Pre-Trading Thoughts

BINV’s BOD has accepted a binding offer for the sale of its entire stake (44.7%) in Giza Systems to a subsidiary of STC; The offer values 100% of Giza Systems at an Enterprise Value of USD145 million; Transaction has an implied EV/EBITDA22 of 5.8x and P/E22 of 9.0x; BINV is expected to distribute dividends post the exitIndustrial Development Authority decided to have the tender for the new cigarettes manufacturing license yesterday, with "Phillip Morris" as the sole bidderDOMT received an acquisition offer for up to 90% of the company’s shares; Initial offering price is for EGP5.00/share; Implied multiples are FY22 P/E 7.6x, EV/EBITDA of 6.9x and a P/B of 1.5xEFID inaugurated its manufacturing facility in Morocco;  Operations in the factory started in December 2021; EFID invested MAD203 mn (around EGP382.5 mn) and is set to pour an additional MAD170 mn (EGP320.3 mn) into a second phase of expansionsAfreximbank will work with SWDY and three other Egyptian companies to channel USD 1.5 bn of investment into infrastructure projects in AngolaTMGH AGM approved cash dividends of EGP0.17/share (DY of 1.9%)PHDC AGM approved cash dividends of EGP0.10/share (DY of 6.2%); EGM approved a capital decrease from EGP6.2 billion to EGP6.1 billion through retiring treasury sharesMNHD rights issue is now 100% subscribed after the second round