Pre-Trading Thoughts

Al Ahly Pharos

Investment banks are expected to finish three days of calls with investors regarding a potential Sukuk issuance by Egypt tomorrow.

The Omani Investment Authority is looking for investment opportunities within the Egyptian market.

A number of local, Gulf, and European investors submitted offers to acquire stakes in Egypt's largest wind power plants in the regions of Jabal Al-Zayt and Al-Zafarana.

Egypt and Italy could sign MoUs on a 3-GW USD3.5 billion electricity interconnection project in June 2023.

TMGH 4Q22 sales reached EGP12.2 billion, up 151.0% y/y and 25.8% q/q, bringing FY22 sales to EGP33.2 billion, up 2.6% y/y. Net profit in 4Q22 reached EGP304.8 million, up 384.8% y/y and down 65.7% q/q, bringing FY22 net profit to EGP2.3 billion, up 30.8% y/y. The Board proposed the distribution of cash dividends of EGP0.193/share.

PHDC closed a EGP638.0 million securitized bond.

PRDC subsidiary, Rooya, is negotiating with banks to reschedule EGP3.7 billion in debt.

The National Authority for Tunnels received the final offers from three local and international consortia that qualified to compete to implement the Abu Qir metro project in Alexandria, with investments of c. EUR1.6 billion for a period of two years.

EXPA awaits the CBE's approval to distribute 6:1 bonus shares.

Chimera bought 30.5 mn shares of HRHO for EGP590.6 mn last week via its newly acquired local financial services BTFH. Chimera is also eyeing a piece of the privatization program through Beltone.

BINV received USD2.2 million in an additional amount in the sale of its entire stake in Total Egypt to ADNOC, bringing the total value of the deal from USD27.6 million to USD29.8 million.

The government wants to sell sizable minority stakes in two state-owned pharma companies (Chemical Industries Development Company and Misr Pharma) in the coming six months.

Chevron has requested permission from Shell to use its West Delta Deep Marine facilities on Egypt’s Mediterranean coast to process gas from Cyprus’ Aphrodite field.

Emirates is adding more flights between Dubai and Cairo starting 29 October 2023.

A parliament suggestion for the expat cars program would offer a 50% discount on the required deposit from expats resident in Gulf countries.