MANUFACTURING-

The Suez Canal Economic Zone broke ground on two Chinese textile and garment factories with combined investments of USD 20.5 mn, the zone said in a statement. The two projects from Top Credit and Top New Garment in the West Qantara Industrial Zone will create some 4.6k direct jobs.

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Top Credit will invest some USD 13.3 mn in its factory, which is expected to create around 600 jobs. As with many other similar projects, exports are the name of the game, with 80% of 28k tons of annual output earmarked for export.

Top New Garment’s project will cost USD 7.2 mn and employ a sizable 4k workers directly. All of the 25 mn garments produced each year by the factory will be exported.

M&A WATCH-

Speed Medical is gearing up to sell its main healthcare asset Speed Hospital, the company said in an EGX disclosure (pdf). This will be done either through divesting the land and buildings or selling its 80.25% stake in the hospital. Osoul Arabia for Investment and Financial Consulting is preparing a fair-value study for Speed Hospitals, which will be used to assess any impairment in the group’s assets. The sale will be marketed in Egypt and the GCC. If that fails, Speed Medical will appoint a real estate appraiser to conduct a public auction for the hospital.

SEPARATELY- Speed Medical will pay EGP 5.33 mn to settle a court case with Act Financial after which it will pursue litigationagainst former chairman Mahmoud Ahmed Lasheen to recover the funds and seek compensation.

DEBT WATCH-

SCZone secures EGP 30 bn facility: The General Authority of the Suez Canal Economic Zone (SCZone) secured a EGP 30 bn, long-term financing facility from CIB to finance developments and infrastructure works across the authority’s assets, according to a statement from the cabinet. The facility includes the restructuring of a previous EGP 10 bn loan and EGP 20 bn in new financing.

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