AUTOMOTIVE-

Made-in-Egypt electric buses: Local automotive company Kastour Egypt has agreedto work with Chinese automaker Foton to locally assemble Foton’s electric buses in 2H 2024, a Kastour official told Al Mal. The buses will go to both public and privately-owned public transportation providers and the two companies are interested in increasing the amount of locally manufactured parts being used in the vehicles, Nassim added.

EARNINGS WATCH-

SODIC’s net income more than doubled y-o-y in 1Q 2024: EGX-listed real estate developer SODIC saw its net income after minority interest rise to EGP 390.1 mn in the first quarter of the year on the back of an increase in unit deliveries, up 108.2% from the same period last year, according to its latest earnings report (pdf). The company’s topline was up 22.9% y-o-y to EGP 1.8 bn in the same period.

M&A-

RMBV could add more local firms to its portfolio this year: Investment firm RMBV is looking into acquiring stakes in several Egyptian companies this year, Managing Partner Ahmed Badreldin told Al Borsa. RMBV will announce the transactions “at the appropriate time,” he added.

Remember: The European Bank for Reconstruction and Development agreed in February to invest USD 80mn in RMBV’s third fund — dubbed RMBV North Africa Fund III — to back investments in mid-cap companies in Egypt, Morocco, and Tunisia.

RMBV is no stranger to Egypt: RMBV’s portfolio includes Cleopatra Hospitals Group, MaxAB, and Taaleem Management Services, according to its website. IDH, CIRA Education, and Spinneys Egypt are among the companies it has exited.

MANUFACTURING-

#1- Two new production lines for Ashry Steel: Ashry Steel is adding two new production lines to its business that will be completed in ten months — worth a total USD 150 mn in investments — in a bid to scale up the production of iron and other products and increase total capacity by 30%, board chairman Ayman El Ashry told Al Borsa.

#2- Radwan eyes establishing a scrap melting plant: Local sheet metal manufacturer Radwan For Steel Products wants to set up a scrap melting factory in Ain Sokhna with up to USD 100 mn investment, the company’s chairman Ahmed Radwan told Al Borsa. The factory will produce raw materials needed for the company’s other six factories.

#3- Two new railway components factories in Borg El Arab? Egypt is looking to set up a factory for electric traction units and another for signals and communications controls for railways and tunnels in Borg El Arab, Transport Minister Kamel El Wazir said on a visit to one of Alstom’s factories in France, according to a statement from the ministry.

STARTUPS-

Mylerz taps Jordanian markets: Logistics startup Mylerz has signed a management and operation agreement with the Jordanian state-owned Jordan Post Company, under which Mylerz will help manage and operate parcel sorting and delivery services, the startup said in a statement.

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