Business News Wrap-up



Thu, 15 Mar 2018 - 05:09 GMT


Thu, 15 Mar 2018 - 05:09 GMT

Egyptian Currency – File Photo

Egyptian Currency – File Photo

CBE issues LE 14.5B in T-bills Thursday

The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 14.5 billion in treasury bills on Thursday.

The T-bills are to be offered in two installments, with the first valued at LE 6.75 billion with a 182-day term and the second worth LE 7.75 billion with a 364-day term.

CI Capital intends to float 246.9M shares in EGX

CI Capital Holding (CI Capital) announced Thursday its intention to issue 43.6 percent of the Group’s share capital on the EGX, amounting up to 246.9 million ordinary shares, according to a press release.

CI Capital clarified that the Offering is expected to take place in the second quarter of 2018.

Egypt’s collateral registry benefits banks: Moody’s

Moody's Investors Service expected that the collateral registry, launched on Sunday by Egypt’s Financial Regulatory Authority, will help banks reduce their credit risk, particularly for loans to small and midsize enterprises (SME).

Ezdehar, NBK negotiate to acquire stake in MisrCafé

Ezdehar Egypt Mid-Cap Fund and NBK Capital offered two bids to acquire a majority stake in MisrCafé Company, which is specialized in the production of coffee and natural beverages, according to the national newspaper.

Edita signs contract to invest in Morocco

Edita Food Industries SAE (EFID) announced that it signed a contract with DISLOG GROUP in the Kingdom of Morocco to establish snack food factory in Morocco, according to a filing to the Egyptian Exchange (EGX).

Edita seeks to reinforce its expansion plans and strengthen its position in the snacks market through the contract.

NBE yield of Aman Certificates is LE 16M

Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank issued 9,000 Aman Certificates for temporary and seasonal workers, with a total yield of LE 16 million ($906,086) since the issuance of the certificate.

Egypt displays partnership with Mahindra Group in car industry

Egyptian Minister of Public Enterprise Khaled Badwi discussed the cooperation and partnership opportunities in the Car industry field with a delegation from the Indian Mahindra Group, an official statement pointed out Thursday.

EGX ends in green against expectations

The Egyptian Exchange (EGX) indices turned back to the green zone before the end of Thursday, nearing 17,000 levels, amid foreign purchases.

EGX went against expectations to continue in red for the last session of the week within profit picking processes.

Dana Gas plans $47 mln capex in Egypt this year: CEO

United Arab Emirates-based energy firm Dana Gas will spend $47 million in Egypt this year but any new investments will be made only if the country pays some of the money it owes, Dana’s chief executive said on Thursday.

T-bills yields record LE 13.52B

Yields on Egypt’s 182-day and 364-day treasury bills at Thursday’s auction recorded LE 13.52 billion, according to the Central Bank of Egypt (CBE).

The average yields on the 182-day bills recorded LE 5.77 billion, reaching 17.75 percent, while the average yields on the 364-day bills reached 16.63 percent, with an outcome of LE 7.75 billion.

Egypt’s wheat reserves sufficient for 3.2 months

Egyptian Minister of Supply Ali al-Muselhi said Thursday that Egypt's strategic wheat reserves are sufficient for 3.2 months, according to an official statement.

Muselhi added that the wheat reserves are sufficient to produce subsidized bread, with a production rate of 250 million loaves per day.

Egypt, Italy share common energy interests: Foreign Ministers

Egypt and Italy share the same energy interests as Egypt is on the way to become a regional hub for natural gas trade in South the Mediterranean, the two countries' foreign ministers said on Thursday.

Cabinet to discuss budget bill before sending it to House

Prime Minister Sherif Ismail said Thursday the government will discuss during its upcoming meeting on Sunday the general budget bill of fiscal year 2018/2019 ahead of referring it to parliament in late March.

Inflation to reach single digit rates in 2019: CBE

The Central Bank of Egypt (CBE) said Thursday that it is targeting an inflation rate of 13 percent, ±3 percent in the fourth quarter of 2018, and to gradually reach a single digit rate in next year.

Cairo to host 1st session of Egyptian-UAE joint economic committee

Cairo will host on Saturday meetings of the first session of the Egyptian-UAE joint economic committee to be co-chaired by Egypt's Minister of Trade and Industry Tarek Kabil and UAE Minister of Economy Sultan bin Saeed al Mansoori, with a large number of senior officials attending.

Eni achieves record production from Nowras field offshore

Italy's Eni company has strengthened its record production from the Nowras gas field, offshore Egypt, which reached a production of 32 million cubic meters per day, equivalent to around 215,000 barrels of oil equivalent per day.



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