MNT-Halan’s EGP 4 bn capital increase all paid up

Here are the stories driving the day, both at home and abroad. MNT-Halan’s planned EGP 4 bn post-IPO capital increase is now fully paid up, according to minutes (pdf) of the company’s first board meeting since listing. Its corporate parent, MNT Investments BV, subscribed to 163.27 mn new shares in MNT Tech Holding for Financial Investments at the EGP 24.50 offer price, lifting its issued capital to EGP 176.3 mn, up from EGP 160 mn, and its share count to 1.76 bn, up from 1.6 bn. The banknotes are in, and the increase will now be filed with the Financial Regulatory Authority, the EGX, and Misr for Central Clearing, Depository and Registry.

AT THE BORDER- Importers can get USD from their banks, but bringing goods in is costing them more, with the greenback past EGP 56 and port storage charges piling up, importers and traders tell EnterpriseAM. Banks have the FX importers need, with no shortage in the system, a banking source tells us. The Central Bank of Egypt has told banks to put the FX needs of productive sectors first while keeping importers of strategic goods supplied at the same pace as other sectors, they say.

^^ We’ll have more on these stories in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- Tomorrow brings another chance to enjoy pleasant fall weather, with temperatures peaking at 30°C before dipping to 20°C under clear skies, according to our favorite weather app.

MAKING HEADLINES ABROAD-

Several stories are making headlines this afternoon, including the latest from the Russia-Ukraine war. The two countries have agreed to a localized ceasefire through Saturday — brokered by US First Lady Melania Trump — to allow humanitarian aid to reach the Russian-occupied town of Oleshky, which is currently grappling with shortages of food, water, and medicine. Kyiv, however, has reported Russian ballistic missile and drone attacks targeting the Ukrainian capital and other big cities. The ceasefire took effect this morning, when Russia’s Defense Ministry said on Telegram it stopped shelling in the direction of Oleshky.

MEANWHILE- Finland’s President Alexander Stubb and Norway’s Prime Minister Jonas Gahr Støre initiated a “frank and substantive” call with Russian President Vladimir Putin today to discuss the prospects of peace with Ukraine. The call follows last week’s meeting in Oslo and comes ahead of anticipated trilateral talks between Russia, Ukraine, and the US in Abu Dhabi in the first half of November.