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26 June 07:15 PM Tadawul to launch Single Stock Futures in July; 10 listed firms chosen
Riyadh – Mubasher: The Saudi Exchange (Tadawul) will launch Single Stock Futures (SSFs) contracts on 4 July this year to enable the expansion of its Derivatives Market and products. The first tranche of the SSFs will be based on 10 listed …
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26 June 06:40 PM Kima turns profitable at EGP 482m in 9M-21/22
Cairo – Mubasher: Egyptian Chemical Industries (Kima) has recorded net profits after tax worth EGP 481.94 million in the first nine months (9M) of fiscal year (FY) 2021/2022, against net losses of EGP 1.01 billion in 9M-20/21. Revenues jumped by …
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26 June 05:15 PM GB Auto’s Drive closes 1st bond issuance of EGP 2bn programme
Cairo – Mubasher: Drive Finance, a subsidiary of Ghabbour Auto (BG Auto), has completed the first bond offering which is part of a programme standing at EGP 2 billion on 23 June this year. GB Auto elaborated that the bond issue amounted to EGP 700 …
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26 June 03:45 PM Juhayna’s consolidated net profits surge 15.5% in Q1-22
Cairo – Mubasher: Juhayna Food Industries achieved a consolidated net profit after tax worth EGP 142 million in the first quarter (Q1) of 2022, higher by 15.5% than EGP 123 million in Q1-21. Earnings per share (EPS) went up to EGP 0.15 in …
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26 June 02:18 PM UAE’s Shuaa exits asset in Egypt for AED 4m
Dubai – Mubasher: Shuaa Capital has sold its brokerage unit in Egypt for a total value of AED 3.6 million after receiving the essential regulatory approvals, according to a bourse filing. Exiting the Egypt-based asset followed a capital reduction …
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23 June 07:04 PM Misr Hotels repays EGP 383m of NBE's loan, unveils estimated profits
Cairo – Mubasher: Misr Hotels has paid off a total of EGP 383.18 million in instalments as part of a credit facility by the National Bank of Egypt (NBE). The repayment has been made since the board’s decision on 24 January 2017 until June 2022. …
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23 June 11:37 AM Arab Cotton Ginning turns to profitability in 9M
Cairo – Mubasher: The unaudited consolidated financials of Arab Cotton Ginning Company recorded net profits of EGP 74.55 million in the first nine months (9M) of fiscal year (FY) 2021/2022, against net losses of EGP 22.71 million in the year-ago …
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23 June 11:21 AM Alexandria Container’s profits up 34% in 11M
Cairo – Mubasher: The net profits of Alexandria Container and Cargo Handling Company jumped by 33.8% year-on-year (YoY) to EGP 1.70 billion in the first eleven months (11M) of fiscal year 2021/2022 from EGP 1.27 billion. The company generated …
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22 June 07:51 PM ACWA Power inks $1.5bn deal with Egypt’s EETC
Riyadh – Mubasher: Suez Wind Energy Project Company, owned by ACWA Power Company, has signed a power purchase agreement (PPA) worth $1.50 billion with the Egyptian Electricity Transmission Company (EETC). ACWA Power and EETC will team up for …
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22 June 12:51 PM Abu Qir Fertilizers to launch company for EGP 1.2bn plants
Cairo – Mubasher: The board of Abu Qir Fertilizers has approved to proceed with the establishment of a company that will manage the project planned to be launched on the land area, owned by the Egyptian General Petroleum Corporation (EGPC). The …
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22 June 12:00 PM Emaar Misr for Development's OGM approves partnership with Eagle Hills for project
Cairo – Mubasher: The ordinary general meeting (OGM) of Emaar Misr for Development has approved a partnership with Eagle Hills in developing a residential, tourist, and commercial project in the North Coast region. To participate in the project, …
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21 June 05:00 PM Saudi Arabia's Savola records EGP 25bn operating investments in Egypt
Cairo - Mubasher: Savola Group, a Saudi investment holding group in the food and retail sectors, has announced EGP 6 billion assets in Egypt with total operating investments exceeding EGP 25 billion. The company is one of the largest regional …
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21 June 12:38 PM EFG Hermes closes Bedaya Mortgage Finance’s 1st securitisation issuance
Cairo - Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) has completed an advisory on the first securitisation issuance of EGP 651.2 million for Bedaya Mortgage Finance, Egypt’s first non-banking online mortgage provider. Closed …
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21 June 12:06 PM Egypt Free Shops targets EGP 80m profits in FY22/23
Cairo – Mubasher: Egypt Free Shops targets EGP 80.31 million in net profits during fiscal year (FY) 2022/2023, compared to around EGP 160.28 million expected to be achieved in FY21/22. The company also seeks to generate revenues of EGP 677 million …
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21 June 10:50 AM Halwani Bros' unit in Egypt, Aquat Food ink MoU to cooperate in food manufacturing
Riyadh – Mubasher: The subsidiary of Halwani Bros Company in Egypt has inked a non-binding one-year renewable memorandum of understanding (MoU) with Aquat Food Industries Company, the sister company of ALBAIK Food System Company. Under the …
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20 June 08:02 PM Saudi Alhokair acquires 5% equity in EFG Hermes’ valU
Cairo – Mubasher: Fawaz Abdulaziz Alhokair Company, as well as two other firms of the Saudi Alhokair Family, entered into an agreement to acquire a 4.99% stake in valU, a subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes). Under …
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20 June 06:40 PM Upper Egypt Mills targets EGP 896m revenues in FY22/23
Cairo – Mubasher: Upper Egypt Mills Company plans to generate EGP 896.17 million in revenue during fiscal year (FY) 2022/2023. The company intends to allocate EGP 90 million in FY22/23 to carry out investment projects, according to a bourse …
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20 June 12:56 PM Marseilia's board nods to EGP 50m finance lease contract
Cairo - Mubasher: The board of Marseilia Almasreia Alkhalegeya Real Estate Investment has approved an EGP 50 million finance lease contract. The five-year finance lease contract will be signed for a commercial mall in Marseilia Beach 4, according …
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20 June 12:37 PM Banque du Caire invests $82m in Afreximbank's capital raise
Cairo - Mubasher: Banque du Caire has invested $82 million in African Export-Import Bank (Afreximbank), raising the total value of the bank's investments in Afreximbank to around $115 million, the Middle East News Agency (MENA) reported. The …
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19 June 12:47 PM Oriental Weavers Carpet joins UN Global Compact
Cairo – Mubasher: Oriental Weavers Carpet has joined the United Nations (UN) Global Compact, the world’s largest voluntary corporate sustainability initiative. This membership reflects the company's commitment to the ten main principles of the …
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19 June 12:01 PM Egytrans inks EGP 26m logistics service contract for wind farm
Cairo – Mubasher: Egyptian Transport and Commercial Services Company (Egytrans) has signed an EGP 26 million contract with Switzerland-based Kuehne+Nagel Group, a logistics company, to offer logistics services to the West Bakr-Vestas wind project. …
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16 June 09:24 PM Aman for Microfinance launches 1st investment fund
Cairo – Mubasher: Aman for Microfinance, a subsidiary of Aman Group that is owned by Raya Holdings for Financial Investment, has launched its first investment fund, dubbed AmanYoum-B-Youm. Aman earlier obtained the Financial Regulatory Authority’s …
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16 June 07:08 PM Kuwait’s Al Arabia Real Estate exits EG Bank for over $10m
Mubasher: Kuwaiti firm Al Arabia Real Estate Company has sold its stake in the Egyptian Gulf Bank (EG Bank) for $10.17 million. Kuwait Barraries Trading Company has purchased the Boursa Kuwait-listed company’s equity in EG Bank, equivalent to …
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16 June 04:55 PM EFG Hermes' unit acquires tech-driven B2B platform Fatura
Cairo - Mubasher: Tanmeyah for Microfinance Services, a wholly-owned subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes), has acquired Fatura Netherlands B.V. (Fatura), a tech-driven B2B platform. With a regional footprint of 22 …
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16 June 01:39 PM Kima inks EGP 7.2bn financing amendment contract with NBE-led consortium
Cairo - Mubasher: A banking consortium, led by the National Bank of Egypt (NBE), has signed a long-term joint financing amendment contract worth EGP 7.2 billion with the Egyptian Chemical Industries (Kima), a subsidiary of Chemical Industries …