EGYTRANS SETTING UP SHOP IN SAUDI: Transport and logistics company Egytrans will establish a SAR 10 mn (USD 2.7 mn) limited liability company in Saudi Arabia in partnership with the kingdom’s Link Investments in 1Q 2024. The new entity will have initial capital of SAR 500k. (EGX disclosure, pdf)

NO UAE MONEY FOR EGYPTALUM?Egypt Aluminium (EgyptAlum)has denied knowledge of an agreement that would see Emirates Global Aluminium (EGA) invest an undisclosed amount in the EGX-listed aluminum player. An Al Borsa report earlier this week claimed that the investment would be finalized before the end of 1Q 2024. (EGXdisclosure, pdf)

NEW BOSTANA FACTORY: Frozen fruit and vegetable manufacturer Bostana wants to build an EGP 100 mn factory in 6th of October in an effort to increase production capacity and boost exports. The factory should be operational by 2025. (Al Borsa)

ADIB WANTS FULL OWNERSHIP OF CNIS: Abu Dhabi Islamic Bank (ADIB) Egypt will submit a mandatory tender offer to up its stake in subsidiary Cairo National Company Investment and Securities (CNIS) to up to 100% from 90%, after its board approved the move. ADIB is looking to buy all of the freely traded shares in its investment subsidiary for EGP 10.5 a share before voluntary delisting CNIS from the EGX. (EGX disclosure, pdf)

Tags: