ENERGY-

Pico and Kufpec want to boost investment in oil exploration: Cheiron’s Pico Petroleum and the Kuwait Foreign Petroleum Exploration Company (Kufpec) will invest USD 119.5 mn over the coming five years to increase production at the Geisum and Tawila West concession in the Gulf of Suez, Al Borsa wrote citing an Oil Ministry document. The companies also requested that they be given 20-year licenses for the concession, so they continue operating and investing in the area after their current licenses expire in 2027.

Pico and Kufpec are ready to go: MPs last month authorized the Oil Ministry to contract the two companies to explore for oil at the concession, whose development lease is 60% owned by Pico and 40% owned by Kufpec.

M&A WATCH-

Equinox ups stake in Rameda: Rameda Pharma’s largest shareholder, Equinox Pharma, has purchased another 1.71% of the company in the past three months, raising its stake to 18.03%, Rameda said in a statement(pdf) yesterday. Equinox is owned by Compass Investment, which acquired 100% of Rameda in 2011 before listing it on the EGX in 2019.

INFRASTRUCTURE-

The Emirati embassy will move to the new capital: The UAE has purchased a plot of land in the new capital’s Diplomatic Quarter with the aim of relocating its embassy there, according to a statement (pdf).

MANUFACTURING-

Egyptian-owned manufacturer to inaugurate power generator plant before year end: Customized PowerTechnology Group (CPT) is building an EGP 500 mn power generator factory in the Tenth of Ramadan under the National Initiative of Developing Egyptian Industry (Ebda), Chairman and CEO Adham Abo El Nasr told Al Mal. The plant is expected to go online before the end of 2023, producing 10k generators a year, with plans to increase its annual production capacity to 12k generators by the end of 2024. The company plans to export around 7k power generators a year starting next year, mainly to African and Arab markets.

Two new factories in the pipeline: The company is also working to set up two new dieselengine factories under Ebda. The first will be inaugurated early 2024 and the second at a later undisclosed date.

What’s CPT? The Saudi-grown company kicked off operations in 2015 but it was recently acquired by Egyptian investors. The company specializes in power generators and hybrid power solutions manufacturing. Its USD 15-mn Badr City factory produces 2k generators annually.

COMMODITIES-

The Supply Ministry will auction off 66 gold bars and 41 silver bars on the Egyptian Mercantile Exchange next Tuesday, Al Borsa reported yesterday, citing a ministry official. All the gold put up for auction is government-owned, including that seized by the Customs Authority, Soliman said.

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