Today’s Top News & Analysis
The IMF will be keeping an eye on what happens to the exchange rate
Abu Dhabi Ports and Qatari Mwani are interested in managing Egyptian ports
Chinese and Japanese investors are interested in Egypt's renewables
The new Abu Qir metro gets bids from number of consortiums
Rameda obtains the distribution rights for a new drug
CIB enters a EGP3bn loan agreement with ACC
Amer Group Holding goes through a spin-off
Another block trade on Electro Cable Egypt
MACRO
The IMF will be keeping an eye on what happens to the exchange rate
The IMF will be keeping an eye on the EGP performance once the CBE gets rid of import restrictions by the end of this month. (Enterprise)
Abu Dhabi Ports and Qatari Mwani are interested in managing Egyptian ports
Abu Dhabi Ports and Qatar Ports Management Company (Mwani) are in early negotiations with the government to manage and operate ports in Ain Sokhna and Safaga. (Enterprise)
Chinese and Japanese investors are interested in Egypt's renewables
Chinese and Japanese investors have submitted bids to invest over USD4bn in renewable energy projects in Egypt over the next eight years. (Enterprise)
The new Abu Qir metro gets bids from number of consortiums
The new Abu Qir metro received bids to build a 21-kilometer metro rail from many consortiums. One of which is featuring Orascom Construction [ORAS], alongside French Alstom and Colas Rail. The first phase of the project is expected to cost around EUR1.5bn. (Economy Plus)
CORPORATE
Rameda obtains the distribution rights for a new drug
Rameda [RMDA] announced obtaining the exclusive distribution rights to Physiomer product. (Company disclosure)
CIB enters a EGP3bn loan agreement with ACC
Commercial International Bank [COMI] has entered a EGP3bn loan agreement with Arabian Construction Company (ACC) to support its operations in Egypt and Saudi Arabia. ACC is one of the biggest construction companies in the MENA region, where it operates in 12 different countries. (Al Borsa)
Amer Group Holding goes through a spin-off
shareholders of Amer Group Holding [AMER] approved to undertake a spin-off which will result in two companies, Amer Group Holding and A Capital. (Al-Borsa)
Another block trade on Electro Cable Egypt
PFA Consultancy sold 235mn shares of Electro Cable Egypt [ELEC] with an average price of EGP0.475/share to Elsomow Group, a subsidiary of Aspire Capital Holding [ASPI], increasing its stake to 20.09%. (Company disclosure: 1, 2)
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