{"id":621146,"date":"2024-06-02T00:00:00","date_gmt":"2024-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/shareholders-can-buy-into-qalaas-debt-today\/"},"modified":"2024-06-02T00:00:00","modified_gmt":"2024-06-02T00:00:00","slug":"shareholders-can-buy-into-qalaas-debt-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/shareholders-can-buy-into-qalaas-debt-today\/","title":{"rendered":"Shareholders can buy into Qalaa\u2019s debt today"},"content":{"rendered":"

Good morning, friends. <\/strong>We have already started the countdown to the Eid Al Adha break, but until then we have plenty of business news to catch up on. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- Egypt hosts three-way talks to reopen Rafah crossing:<\/strong> Egyptian, US, and Israeli officials will convene today in Cairo to discuss reopening the Rafah crossing, a high level source told Al Qahera News<\/a>. Egypt is demanding Israeli forces give up control of the Palestinian side of the crossing before it agrees to reopen it. The crossing has been closed for weeks<\/a> now following Israel\u2019s occupation. <\/p>\n

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<\/a> #2- Qalaa Holdings shareholders <\/strong>can buy<\/a><\/strong> into its debt today <\/strong>after its ordinary general assembly approved the debt payback plan. Shareholders can buy into the debt purchase transactions \u2014 a series of transactions that will see Qalaa retire some USD 430 mn in foreign-currency debt \u2014 in EGP or USD<\/a>. <\/p>\n

What\u2019s next? <\/strong>If the company doesn\u2019t raise the full debt amount tomorrow, it will open a second round of subscription on 9 June. <\/p>\n

Read more: <\/strong>We spoke with Qalaa founder and chairman Ahmed Heikal last month<\/a> to get the full picture. <\/p>\n

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<\/a> #3- House gears up to vote on the state budget: <\/strong>The House is back in session today and tomorrow to discuss and vote on the proposed state budget<\/a> and socioeconomic development plan for the next fiscal year.<\/p>\n

Oil exploration in the Western Desert is also on the House\u2019s agenda: <\/strong>The House will also discuss four draft bills allowing the Oil Minister to contract foreign and local companies to explore for oil in Siwa, El Alamein, and to the east of the Ghazalat area.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Another IPO to stay on the lookout for? <\/strong>Cairo-focused Al Ismaelia for Real Estate<\/a>Investment<\/a> is currently looking into a capital increase ahead of making its market debut in two years time, CEO Karim Shafie told Asharq Business<\/a>.<\/p>\n

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#2-<\/strong> Land-for-FX initiative put on ice for expats:<\/strong> The New Urban Communities Authority (NUCA) has suspended land-for-FX sales for Egyptians abroad until it assesses the compatibility of the initiative with the central bank\u2019s policies, according to a statement<\/a>. Foreign investors and companies are excluded from this decision.<\/p>\n

Refresher:<\/strong> Introduced in December 2022<\/a>, the land-for-FX initiative<\/a> offers land for local and foreign investors and companies for FX, provided that it is sourced from outside Egypt. The initiative was part of government programs<\/a> set in motion to shore up the country\u2019s FX reserves and attract more foreign currency investments.<\/p>\n

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THE CRYSTAL BALL-<\/p>\n

<\/a> Bread subsidy cuts forecasted to push up monthly inflation: <\/strong>The Madbouly government\u2019s decision to hike the price<\/a> of subsidized bread 300% \u2014 the first time bread subsidies have been touched in 30 years \u2014 could see m-o-m inflation rise by up to 3.5% in June, analysts say.<\/p>\n