THIS EVENING: Qalaa’s debt buyback program comes to an end

Good afternoon, folks and happy Tuesday. We have reached the midway point of this hot week with two days left until the weekend and week long holiday.

THE BIG STORY TODAY-

That’s a wrap on Qalaa’s debt buyback program: Qalaa Holdings’ debt buyback program raised EGP 1.7 bn (USD 35.9 mn) from shareholders in its second and final phase, which took place on 9 June, the company said in an EGX disclosure (pdf). The subscription rate came in at 808%.

Remember: The debt buyback program is part of a wider plan to retire some USD 430 mn in foreign-currency debt. The first phase raised some USD 17.5 mn from shareholders.

THE BIG STORY ABROAD

Four American college instructors have been stabbed in China in a rare display of violence against foreigners in the Asian country. Four Cornell educators, visiting Jilin as part of a partnership program with Beihua University, were seriously injured on Monday by a currently unidentified assailant. Because gun sales and permits are tightly controlled, most violent crimes in China are carried out with knives. While the country has historically struggled with stabbing rampages, violent attacks against foreigners are uncommon. The Chinese Foreign Ministry held a news conference earlier today to dismiss concerns that educational exchanges between China and the US would be affected by this attack. All four victims survived and are recovering. (CNN)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Annual inflation falls to lowest level in over a year: Annual urban inflation cooled to 28.1% in May, down from 32.5% in April on the back of considerably slower food price increases, as traders continued to price in a lower exchange rate following the float of the EGP.
• SFE acquires 20% of Care Pharmacies: The Sovereign Fund of Egypt (SFE) has acquired a 20% stake in the local pharma chainCare Pharmacies for EGP 75 mn via its healthcare sub-fund.
• Alameda Healthcare earmarks USD 245 mn for local, regional expansion: Local healthcare services provider Alameda Healthcare will invest some USD 245 mn to expand its footprint in Egypt and across the region, through setting up new hospitals, acquiring existing ones or expanding its own hospitals.

☀️ TOMORROW’S WEATHER- Expect sunny highs of 39°C and lows of 25°C in Cairo, according to our favorite weather app.