M&A-

T&C plans to offload up to 25% of the company to foreign investors: Clothingmanufacturer T&C Garments plans to offer 20-25% of the company’s shares to foreign investment funds during 2H 2024, after the company completes its expansion plans, which involves ramping up production capacities, T&C chairman Magdy Tolba told Al Arabiya.

MICROFINANCE-

Tanmeyah to offer micro ins. products: EFG Holding’s microfinance arm Tanmeyah has teamed up with the Egyptian arm of the Gulf Ins. Group (GIG) to roll out new micro-ins. products, according to a joint statement (pdf). The new range of products includes coverage for personal accidents, medical treatment, housing, businesses, roadside assistance, and other unforeseen events and assets. Tanmeyah has already received regulatory approvals from the Financial Regulatory Authority (FRA) for the new offerings.

REAL ESTATE-

CIB earmarks EGP 3 bn for housing initiative: CIB has signed an agreement with the Housing Ministry’s Social Housing and Mortgage Finance Fund to provide EGP 3 bn in financing to support the fund’s initiative to give out loans to low- and middle-income home buyers at 3%, 7%, and 8% interest rates, according to statements from the two (here and here). This will bring CIB’s mortgage finance loans allocated to the initiative to a total of EGP 7 bn.

MINING-

Canadian gold miner Aton Resources signed an exploitation lease with the Egyptian Mineral Resources Authority (EMRA) for gold and other minerals in Abu Marawat region in the Eastern Desert, after the company made discoveries at its Abu Marawat concession’s Hamama and Rodruin deposits, according to a statement from the Oil Ministry.

ALSO: UK-based Akh Gold, a subsidiary of Naguib Sawiris-backed Altus Strategies,Inked an exploration agreement with the EMRA for a 350 sq. km in the Eastern Desert.

Remember: Aton reportedly plans to extract gold from its Abu Marawat concession in theEastern Desert by 2025 and Akh Gold recently began looking for gold in Wadi Dubur under the exploration licenses the company secured in 2021.

CABINET-

Cabinet scraps property tax for livestock farming + extends freetransit visa scheme: The cabinet agreed yesterday to extend the exemption of livestock farming from paying property tax for two more years until December 2026, according to a cabinet readout. The cabinet also extended the validity of free transit visas issued to tourists until April 2024.

ENERGY-

BRICS’ New Development Bank eyes electricity investments in Egypt: The NewDevelopment Bank (NDB) — which Egypt joined in April — plans to ramp up its investments in Egypt’s electricity and renewable energy sectors, the bank’s VP and COO Vladimir Kazbekov said during a meeting with Electricity Minister Mohamed Shaker. (Electricity Ministry statement)

COMMODITIES-

Russian and French wheat inbound: State grain buyer GASC has purchased 360k of wheat from Russia and France in its latest tender (Al Borsa)

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