The headlines from this morning

Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.

• The government is deepening its rationing of industrial gas, raising curtailments for fertilizer and methanol plants to 33% as surging global LNG import costs force it to trim the fuel it can afford. Mopco is the only producer so far to confirm the higher level in a bourse filing yesterday. Abu Qir Fertilizers and Egyptian Chemical Industries (Kima) have confirmed only the 20% imposed on 1 November, which Kima set out in its latest EGX disclosure;
• The new dynamic drug pricing formula is facing its first test after the EGP’s October slide. Drugmakers are pushing for price increases of 20% to offset the weaker EGP and pricier raw materials. But any repricing will go through the new formula alone and must be backed by documents proving higher costs, according to the Egyptian Drug Authority and the pharma division of the Federation of Egyptian Chambers of Commerce;
• Orascom Construction’s board approved the capital increase needed to deliver its merger with Dutch-listed OCI Global on Thursday, 5 November. The EGX-listed company is issuing 97.2 mn new shares to OCI, lifting its issued capital to USD 207.4 mn, up from USD 110.2 mn. That written resolution was the last scheduled approval step on Orascom’s side, coming after shareholder approval of the swap in January and OCI shareholders’ sign-off on 30 October. The new shares are due to list on the EGX and the ADX on 24 November;
• Digitize resumed trading on the EGX yesterday with two potential investors lined up. The company’s board accepted, in principle, non-binding letters of intent from Jeddah-based Pulse Horizons Holding and Egypt’s J-Technology for Business Solutions, both of which want to join the company’s restructuring and take part in a planned capital increase. The bourse has lifted the suspension and advised investors to exercise caution.