{"id":639675,"date":"2024-08-13T00:00:00","date_gmt":"2024-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/13\/gasc-buys-280k-tons-of-wheat-missing-target-plus-news-from-ekh-tci-sanmar-mb-engineering-egx\/"},"modified":"2024-08-13T00:00:00","modified_gmt":"2024-08-13T00:00:00","slug":"gasc-buys-280k-tons-of-wheat-missing-target-plus-news-from-ekh-tci-sanmar-mb-engineering-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/13\/gasc-buys-280k-tons-of-wheat-missing-target-plus-news-from-ekh-tci-sanmar-mb-engineering-egx\/","title":{"rendered":"GASC buys 280k tons of wheat, missing target. PLUS: News from: EKH, TCI Sanmar, MB Engineering, EGX"},"content":{"rendered":"

COMMODITIES-<\/p>\n

GASC\u2019s latest wheat tender falls short of massive target:<\/strong> State grains buyer GASC has purchased 280k tons of wheat in a tender that closed yesterday, locking in just c. 7% of the 3.8 mn tons it aimed to purchase<\/a>, Bloomberg<\/a> reports. The authority bought five cargoes from Ukraine and Bulgaria for October and November delivery at between USD 259.24-269.25 a ton, including freight.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

ICYMI- <\/strong>The authority last week launched Egypt\u2019s largest wheat tender to date, hoping to secure 3.8 mn tons in a bid to capitalize on a dip in wheat prices. The tender came with a much longer timeframe than usual, requiring bidders to submit offers months in advance for shipments from October to April. <\/p>\n

SPEAKING OF WHEAT- That\u2019s a wrap on our local harvest season. <\/strong>The Supply Ministry has secured 3.6 mn tons of Egyptian wheat during the local harvest season, which drew to a close this month, sources at the ministry told Al Borsa<\/a>. <\/p>\n

\n

STARTUPS-<\/p>\n

A new force in the sports tech and data sphere:<\/strong> US-based sports tech company Hudl<\/a> has completed its acquisition of UK-based sports data analytics company StatsBomb<\/a>, it said<\/a> yesterday. \u201cPairing StatsBomb\u2019s data and statistical models with Hudl\u2019s video capabilities will enable superior match analysis, scouting, and player recruitment,\u201d said StatsBomb CEO Ted Knutson.<\/p>\n

Why do we care?<\/strong> StatsBomb in 2019 acquired<\/a> homegrown sports data company Arqam FC<\/a>, taking it from a local startup to an essential service used by top tier European teams. The acquisition kept founder Ali El Fakharany (LinkedIn<\/a>) on board as StatsBomb\u2019s VP of product. We had a chat with El Fakharany on his entrepreneurial journey and insights on the startup ecosystem back in October 2023<\/a>, catching up with the innovator following our first interview in November 2020<\/a>.<\/p>\n

\n

ENERGY- <\/p>\n

EKH secures additional concession area: <\/strong>Egypt Kuwait Holding (EKH) has reached an agreement with the Oil Ministry to expand the concession areas allotted to its subsidiary North Sinai Petroleum Company and convert it into a development contract, according to an EGX disclosure (<\/a>pdf)<\/a>. The subsidiary drilled its first exploratory well at its KSE-2 site and kicked off production in June. Production on its second well in the ATON-1 area is expected to start next month. <\/p>\n

INDUSTRY- <\/p>\n

#1- TCI Sanmar wants to expand its Port Said factory: <\/strong>Indian chemicals producer TCI Sanmar is looking to carry out a USD 150 mn expansion on its VCM and PVC factory in Port Said, Chairman PS Jayaraman said during a meeting<\/a> with Transport and Industry Minister Kamel El Wazir. This comes on top of its planned USD 150 mn loading terminal<\/a> in Port Said to import ethylene. TCI Sanmar has invested some USD 1.5 bn into local factories for polyvinyl chloride (PVC), caustic soda, calcium chloride and green ethylene, making it Egypt\u2019s largest Indian investor. <\/p>\n

Want more? <\/strong>We spoke with Jayaraman last year for our Manufacturer of the Month column<\/a>. <\/p>\n

\n

\n

#2- MB Engineering has an EGP 500 mn expansion ahead: <\/strong>MB Engineering has secured a 36k sqm plot in the Sadat City industrial zone where it will carry out an EGP 500 mn expansion plan, according to an EGX disclosure (pdf)<\/a>. The expansion will help the company expand its production capacity, diversify its production portfolio, and exploit new technology to raise production efficiency. Work on the expansion will begin sometime in 1H 2025, while operations are expected to begin within 18 months.<\/p>\n

\n

CAPITAL MARKETS-<\/p>\n

CI Capital can trade in carbon emissions reduction certificates <\/strong>in the voluntary carbon market after it got the greenlight from the Financial Regulatory Authority, according to an EGX bulletin<\/a>. <\/p>\n

The first of many: <\/strong>Officials from seven companies have expressed their intention to apply for the FRA\u2019s approval<\/a> to trade in carbon emissions reduction certificates and futures contracts in the voluntary carbon market, including Mubasher Financial Services, Arab African International Securities, Bank Audi\u2019s Arabeya Online brokerage, Pioneers Brokerage, and Cairo Financial Holding\u2019s brokerage arm Cairo Capital Securities. <\/p>\n

\n

EGX-<\/p>\n

EGX + ISX:<\/strong> The Egyptian and Iraqi stock exchanges have signed a cooperation protocol aimed at strengthening ties and expanding cooperation, according to an EGX bulletin (pdf)<\/a>. The agreement focuses on exchanging expertise and information, enhancing legislative procedures, raising investment awareness, attracting mutual investments, and promoting the transition to a digital economy.<\/p>\n

\n

M&A-<\/p>\n

Giza Arabia acquires majority stake in LABS:<\/strong> Local tech consultancy firm Giza Systems\u2019s Saudi subsidiary Giza Arabia has acquired a majority stake in system, applications, and products (SAP) firm Logical Applications for Business Solutions (LABS), the company said in a press release<\/a>. The company did not disclose the size of the stake nor the value of the investment.<\/p>\n","protected":false},"excerpt":{"rendered":"

GASC bought Ukrainian and Bulgarian wheat for USD 259.24-269.25 a ton<\/p>\n","protected":false},"author":1,"featured_media":639676,"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":[111,102,6369,317,68,1668,93,72,550,932,7196,1272,123,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-capital-markets","tag-carbon-trading","tag-commodities","tag-egx","tag-egypt-kuwait-holding","tag-energy","tag-enterpriseam","tag-gasc","tag-giza-systems","tag-industry","tag-mb-engineering","tag-startups","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"c7d5003c-c3c1-41a8-94b0-e1233f99cb4a","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1068.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt buys 280k tons of wheat, missing target","related_issue":[639656],"teaser":"GASC bought Ukrainian and Bulgarian wheat for USD 259.24-269.25 a ton","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.8d42c340-1af7-436f-9e93-515e3ffa6a42.mp3"},"yoast_head":"\nGASC buys 280k tons of wheat, missing target. 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GASC last week ordered 280k tons of Russian wheat after it canceled a tender earlier this month due to high prices.Another tragic road accident: Fourteen people died when a minibus collided with a\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546928,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/we-just-bought-a-lot-of-wheat\/","url_meta":{"origin":639675,"position":1},"title":"We just bought a lot of wheat","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"State grain buyer GASC has purchased 465k tons of wheat for shipment in July and August in a fresh international tender, Reuters reported yesterday.The breakdown: The order by the General Authority for Supply Commodities includes 240k tons of Romanian wheat, 175k tons of Russian wheat and 50k tons of Bulgarian\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/107.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547784,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/egypt-buys-444k-tons-of-wheat-directly-from-traders\/","url_meta":{"origin":639675,"position":2},"title":"Egypt buys 444k tons of wheat directly from traders","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"Another big wheat buy: Egypt purchased 444k tons of Russian, French and Romanian wheat directly from traders yesterday, traders said. State grains buyer GASC paid USD 416 a ton on a cost and freight basis (CFR), they said.The breakdown: GASC reportedly bought 214k tons of Russian wheat, 170k tons of\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/139.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646924,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/03\/gasc-purchases-3-1-mn-tons-of-wheat-to-be-supplied-monthly-through-april\/","url_meta":{"origin":639675,"position":3},"title":"GASC purchases 3.1 mn tons of wheat to be supplied monthly through April","author":"enterpriseam admin","date":"3 October 2024","format":false,"excerpt":"The purchase is one of GASC\u2019s largest","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/256.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605733,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/big-wheat-buy\/","url_meta":{"origin":639675,"position":4},"title":"Big wheat buy","author":"enterpriseam admin","date":"5 September 2023","format":false,"excerpt":"GASC procures Russian wheat for USD 270 a ton","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549103,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/another-russian-wheat-shipment-secured\/","url_meta":{"origin":639675,"position":5},"title":"Another Russian wheat shipment secured","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"State grain buyer GASC has secured 120k tons of Russian wheat directly from suppliers for delivery in November at USD 340 per ton, traders told Agricensus. The buy marks GASC\u2019s second direct purchase from Russia in as many weeks, as the state appears to pivot away from public tenders after\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/109.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=639675"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639675\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/639656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/639676"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=639675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=639675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=639675"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=639675"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=639675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}