Suez Canal Economic Zone aims to attract USD2 bn of investments in 2023, within the textiles, readymade garments, automotive, and steel pipes industries.
The value of goods released from Egyptian ports YTD hit USD5.4 billion.
As many as six of the first eight companies set to offer shares as part of the state privatization program are oil or petchem players, including Enppi, Midor, Assiut Oil Refining Company (ASORC), Ethydco, and El Wady for Phosphate Industries and Fertilizers (WAPHCO).
Tourists could soon be able to apply for a new five-year, multiple entry visa, at USD700, Tourism Minister said. The ministry works to double the number of tourists to Egypt to 30 mn annually by 2028.
According to local media, Saudi investors are interested to buy Arab African International Bank's 12.7% stake in PHDC (FV: EGP3.91, OW), with the bank aiming to sell its stake at EGP2.5-3/share.
Mopco targets to undergo expansions and new projects with USD750 million directed to the new melamine project that will be implemented at the Free Zone in Damietta at an investment cost of USD300-350 million and The green ammonia production project in cooperation with Norway at investment cost of USD400 million.
SKPC's BOD has initially approved the fair value study submitted by Baker Tilly. The company will announce the fair value after the approval of the final study and once it receives the FRA's approval.
Eagle Chemicals yesterday boosted its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to Dubai-based National Paints Holding’s (NPH) new bid last week. Eagle Chemicals is now offering to purchase at least 75% of Pachin for EGP37.00 per share, EGP 1.00 higher than the bid NPH put in at the end of last week.
AUTO (FV: EGP7.56, OW) decided that there will not be any cash dividends distribution for 2022.
The Education Ministry and USAID signed five MoUs to establish five international applied technology schools under the USAID-funded Workforce Egypt project.
Elsewedy Industrial Development, a subsidiary of SWDY is one of four industrial property developers that have been awarded more than 1.8k feddans of land in New October City through NUCA.
MBSC shareholders approved cancelling 7.07 million treasury shares worth EGP70.7 million. This brings the company's paid in capital to EGP679.3 million distributed over 67.9 million shares, down from EGP750 million distributed over 75 million shares.
ECAP (FV: EGP17.23, EW) BoD approved the proposed dividends distribution of EGP0.9 per share out of 2022 profits, implying payout ratio of 32.2% and a dividend yield of 6.1%.