mn tranche of its USD1.2bn loan to finance construction of the first phase of Cairo Metro Line. (Enterprise)
FRA raises installment to income ratio for mortgage activities
The FRA has raised the installment to income ratio of mortgage finance to 50% from 35-40% previously. (Enterprise)
TCI Sanmar to invest USD160mn in Egypt
Indian TCI Sanmar is planning to invest USD160mn in order to build an ethylene loading terminal near Port Said Port. (Enterprise)
CORPORATE
Sheeni agrees to sell a land plot
General Company for Ceramics and Porcelain Products’ (Sheeni) [PRCL] BoD agreed to sell its 8000sqm land plot to the Egyptian General Petroleum Corporation (EGPC) at a price per sqm of EGP7,600. Total proceeds are expected to be c.EGP60.8mn. (Company disclosure)
More shares of EK Holding are available in USD
The EGX has agreed to change the trading currency for 2.5mn shares of EK Holding [EKHO/EKHOA] to USD from EGP. Hence, total number of shares available in USD is now 764.8mn shares, whereas total number available in EGP is now 362.1mn shares. (EGX)
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