{"id":551566,"date":"2022-06-27T13:58:09","date_gmt":"2022-06-27T13:58:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/this-evening-egx30-slide-continues-mnt-halan-subsidiary-tasaheel-securitizes-usd-150-mn-of-its-loan-book-discussions-of-the-competition-act-to-wrap-up-today\/"},"modified":"2022-06-27T13:58:09","modified_gmt":"2022-06-27T13:58:09","slug":"this-evening-egx30-slide-continues-mnt-halan-subsidiary-tasaheel-securitizes-usd-150-mn-of-its-loan-book-discussions-of-the-competition-act-to-wrap-up-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/this-evening-egx30-slide-continues-mnt-halan-subsidiary-tasaheel-securitizes-usd-150-mn-of-its-loan-book-discussions-of-the-competition-act-to-wrap-up-today\/","title":{"rendered":"THIS EVENING: EGX30 slide continues + MNT-Halan subsidiary Tasaheel securitizes USD 150 mn of its loan book + Discussions of the Competition Act to wrap up today"},"content":{"rendered":"

It\u2019s not a good afternoon for environment news,<\/strong> ladies and gentlemen, with EV prices on the rise and an alarming report about e-waste, the details of which you can find in today\u2019s For Your Commute and What\u2019s Next sections. On the plus side, we here in emerging markets appear to be better at saving than in developed countries.<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> #1-<\/strong> The EGX30 slide continues: <\/strong>After a slight reprieve that saw the benchmark index rise less than 0.1% at yesterday\u2019s close, the EGX30 fell by 2.0% today with a turnover of EGP 828 mn (0.1% above the 90-day average). By our count, the index has now lost around 10% of its value in less than three weeks.<\/p>\n

As for today<\/strong>, local investors were net buyers. The index is down 22.5% YTD.<\/p>\n

In the green: <\/strong>Oriental Weavers (+0.8%) and Eastern Company (+0.6%).<\/p>\n

In the red: <\/strong>GB Auto (-11.0%), Fawry (-9.6%) and Orascom Development Egypt (-7.2%).<\/p>\n

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#2- <\/strong>MNT-Halan\u2019s microfinance subsidiary Tasaheel issued securitized bonds worth USD <\/strong>150 mn (c.EGP 2.8 bn)<\/strong>, as part of a wider USD 600 mn securitization program, <\/strong>with CIB managing the program, according to a press release (pdf)<\/a> today.<\/p>\n

HAPPENING NOW- El Sisi is headed to the Gulf: <\/strong>President Abdel Fattah El Sisi is landing in Oman today where he will meet Sultan Haitham bin Tariq. The trip comes as part of a GCC tour that will see him also travel to Bahrain to meet King Hamad bin Isa Al Khalifa, according to Ittihadiya<\/a>.<\/p>\n

<\/a> ALSO-<\/strong> The House Economic Committee is expected today to wrap its <\/strong>discussions on the contentious amendments to the Competition Act<\/strong> (also known as the Antitrust Act), which give greater powers to the Egyptian Competition Authority (ECA) to regulate M&As. This follows a week of discussions<\/a> that saw officials from the central bank, the Financial Regulatory Authority (FRA), the EGX, and the Egyptian Competition Authority (ECA) iron out differences of opinion on the proposed amendments.<\/p>\n

The main sticking point being ironed out: The fees the ECA would collect for looking into<\/strong> proposed M&A transactions.<\/strong> The ECA had originally proposed raising its fees to 0.025% of the total transaction value, or the value of the assets during the last full fiscal year before announcing a planned transaction, whichever is higher. It would have capped the fees at EGP 1 mn per transaction. The original law stipulates that the ECA receive EGP 10k per transaction.<\/p>\n

What\u2019s next? <\/strong>Once the committee\u2019s done with discussions, it is expected to prepare its report on the amendments and debates, before sending them to be discussed in a House-wide plenary session.<\/p>\n

ALSO TODAY<\/strong>- <\/strong>Our friends over at Amcham <\/strong>are holding their annual general meeting today at the St. Regis Cairo Hotel, where Finance Minister Mohamed Maait<\/strong> is addressing the gathering.<\/p>\n

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<\/a> THE BIG STORY ABROAD- NATO wants to beef up its military resources by <\/strong>a whopping 650%<\/strong> in what Secretary General Jens Stoltenberg describes as the \u201cbiggest overhaul of collective defense and deterrence since the Cold War.\u201d The alliance will ramp up its high-readiness forces to well over 300k, from about 40k troops now. The story is everywhere in the foreign press, including CNBC<\/a>, AFP<\/a>, Reuters<\/a> and the Financial Times<\/a>.<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n