Pre-Trading Thoughts

-El Sisi gives instructions to move to cash subsidies instead of handing over subsidized fertilizers to peasants. Impact discussed in e-mail note. Beneficiaries: ABUK, MFPC, AlexFert (EKHOA), EFIH.-HELI announced that it has agreed to enter into a co-development agreement with Mountain View for the Heliopark land plot, which is 7.1 mn sqm. HELI stated that total revenues for the company from the project will add up to EGP115 billion, over 23-25 years. This represents EGP8.17 per share, which takes HELI's FV to EGP12.40 per share.-Egyptian Chemical Industries (Kima) could sell more shares on the EGX when profitability improves.-ORAS will acquire 100% of an equipment import, distribution and services business. Transaction is worth a total of USD35 mn (EGP4.75/ORAS share).-EFIH submitted capital increase documents to EGX listing committee, bringing paid-in capital to EGP888.89 mn (IPO-related capital increase).-Fawry revealed cooperation with Mediterranean Shipping Company Egypt providing electronic payment to its customers through Fawry's outlets. -FRA’s prosecution on SPMD’s conflicting disclosures of Prime Speed and Al-Safwa hospital has been postponed to 03 January 2022.-Porto Consultancy purchased a 43.9% stake in AMER.