TRADE-

Orange export season kicks off in December: The Customs Authority has notified agricultural exporters that orange exports will kick off on 15 December, according to a document seen by EnterpriseAM. The upcoming orange export season is expected to significantly boost the value of Egypt’s agricultural exports amid rising global demand for Egyptian citrus, a government source told EnterpriseAM.

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The growing number of registered farms and stricter export requirements have helped enhance the quality of produce prepared for export, the source added. Egypt remains the world’s second-largest orange exporter, according to World Bank data.

DATA POINT- Egypt exported 1.9 mn tons of oranges last season, generating around USD 1.1 bn, according to data from the Central Administration of Plant Quarantine.

EXPANSION-

Local construction player Concrete Plus plans to implement USD 1 bn-worth of infrastructure projects in Uganda and Tanzania next year, Executive Director Rehab Younes told Asharq Business. The company has plans to develop road projects in Uganda and railway projects in Tanzania, as part of its regional expansion strategy.

M&A WATCH-

#1- El Sewedy Cement ups its stake in Qalaa Holdings: El Sewedy Cement raised its stake in EGX-listed Qalaa Holdings to 8.73% — up from 4.97% — after purchasing 159 mn shares in a transaction worth some EGP 93 mn, according to an EGX disclosure (pdf). The shares were bought at an average price of EGP 0.585 apiece.

#2- GlassRock sale is a no-go: EGX-listed mining company Ascom said that it has ended negotiations with a foreign investor over a potential acquisition of its subsidiary GlassRock Insulation, after the two sides failed to reach an agreement, according to a bourse disclosure (pdf).

REMEMBER- Ascom announced in late September that it had signed an agreement with an unnamed foreign investor giving it the green light to conduct due diligence on Glassrock to evaluate a possible offer to acquire 100% of the subsidiary.

CAPITAL MARKETS-

Azimut rolls out low-volatility investment fund: Asset management firm Azimut has launched LV-az, a low-volatility equity fund tracking the EGX35-LV index, according to a press release (pdf). The fund is open for subscription as of yesterday, and will mirror the EGX35-LV index, which screens for high-liquidity, low-volatility names within the EGX100.

SUSTAINABILITY-

Dairy producer Juhayna set up a EGP 500 mn integrated industrial wastewater treatment system at its factories in Sixth of October as part of its strategy to promote sustainable practices and apply circular economy principles, it said in a statement seen by EnterpriseAM.

DEBT WATCH-

Pickalbatros Hotels & Resorts lined up a USD 20 mn medium-term loan from Emirates NBD Egypt, according to a statement seen by EnterpriseAM. The facility will support the group’s expansion plans along the Red Sea, including in Hurghada, Marsa Alam, and Sharm El Sheikh.

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