{"id":619325,"date":"2024-04-30T00:00:00","date_gmt":"2024-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/30\/kastour-teams-up-with-chinas-foton-to-assemble-electric-buses-plus-ashry-steel-radwan-mylerz-sodic-rmbv\/"},"modified":"2024-04-30T00:00:00","modified_gmt":"2024-04-30T00:00:00","slug":"kastour-teams-up-with-chinas-foton-to-assemble-electric-buses-plus-ashry-steel-radwan-mylerz-sodic-rmbv","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/30\/kastour-teams-up-with-chinas-foton-to-assemble-electric-buses-plus-ashry-steel-radwan-mylerz-sodic-rmbv\/","title":{"rendered":"Kastour teams up with China\u2019s Foton to assemble electric buses. PLUS: Ashry Steel, Radwan, Mylerz, SODIC, RMBV"},"content":{"rendered":"<p class=\"tag-border-left\">AUTOMOTIVE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Made<\/strong><strong>-in-Egypt electric buses:<\/strong> Local automotive company <a target=\"_blank\" href=\"https:\/\/man-kastour.com\/\" style=\"\" rel=\"noopener\">Kastour Egypt<\/a> has agreedto work with Chinese automaker <a target=\"_blank\" href=\"https:\/\/foton-global.com\/\" style=\"\" rel=\"noopener\">Foton<\/a> to locally assemble Foton\u2019s electric buses in 2H 2024, a Kastour official told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%82%d8%b3%d8%b7%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d8%aa%d8%aa%d8%b9%d8%a7%d9%82%d8%af-%d9%85%d8%b9-%d9%81%d9%88%d8%aa%d9%88%d9%86-%d8%a7%d9%84%d8%b5%d9%8a%d9%86%d9%8a%d8%a9\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The buses will go to both public and privately-owned public transportation providers and the two companies are interested in increasing the amount of locally manufactured parts being used in the vehicles, Nassim added.<\/p>\n<p class=\"tag-border-left\">EARNINGS WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SODIC\u2019s net income more than doubled y-o-y in 1Q 2024:<\/strong> EGX-listed real estate developer SODIC saw its net income after minority interest rise to EGP 390.1 mn in the first quarter of the year on the back of an increase in unit deliveries, up 108.2% from the same period last year, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/2143.pdf\" style=\"\" rel=\"noopener\">earnings report (pdf)<\/a>. The company\u2019s topline was up 22.9% y-o-y to EGP 1.8 bn in the same period.<\/p>\n<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>RMBV could add more local firms to its portfolio this year:<\/strong> Investment firm RMBV is looking into acquiring stakes in several Egyptian companies this year, Managing Partner Ahmed Badreldin told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/28\/1787159\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. RMBV will announce the transactions \u201cat the appropriate time,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The European Bank for Reconstruction and Development agreed in February to invest <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53789.html\" style=\"\" rel=\"noopener\">USD 80<\/a><a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53789.html\" style=\"\" rel=\"noopener\">mn<\/a> in RMBV\u2019s third fund \u2014 dubbed RMBV North Africa Fund III \u2014 to back investments in mid-cap companies in Egypt, Morocco, and Tunisia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>RMBV is no stranger to Egypt:<\/strong> RMBV\u2019s portfolio includes Cleopatra Hospitals Group, MaxAB, and Taaleem Management Services, according to its <a target=\"_blank\" href=\"https:\/\/www.rmbv.net\/portfolio\" style=\"\" rel=\"noopener\">website<\/a>. IDH, CIRA Education, and Spinneys Egypt are among the companies it has exited.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Two new production lines for Ashry Steel: <\/strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/ashrysteel\/\" style=\"\" rel=\"noopener\">Ashry Steel<\/a> is adding two new production lines to its business that will be completed in ten months \u2014 worth a total USD 150 mn in investments \u2014 in a bid to scale up the production of iron and other products and increase total capacity by 30%, board chairman Ayman El Ashry told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/29\/1786742\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Radwan eyes establishing a scrap melting plant: <\/strong>Local sheet metal manufacturer <a target=\"_blank\" href=\"https:\/\/www.radwansteel.com\/index.php\/scrap\" style=\"\" rel=\"noopener\">Radwan For Steel Products<\/a> wants to set up a scrap melting factory in Ain Sokhna with up to USD 100 mn investment, the company\u2019s chairman Ahmed Radwan told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/04\/28\/1787070\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The factory will produce raw materials needed for the company\u2019s other six factories.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Two new railway components factories in Borg El Arab? <\/strong>Egypt is looking to set up a factory for electric traction units and another for signals and communications controls for railways and tunnels in Borg El Arab, Transport Minister Kamel El Wazir said on a visit to one of Alstom\u2019s factories in France, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02zmFwrEkqEmudqZvc4dvstfU2GhUMoiX6cf8uGf7cFG9yQrHG1gHQ4chhjzLD8f9jl\" style=\"\" rel=\"noopener\">statement<\/a> from the ministry.<\/p>\n<p class=\"tag-border-left\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mylerz taps Jordanian markets:<\/strong> Logistics startup <a target=\"_blank\" href=\"https:\/\/www.mylerz.com\/\" style=\"\" rel=\"noopener\">Mylerz<\/a> has signed a management and operation agreement with the Jordanian state-owned Jordan Post Company, under which Mylerz will help manage and operate parcel sorting and delivery services, the startup said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/mylerzco\/posts\/pfbid0FTKMzfMhQ9WUBd2jT8LKy3nm2D7topjzpFTH9B4HG2vzb58KFSpPqqRvXTrLSQZwl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buses will go to both public and privately-owned public transportation providers and the two companies<\/p>\n","protected":false},"author":1,"featured_media":619326,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,144,409,72,356,209,131,8560,7101,4172,312,123,207,208],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-earnings-watch","tag-enterpriseam","tag-evs","tag-kamel-el-wazir","tag-manufacturing","tag-monorail","tag-railways","tag-rmbv","tag-sodic","tag-startups","tag-transport","tag-transport-ministry","wpautop","entry"],"acf":{"mongo_id":"1c1c8001-7836-474f-9cc4-3c0fca978748","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2159.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Kastour teams up with China\u2019s Foton to assemble electric buses. 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