Company Name : Samad Misr - EGYFERT
ISIN Code : EGS51191C012
Reuters Code : SMFR.CA
Content :
AGM and EGM minutes after certification
Assembly Date : 17/09/2023

AGM & EGM Minutes (1,600 KB)

Company: International Co For Investment & Development
Symbols: EGS67191C014
Reuters: ICID.CA
Content:
Minutes of the Board of Directors' meeting held on 01/10/2023.
Source: International Co For Investment & Development
The Minutes (1,975 KB)

Company Name : International Co For Investment & Development
ISIN Code : EGS67191C014
Reuters Code : ICID.CA
Content :
Release from the company concerning the EGM to be held on 15/10/2023.


Release from the Company (658 KB)

Company Name : Arab Cotton Ginning
ISIN Code : EGS32221C011
Reuters Code : ACGC.CA
Content :
Release from the company concerning TCFD & ESG Reports for the fiscal year ended 30/06/2023.

The TCFD Report (249 KB)
The ESG Report (516 KB)

Company Name : Egyptian Transport (EGYTRANS)
ISIN Code : EGS42051C010
Reuters Code : ETRS.CA
Content :
Release from the company concerning amendment in the Executive Directors.



Release from the Company (469 KB)

EGX 30 index closed at 20,174.28 points, recording an increase of 0.47%. EGX70
EWI index posted 1.14% loss concluding the period at 3,785.08 points, while S&P
index declined by 0.66% and concluded the period at 3,239.29 points.
EGX 30 index capped rose by 0.51% and concluded at 24,341.65 points, while EGX
100 EWI index declined by 0.56% and concluded the period at 5,643.2 points.

Total market capitalization reached EGP 1,373.1 billion at end of period,
representing an increase of 1.2% over the period, as presented in the below table.
The below pie chart represents the market capitalization breakdown of listed stocks
per sector.

Company Name : North Cairo Mills
ISIN Code : EGS30361C017
Reuters Code : MILS.CA
Content :
Release from the company concerning the AGM to be held on 08/10/2023.




News Attachment I (504 KB)
News Attachment II (20,029 KB)

According to the letter received from the CBE & ECSD on 2023/10/01, including their approval to list this issue of Treasury Bonds 01 October 2028
Amounted to EGP 12,875,447,000 distributed over 12,875,447 bonds at a par value of EGP 1000, with a fixed rate of 21.50 % annually to be paid once per year in 01-10.
The above-mentioned Issue will be added to EGX database & available for trading effective 2023/10/02 trading session.

The Egyptian Exchange’s (EGX) indices have finished Sunday’s trading on a mixed performance.

Market capitalization closed the session at EGP 1.369 trillion.

The benchmark EGX30 index went down 0.59%, recording 20,054.72 points.

The small- and mid-cap EGX70 equal-weight index (EWI) added 0.11% to end the session at 3,789.13 points, while the EGX100 EWI inched down 0.06%, notching 5,640.02 points.

Today’s trading saw 469.180 million shares exchanged over 78,031 transactions, with a turnover of EGP 1.898 billion.

As regards investor’s trading activity, retail investors seized 76.35% of total trading transactions, while institutional investors made up 23.64% of trading.

Egyptian traders constituted 91.32% of total trading transactions, while Arab and foreign investors accounted for 4.03% and 4.65%, respectively.

Foreign traders were net sellers with EGP 43.765 million. Egyptian and Arab investors were net buyers with EGP 12.646 million and EGP 31.118 million, respectively.

dailynews-

Klivvr, a fintech and e-payment company under Orascom Financial Holding Group, has ambitious plans to become a full-fledged digital bank that caters to the needs of small and medium enterprises (SMEs) in Egypt. The company aims to transform into a major retail institution within the next seven years.

The company offers a free prepaid card through its Klivvr app, which can be used for online and offline purchases and withdrawals, both locally and internationally.

Niles Bechtler, the Managing Director of Orascom Financial Holding and the Chairperson of Klivvr, told Daily News Egypt that SMEs are a vital component of the Egyptian economy and a large potential market for the company. He said that Klivvr is looking for a suitable partner to apply for a digital bank license from the Central Bank of Egypt (CBE) for the SME category.

He added that SMEs face many challenges in accessing financing and other services from traditional banks and that Klivvr can provide them with fast and flexible solutions tailored to their needs.

Bechtler revealed that Klivvr is in talks with several banks and financial institutions, both foreign and local, to choose the best partner for the license application. He said that if the partner is an Egyptian bank, it will be one with a weak retail sector.

According to the CBE, the minimum capital requirement for a digital bank that serves all segments except large corporations is EGP 2bn, and the largest shareholder must be a financial institution with at least 30% of the total capital and a proven track record in similar activities.

Bechtler expected that the first digital bank, apart from Banque Misr, would be launched within two years, as the CBE takes about 15 months to process the applications.

He also said that Klivvr’s plans are not affected by the possible acquisition of Orascom Financial by B Investments. He praised the state’s efforts to promote financial inclusion and fintech in the Egyptian economy.

B Investments to acquire Orascom Financial

Last June, B Investments, a leading private equity firm, decided to take over Orascom Financial. The deal will be done through a share swap, where one B Investments share will be exchanged for 56.76 Orascom Financial shares, excluding treasury shares. An independent financial advisor will be appointed to determine the fair value of the shares involved in the deal.

Klivvr, which is 80% owned by Orascom Financial and 20% by Accel, a global venture capital firm, has a paid-up capital of more than EGP 100m. The company offers a free prepaid card through its Klivvr app, which can be used for online and offline transactions and withdrawals, both locally and internationally.

Bechtler said that the company raises its capital annually by EGP 200m, and plans to increase it by another EGP 200m for old shareholders. He also said that the company may welcome a new investor in the future, but not at the moment.

He also said that Klivvr’s plans are not affected by the possible acquisition of Orascom Financial by B Investments.

Bechtler said that Klivvr’s investment plan for the next three years includes expanding its innovative services based on fintech and launching a new service at least every month. He said that the company aims to build a culture of savings and investment among its users. He said that the company has already launched a savings product called Saving Yard, and plans to launch investment services through the app within two months. He declined to reveal the nature of the investment.

He said that the company is open to partnerships to strengthen its business model and offer new and diverse services in the Egyptian market, such as the recent partnership with Visa to launch its digital payment card.

Regarding Orascom Financial’s plan to launch a venture capital fund, Bechtler said that the matter depends on the outcome of the acquisition by B Investments, and that the shareholders will decide on it once the deal is completed.

Regarding the recent caution of venture capital to invest in startups, Bechtler said that the nature of venture capital is to take more risks for higher returns and that the future of startups has cycles, where some succeed and some fail. He said that venture capital investors know that most of the startups they invest in will not survive after 3-4 years, but they also know that one successful startup can compensate for the losses of many others.

He said that Klivvr is not hesitant to invest despite the challenging economic situation, as investments lead to growth. He said that times of crisis can be an opportunity to establish a successful investment entity and attract good opportunities.

dailynews-

The General Authority for Investment and Free Zones (GAFI) is considering establishing a financial service center in the financial and business district of the New Administrative Capital, in partnership with an Emirati-South African alliance. The center will be similar to the Cyprus experience, where foreign companies can operate inside Egypt with special legislation and incentives, such as customs exemptions and 10-year renewals. The center will target activities such as insurance, investment funds, financial consulting, holding and family companies, and tourism companies.

This was announced by Hossam Heiba, the CEO of GAFI, during a meeting with members of the Egyptian Lebanese Businessmen Association. He said that the authority is also planning to set up two more financial service centers in New Alamein and the Red Sea, as part of its strategy to create a business climate and attract investors.

Heiba said that the foreign direct investments (FDIs) in Egypt are expected to grow by 10% by the end of the fiscal year (FY) 2023, compared to the last FY 2022. He said that Egypt is the top destination for FDIs in Africa and the second in the Middle East, after the UAE. He cited data from the Central Agency for Public Mobilization and Statistics, which showed that the FY 2021/2022 witnessed the largest increase in FDIs flows to Egypt, reaching about $8.9bn, a rise of 71.4%.

Heiba said that the authority has noticed great interest from many foreign countries in obtaining lands and allocating industrial zones. He said that the authority has allocated 4.5 million sqm in the past six months. He also said that the authority has addressed the problems of six priority sectors, namely food industries, real estate development, medicines, and cement. He said that the authority has classified the problems into general and specific ones, and has summoned all the relevant authorities to solve them.

Heiba said that one of the goals of the authority is to reduce the release time of goods at ports from 147 days to 14 days. He also said that the authority is working to end the problem of drug pricing and that the Egyptian Drug Authority is seeking to change the drug pricing map to help factories export. He also said that an integrated tax system is being developed, which will be announced and implemented next November.

According to the letter received from the CBE & ECSD on 2023/10/01, including their approval to list this issue of Treasury Bonds 01 October 2026
Amounted to EGP 9,132,319,000 distributed over 9,132,319 bonds at a par value of EGP 1000, with a fixed rate of 24.09 % annually to be paid once per year in 01-10.
The above-mentioned Issue will be added to EGX database & available for trading effective 2023/10/02 trading session.

Egyptian mobile operators are preparing to launch a trial run of the electronic SIM card (eSIM) technology, which allows customers to activate a data package from their service providers without using a physical SIM card. The trial run is expected to start within three weeks, after resolving some legal issues in the contracts between the foreign company supplying the eSIM chip, the National Telecom Regulatory Authority (NTRA), and the mobile operators.

This was revealed by sources in the mobile sector, who spoke to Daily News Egypt. They said that the contracts are currently under final review and will be signed soon, followed by the trial run.

An eSIM is a digital SIM card that is embedded inside the phone or the smart device. It can store multiple data profiles from different networks, and the user can switch between them easily. The user can also install eight or more eSIMs in their iPhones and use one number, all at the same time.

The eSIM technology offers several advantages, such as saving space, reducing costs, enhancing security, and facilitating international roaming. However, it also poses some challenges, such as compatibility, regulation, and customer service.

The media reported in September last year that the NTRA was negotiating with four international technology companies to develop the eSIM technology in Egypt for mobile phones, including the French iMedia.

dailynews-

Hassan Abdalla, the Governor of the Central Bank of Egypt (CBE), met with Tan Jiong, the President of the China Development Bank (CDB), in Beijing, where he visited the new headquarters of the CDB. The meeting was attended by Rami Aboulnaga, the Deputy Governor of the CBE, Assem Hanafi, the Egyptian Ambassador to China, and other members of the Egyptian diplomatic mission in China.

The meeting covered various topics of mutual interest, such as enhancing regional cooperation and financial integration between the two countries and organizing a conference in Egypt to introduce Chinese companies and banks, as Egypt is a gateway to Africa.

Abdalla invited Tan to visit Egypt and expressed his support for the expansion of the CDB’s presence in the Egyptian market as a full-fledged financial institution. He also urged the CDB to increase its investments in key sectors that align with the Egyptian government’s priorities.

Tan reiterated his support for financial integration and regional cooperation at all levels. He also encouraged Chinese banks to increase their presence in the Egyptian market. He also called on the Chairperson of the China-Africa Development Fund to intensify the fund’s focus and efforts in Egypt.

The two sides agreed to explore the possibilities of increasing the use of the Renminbi, the Chinese currency, in future projects and joint financing activities. They also agreed to work on facilitating the establishment procedures for Chinese companies and banks in Egypt, to boost cooperation.

At the end of the meeting, Tan thanked Abdalla for his visit to the CDB and said that it was a milestone that strengthened the ties between the two countries and enhanced cooperation. He said that the CDB has always given priority to financing infrastructure and energy projects in Egypt.

The Chairperson of the China-Africa Development Fund, Song Li, said that the fund seeks to increase its current project portfolio in Egypt, especially in the fields of health, education, technology, and vocational training. He also said that the fund aims to invest in infrastructure projects through public-private partnerships and to focus on strategic sectors, such as agriculture and finance.

dailynews-

Rami Aboulnaga, the Deputy Governor of the Central Bank of Egypt (CBE), met with Helene Budliger Artieda, the Swiss State Secretary for Economic Affairs, and Yvonne Baumann, the Swiss Ambassador to Cairo, at the CBE headquarters. The meeting was held on the sidelines of the eighth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), which took place in Sharm El-Sheikh.

The meeting, which was also attended by several of CBE’s top management officials, focused on enhancing and developing bilateral economic relations, in line with the Swiss Confederation’s cooperation program in Egypt (2021-2024). The two sides discussed exchanging experiences and supporting bilateral financial ties, as well as expanding Swiss businesses in the Egyptian market.

Aboulnaga welcomed the Swiss delegation to Egypt and highlighted the economic developments and the promising opportunities in the Egyptian market. He also explained the measures that the CBE, in collaboration with the Egyptian government, is taking to confront the economic challenges that the world is facing due to global geopolitical conflicts.

Artieda affirmed the depth of economic relations with Egypt and expressed Switzerland’s support for the Egyptian economic reform program, implemented per the International Monetary Fund’s agreement. She also proposed the formation of a joint economic committee between Switzerland and Egypt, which was welcomed by the CBE. She also suggested enhancing the cooperation between the central banks of both countries.

Egypt and Switzerland have strong and long-standing relations, dating back more than four decades. Switzerland has contributed to several developmental projects that support the Egyptian economy. Egypt is also Switzerland’s largest trading partner in Africa, and Swiss companies have a solid presence in the local market, with total investments estimated at around $1.2bn.