{"id":639750,"date":"2024-08-14T00:00:00","date_gmt":"2024-08-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/14\/gasc-is-still-after-its-big-wheat-purchase-plus-news-from-eroglu-holding-kima-concrete-plus-easy-lease\/"},"modified":"2024-08-14T00:00:00","modified_gmt":"2024-08-14T00:00:00","slug":"gasc-is-still-after-its-big-wheat-purchase-plus-news-from-eroglu-holding-kima-concrete-plus-easy-lease","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/14\/gasc-is-still-after-its-big-wheat-purchase-plus-news-from-eroglu-holding-kima-concrete-plus-easy-lease\/","title":{"rendered":"GASC is still after its big wheat purchase. PLUS: News from Eroglu Holding, Kima, Concrete Plus, Easy Lease"},"content":{"rendered":"

COMMODITIES-<\/p>\n

A big wheat buy in our future? <\/strong>State grain buyer GASC is in discussions over directly purchasing up to 1.8 mn tons of wheat from international suppliers, Reuters<\/a> reports. This comes hot on the heels of an unsuccessful wheat tender where the GASC was looking to purchase some 3.8 mn tons<\/a> \u2014 in a bid to capitalize on falling commodity prices \u2014 and ended up securing only 280k<\/a>. <\/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

The price tag: <\/strong>The fresh wheat buy could cost us around USD 248 a ton, according to what traders told the newswire. <\/p>\n

MANUFACTURING-<\/p>\n

#1- Eroglu Holding begins building USD 40 mn denim factory:<\/strong> Turkish clothing firm Eroglu Holding<\/a> has broken ground<\/a> on its USD 40 mn denim factory in the Qantara West Industrial Zone. The factory, which is slated to come online in January 2025, aims to produce 7 mn denim garments annually when operating at full capacity \u2014 some 70% of the factory\u2019s production will be exported. The company also plans to expand the project in a second phase. <\/p>\n

Remember:<\/strong> DNM Textile for Spinning, Weaving and Dyeing<\/a> \u2014 an investment venture of Eroglu Holding \u2014 in March received the government\u2019s approval<\/a> to move forward with the factory in addition to an industrial complex for spinning, weaving, clothing, mattress, and furniture production. <\/p>\n

\n

#2- Haier to kick off refrigerator production in September: <\/strong>Chinese appliance manufacturer Haier will begin producing refrigerators and deep freezers at its eco-industrial park in Tenth of Ramadan City in September, according to a cabinet statement<\/a>. Haier inaugurated<\/a> the eco-industrial park back in May. The first phase of production at the park \u2014 which primarily targets the local market \u2014 kicked off in March, rolling out ACs and TV sets.<\/p>\n

The industrial complex carries a USD 280 mn price tag:<\/strong> The first and second phases cost some USD 165 mn, the third phase comes with a USD 65 mn price tag, and an additional USD 50 mn is needed to manufacture other products for export.<\/p>\n

\n

#3- Kima taps Bilfinger Tebodin for nitric acid project:<\/strong> State-controlled Egyptian Chemical Industries (Kima) has tapped German engineering firm Bilfinger Tebodin to manage its nitric acid and ammonium nitrate project, according to an EGX disclosure (pdf)<\/a>. <\/p>\n

Refresher:<\/strong> Kima last summer contracted<\/a> Italian contractor Maire Tecnimont and Orascom Construction to construct the project. Construction was scheduled to start this summer with the plant expected to kick off operations in 2026. Once operational, it will produce some 600 tons<\/a> of nitric acid and 665 tons of ammonium nitrate a day.<\/p>\n

REAL ESTATE-<\/p>\n

#1-<\/strong> Another real estate player heads to KSA: <\/strong>Local construction company Concrete Plus is setting up a SAR 2 bn mixed-use real estate project in Saudi\u2019s Riyadh in partnership with Saudi-based firm Zahran Holding<\/a>, Concrete Plus CEO Tarek Youssef reportedly told Asharq Business<\/a>, adding that the final contract should be signed this quarter. The tower project will include hotel, administrative, and commercial units. <\/p>\n

The beginning of a wider expansion plan? <\/strong>While Concrete Plus has a sizable presence in the Egyptian market, it is currently prioritizing expanding, with a particular focus on the Saudi and Libyan markets.<\/p>\n

\n

#2- Another mixed-use development incoming? <\/strong>Real estate player Memaar Al Morshedy will set up an EGP 40 bn mixed-use project in the Sixth of October after purchasing a EGP 1.5 bn, 150-feddan plot in the area, Asharq Business<\/a> reports. <\/p>\n

M&A-<\/p>\n

#1- Sinai Cement exits Sinai White Portland Cement:<\/strong> Vicat Egypt\u2019s EGX-listed subsidiary Sinai Cement has sold its entire 25.4% stake in Sinai White Portland Cement<\/a> to white cement manufacturer Aalborg Portland Holding<\/a> (Sinai White Portland\u2019s parent company) for some EUR 30 mn, according to an EGX disclosure (pdf)<\/a>. The transaction pushed Aalborg Portland Holding\u2019s ownership of Sinai White Portland Cement to 96.4%, up from 71% previously.<\/p>\n

\n

#2- Al Ahly for Development taps new advisor for Cairo Financial exit:<\/strong> Al Ahly for Development and Investment has appointed Financial Advice Corporate Transactions (FACT) as its new independent financial advisor to determine the fair value of Cairo Financial Holding, before it starts receiving offers for its 17.1% stake in the company, it said in an EGX disclosure (pdf)<\/a>. The move comes after Moore Stephens Egypt<\/a> withdrew from the role, citing licensing issues with the Financial Regulatory Authority. <\/p>\n

INVESTMENT-<\/p>\n

Local pesticides manufacturer wants to head to KSA:<\/strong> Homegrown pesticides and fertilizers player Atta for Agricultural Development\u2019s Kafr El Sheikh for Pesticides is planning to set up a USD 5 mn plant in Saudi Arabia, Chairman Talaat Ataa told Al Borsa<\/a>. The company will take its first steps setting up the project before the end of 2024.<\/p>\n

FINANCIAL SERVICES-<\/p>\n

Easy Lease eyes regional expansions:<\/strong> Local financial leasing firm Easy Lease is looking into expanding its operations into a number of markets across North Africa, with an eye on the Tunisian, Moroccan, Libyan, and Algerian markets, Al Borsa<\/a> reports, citing CEO Ahmed El Kholy. <\/p>\n

Also in the pipeline: <\/strong>The company wants to make its EGX debut in 2027, El Kholy said, adding that it will work toward gradually raising its capital to EGP 350 mn over the coming years \u2014 up from EGP 200 mn currently. The firm is also looking to add mortgage finance services to its line of services. <\/p>\n

STARTUPS-<\/p>\n

Beltone SMEs + Abou Hashima: <\/strong>Beltone SMEs is set to extend up to EGP 50 mn in funding to winners of a startup competition organized by Abou Hashima El<\/a>Kheir<\/a>Foundation<\/a> and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) under an agreement it inked with the charity organization, it said (pdf)<\/a> yesterday. The Startup Power<\/a> competition, now in its third iteration, targets 50 startups in the fields of green economy, artificial intelligence, and the agrifood sector. <\/p>\n","protected":false},"excerpt":{"rendered":"

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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":600766,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/10\/gasc-buys-300k-tonnes-of-wheat\/","url_meta":{"origin":639750,"position":5},"title":"GASC buys 300k tonnes of wheat","author":"enterpriseam admin","date":"10 February 2019","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) purchased 300,000 tonnes of wheat on Friday due for shipment between March 21-31, Reuters reports. 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