Pre-Trading Thoughts

Egypt’s external debt jumped 17% y/y in 3Q FY2021-2022 to USD157.8 billion. Long-term debt accounted for around 83% of the total figure. Jordan will impose pre-clearance fees for Egyptian imports and mandate the use of letters of credit (L/Cs) for financing trade with Egyptian companies.The Financial Regulatory Authority is studying obligating companies listed on the stock exchange to increase the percentage of free float.COMI 2Q22 net profit post minority recorded a robust EGP3,511 billion (-17% q/q, +9% y/y).The Financial Regulatory Authority wants to see NBFS lending more than double to EGP820 billion by 2026, up from EGP370 billion last year.The General Authority of Land and Dry Ports is issuing next Sunday the booklet of conditions for the tender of establishing and operating the Tenth of Ramadan dry port with an expected investment of EGP2.0 billion. Potential candidates include SWDY-CMA consortium and ORAS-Abu Dhabi Ports consortium. ORHD’s O West signed a EGP1.5 billion credit facility to partially finance development and accelerate construction of launched phases in O West. PRDC closed a EGP425.0 million securitized bond issuance as part of its EGP3.0 billion securitization program.OLFI said that they have not received any acquisition offers so far from Emirati Agthia.ElSewedy Cement purchased a 0.9% stake in SPMD.The Suez Canal Terminal wants to invest USD500 million to expand the capacity of East Port Said Port. Alexandria Port Authority will sign today an agreement with a consortium of the Egyptian Group for Multipurpose Terminals, the Arab Group for Supply Chain, Gharably Integrated Engineering Company, and Saudi conglomerate Ajlan & Bros for a dry bulk terminal at the Dekheila port.