PRIVATIZATION WATCH-

Investors want a slice of Sinai Manganese: Several local and international investors are eyeing a stake in state-owned manganese producer Sinai Manganese, A l Ma l reports, citing sources it says have knowledge of the matter. Authorities are reportedly still studying the offers. The company is being shopped around by the Sovereign Fund of Egypt (SFE), whose pre-IPO fund has been restructuring some companies ahead of share sales, according to Al Mal’s sources.

Overhaul under way: Parent firm Chemical Industries Holding Company is reportedly preparing a study to help Sinai Manganese better utilize its mines and raise production capacity to increase its market value.

Remember: The company is on the government’s list of 35 companies up for stake sales to strategic investors, via the EGX, or a mix of both. The state aims to raise USD 5 bn from asset sales between October 2023 and June 2024.

INVESTMENT-

Al Habtoor eyes investments in SFE projects: Emirati business leader Khalaf Al Habtoor, founder and chairman of conglomerate Al Habtoor Group, is interested in investing in projects offered by the Sovereign Fund of Egypt (SFE), he told the local press (Al M al | Al Borsa). Al Habtoor said the group has not held any direct talks with the SFE, and did not disclose any specific investment plans, saying only that the North Coast has potential. Al Habtoor was speaking on the sidelines of the Habtoor Research Center’s opening in Cairo on Saturday.

Habtoor Research: Founded in 2022, the Habtoor Research Center is a think tank for political studies, economics, and risk in the region and worldwide. The institution seeks to cater to Arab culture, Al Habtoor said, adding that it chose Egypt as its destination because of its academic landscape.

RETAIL-

Local banks throw Awlad Ragab a lifeline? Indebted supermarket chain Awlad Ragab has reportedly reached preliminary agreements with four unnamed local lenders — including one state-owned bank — to reschedule EGP 400-mn worth of loan payments, Al Shorouk reports, citing an unnamed source. The chain has managed to pay some EGP 300 mn of outstanding debts since March, reducing its outstanding debt to EGP 1.3 bn, according to the local news outlet.

Awlad Ragab is liquidating some EGP 850 mn worth of assets this year: The company is reportedly selling eight branches, a factory, and a warehouse to repay part of its dues to banks, leasing companies, and suppliers.

INDUSTRY -

Suez Cement is now Heidelberg Materials: Suez Cement has rebranded under the name of its global parent company Heidelberg Materials, it announced yesterday.

COMMODITIES-

Our Russian wheat doesn’t have to come from Russia: The Supply Ministry will allow Russian crop trader Solaris to source the 480k tons of wheat it sold to Egypt last week from any origin, Supply Minister Ali El Moselhy said in an interview with Bloomberg. Solaris will still need to inform state grains buyer GASC of the origin of the grain, which must meet the standards agreed in the purchase contract.

REAL ESTATE-

Talaat Moustafa Group to work on USD 11 bn housing development in Riyadh: Talaat Moustafa Group (TMG) and Saudi-based National Housing Company (NHC) have signed an agreement to build a mixed-use development in Riyadh, according to NHC website. The 10-mn square-meter project will include some 28k housing units, commercial services, and health and education facilities. The cost of the project is around SAR 40 bn (USD 11 bn), according to TMG CEO and Managing Director Hisham Talaat Moustafa, Asharq Business reported.

REGULATION-

FRA introduces new pricing index for MSMEs finance: The Financial Regulatory Authority (FRA) yesterday launched a pricing index for MSME financing products designed to give small business owners clearer information about the loan market, it said in a statement yesterday.

What’s it for? The index will give MSMEs access to standardized information about loans being offered by various financial institutions, helping them to compare between different financing products and lowering the cost of borrowing.

Tags: