Unlisted agricultural company to issue sukuk in January 2021: FRA
Sukuk issuances in 2021 are set to exceed EGP 10bn, says FRA official
Alyaa Stohy
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Palm Hills successfully closes EGP 1.5bn securitisation transaction of gross receivables portfolio
Company expects to engage in further securitisation transactions in 2021, says Chairperson
National Bank of Egypt to acquire minority in Aman for financial services by December: Sources
Aman decides against debuting on Egyptian Exchange as it previously planned
Eastern Company to invest up to EGP 1.25bn in FY 2020/21
Company is negotiating with international counterparts for partnership on heated tobacco products manufacturing
Misr Capital to launch over EGP 7bn worth securitised debt instrument offerings
Two securitised debt instrument offerings worth total EGP 4bn to take place before 2020 end, says Khalil El-Bawab
CIRA to offer EGP 600m Sukuk in December, with Hermes acting as issuance manager
The sources said that the company is currently completing the offering documents with the Financial Regulatory Authority (FRA). CIRA aims to complete the offering before the end of the year, to finance its expansion in the field of education.
RTVC close to obtaining EGP 3.3bn of syndicated loan
The funding will be provided in two tranches, with the first tranche amounting to a total of EGP 2.438bn. The first tranche of funding will be directed to financing lease contracts for the Technolease Leasing Company, at an amount of EGEP 2.138bn. A further EGP 300m will be provided by Banque Misr, to pay a debt incurred by RTVC.
FRA expected to approve Sarwa Capital’s sukuk issuance
FRA’s Sharia Supervisory Committee approves sukuk’s compliance with Islamic Sharia last Thursday
Government discusses establishment of new tourism project in Sharm El Sheikh’s Ras Jamila
The two ministries will cooperate with El-Montazah for Tourism and Investment and EMAC Aqaba Company to build the tourism project.
EFG Hermes 18% YoY growth in net profit during Q3 of 2020
Revenues for the quarter came in at EGP 1.4bn, up 21% YoY. Revenues were buoyed by strong performance from EFG Hermes’ buy-side platform on the back of strong revenues at the Private Equity division on realized incentive fees of EGP 349m following the exit from Vortex Solar
Prime FinTech to account for 70% of Prime Holding’s business within 3 years: Chairperson
Money market’s recovery after coronavirus pandemic will affect Prime Holding’s traditional activities positively next year: Vice Chairperson
MNHD targets EGP 6bn in annual sales during 2020
Company plans to securitise receivables of 3,000 units expected to be delivered by 2H 2021
Palm Hills Developments achieves EGP 2.9bn sales in 3Q 2020
Net Profit for the quarter grew 156% y-o-y, reaching EGP 238m, complemented by positive cash flows from operations of EGP 1.1bn.
Initial audit report had no substantial effect on CIB financial position: Chairperson
Sami stressed that CIB pays great attention to CBE notices regarding compliance issues, and that the necessary mechanisms are being put in place to avoid the repetition of these issues in the future.
FRA checks compliance of Sarwa’s new sukuk issuance with Sharia
Issuance to comprise 25m sukuk at nominal price of EGP 100 per unit through private placement
EIPICO to export 100,000 Remdesivir vials to 11 countries
The countries that will receive the Egyptian manufactured vaccine are Russia, Ukraine, Kazakhstan, Uzbekistan, Moldova, Belarus, Kurdistan, Tajikistan, Poland, the Czech Republic, and Slovakia.
Amer Group to issue EGP 1.25bn in securitisation bonds next month
The sources added that the company is currently finalising documents with the Financial Regulatory Authority (FRA) that are required to issue the bonds.
Elsewedy Electric signs EGP 846m contracts for Toshka transformer station
The contracts will see the Egyptian Electricity Transmission Company (EETC) construct the Toshka 4 transformer station of the gas-isolated type, under the turnkey system, at a value of EGP 410m.
CI Capital reports total financing portfolio of EGP 12.3bn in 9M 2020
Company’s consolidated revenues stood at EGP 1.6bn during same period
Ibnsina Pharma acquires 75% of 3elagi platform as part of digital transformation
The step is considered the second of Ibnsina Pharma’s digital transformation plan, following the launch of its online ordering application last July.
Oriental Weavers reports strong Q3 2020 results as exports recover
The price of the main raw material polypropylene amounted to $985/tonne, down 2.9% q-o-q and 9.4% y-o-y.
EGX targets 10,800 points resistance level, should 10,650 points barrier be surpassed
Market is currently witnessing fluctuation, particularly off back of anticipated results of yet-to-be-confirmed US presidential elections
EGX, GAFI agree to facilitate register of securities on stock market
Executive committee to be formed to activate cooperation, says EGX Chairperson Mohamed Farid
Fertiliser stocks rise on speculation of subsidy removal, investment law amendments
If implemented, it would spell very good news for local fertiliser producers, which currently sell around 40%-50% of their urea and nitrate fertiliser output to the government at a discount of about 30% to the market price.
GB Auto’s Rseedy obtains first e-wallet licence in Egypt
The entity will work in cooperation with saib Bank, with an announcement regarding the new services expected to be made this week. As previously announced, GB Auto aims to integrate Rseedy within its current NBFS platform, as the company recently also obtained licences for nano-finance, micro-finance, and consumer finance services
Abu Qir Fertilizers to report strong results in 1Q FY21
The company’s top-line is estimated to come in at EGP 2.069bn, reflecting unchanged results quarter-on-quarter (q-o-q), but a rise of 4% year-on-year (y-o-y). Gross margins are set to register 43.6%, reflecting a rise of 10.9% q-o-q and 6.1% y-o-y.
Delta Sugar posts losses in Q3 of 2020 due to weak demand
The company’s gross margin plummeted to -17.0% versus 23.3% and 2.6% in Q2 of 2020 and Q3 of 2019, respectively. It also recorded a net loss of EGP 114.4m during the quarter, compared to a profit of EGP 170.9m during Q2 of 2020, and losses of EGP 57.5m in Q3 of 2019.
Oriental Weavers’ to participate in new export rebate programme
Oriental Weavers’ export rebate backlog stood at EGP 317m by the end of June 2019, with total dues amounting to EGP 509m as of July 2020. The company is also discussing several alternatives for the export rebates due from July 2019 until June 2020.
Egyptian cement sales surge 10% m-o-m in September
Demand for cement in September rises to highest since April 2020
Egypt pharmaceutical sales increase 14% y-o-y to EGP 7.7bn in September
For the first nine months (9M) of 2020, total sales for the private segment grew by 1.9% y-o-y, amounting to EGP 58.3bn, rising in the third quarter (3Q) of 2020 by 7.4% y-o-y and 16.8% q-o-q to hit EGP 21.2bn.