CBE, General Authority for Investments, & I-Score Sign Cooperation Protocol for Automation of Company Incorporation & Capital Increase Registrations🤝
The CBE signed a cooperation protocol with the General Authority for Investments & I-Score to exchange data & information through electronic systems & facilitate procedures for investors. The protocol comes in line with the state’s efforts to rely on electronic systems to support the national economy & stimulate investment.
More details🧐 The new protocol will automate procedures between banks that issue the regulatory paperwork & the General Authority for Investments. Banks issuing the paperwork will be able to enter data electronically so that the General Authority for Investments can start the incorporation procedures. In turn, the authority informs the bank electronically of the completion of the incorporation.
Why is this important🤔 The current method, which relies on traditional paperwork, takes more than 10 days to complete the required paperwork of the establishment of companies or increase their capital.
Sky Holding to Establish New Company with Plans to List on EGX🏢
Sky Holding Group, which operates in the industrial & contracting sectors, plans to establish a new company with future plans of listing on the EGX.
More details🧐 Company CEO Eng. Khaled Shaddad said the group has issued capital of almost EGP 100 million, & owns nine companies in different industrial sectors. The percentage that will be offered from the new company on the stock exchange is about 30%.
The new company will acquire stakes in the group’s operating companies before listing on the EGX.
Sky Holding overview🤔 Sky Group was established in 2015 through the merger of nine companies operating in the fields of construction, infrastructure, electromechanical contracting, financial & administrative consultancy, & import/export of security & safety equipment.
We Have More Earnings Reports for You📈
Beltone Financial (BTFH), Medinet Nasr Housing (MNHD), Nozha International Hospital (NINH), & the Egyptian Satellites Company NileSat (EGSA) all reported their nine-month earnings yesterday.
BTFH📊 reported consolidated net profits of EGP 10.46 million in the first nine months of 2021, compared to net losses of EGP 35.92 million for the same period the year before.
MNHD🏠 reported consolidated net profits of EGP 250.037 million in the first nine months of 2021, down by 60% YoY from EGP 630.76 million. (Unaudited)
NINH👩⚕️ reported consolidated net profits of EGP 48.2 million in the first nine months of 2021, an increase of 44% YoY from EGP 33.53 million. (Unaudited)
EGSA📡 reported net profits of $20.3 million in the first nine months of 2021, a drop of 22% YoY from $26.07 million.
Headlines We’re Watching👀
- Maait: Egypt to Expand IPO Programme in Coming Months
Evergrande Faces Biggest Debt Payment Test Yet💳
Chinese real estate group Evergrande is facing its biggest payment test since signs of a liquidity crisis emerged at the developer a few months ago.
More details🧐 Investors are waiting to see if Evergrande makes coupon payments totaling $148.1 million before the end of the 30-day grace period ends tomorrow. Evergrande had missed the initial interest deadlines last month, according to Bloomberg.
Why is this important🤔 Evergrande has so far avoided the brink of default by meeting other delayed coupons at the last minute. In its biannual report on financial stability, the U.S Fed warned that China’s ongoing property woes could elevate “financial stresses in China, which could further strain global financial markets”
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