ENERGY-

TotalEnergies has a plan to put our LNG facilities to good use: French energy company TotalEnergies wants to supply gas from its fields in Cyprus to Egypt for liquefaction and re-export as LNG or to be fed directly into the grid, according to an Oil Ministry statement. The company is also evaluating investment offerings included in the government’s new and gas exploration tender that is currently being prepared.

Déjà vu? Earlier in the week, we heard an energy corridor connecting Egypt and Cyprus that would carry natural gas and renewable energy was discussed by Oil Minister Karim Badawi and his Cypriot counterpart Giorgos Papanastasiou. Like with TotalEnergies, the two sides discussed sending Cypriot natural gas to Egypt to be liquified and exported as LNG to global markets.

M&A-

#1- Ownership, management shakeup at EGX-listed Ajwa Group? Egyptian businessman Ahmed Tarek wants to increase his stake in edible oil manufacturer Ajwa Group from 8.6% to 25%, he told Asharq Business. He plans to carry out the move after an overhaul to the company’s management — “I want to dismiss the current board, the company’s earnings do not reflect its growth rates,” he said.

Things could escalate: Tarek and another shareholder have put in a request to dismiss the company’s current board of directors and vote in a new one, according to an EGX disclosure (pdf). Tarek said he will go to the General Authority for Investment and Freezones with his request if an ordinary general assembly doesn’t happen to look into the matter.

#2- Gulf investors eye stake in Sheeni: Several Gulf investors are interested in snapping up a stake in EGX-listed General Company For Ceramic & Porcelain Products (Sheeni), AlMal reports, citing sources it says have knowledge of the matter. It’s all very early stages with the investors yet to partake in any negotiations or submit any official offers, the sources said.

Gov’t open to partial exit: State-owned Metallurgical Industries Holding could be interested in offloading a percentage of its 57.4% stake in Sheeni, should investors make an attractive offer, the sources added.

CAPITAL MARKETS-

Al Ahly Pharos gets bourse greenlight to trade carbon certificates: The EGX has granted Al Ahly Pharos a license to trade carbon emissions reduction certificates on our new voluntary carbon trading market, after the Financial Regulatory Authority gave its approval on 21 August, Hapi Journal reports. The firm joins CI Capital, Beltone Financial Holding, and Naeem Brokerage among other brokers so far approved to trade in the certificates.

PHARMA-

Gov’t launches unified purchasing initiative for inactive pharma ingredients: The Egyptian Drug Authority and Unified Procurement Authority announced the launch of the government’s new unified purchasing initiative for inactive ingredients used in medicine production, as part of a bid to localize drug manufacturing, the Egyptian Drug Authority said in a statement. The initiative will begin with 30 substances that represent more than 60% of the import bill for inactive ingredients used in drug production.

Remember: The government has a number of other projects in the pipeline that aim to assure the pharma sector has the raw materials it needs, including plans to launch an EGP 80 mn project to create a regional hub for pharma raw materials.

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