Edita Raises Prices of Molto Products🥯
Edita Food Industries (EFID) announced an increase in prices for their Molto products.
Who is affected🤷 Edita increased the prices of Molto products that cost EGP 2 per unit, to EGP 3, & the price of Molto products priced at EGP 3 per unit to EGP 4 per unit. However, the company kept the prices of Molto products at EGP 5 unchanged.
Why is this important🤔 The company said the increase in Molto prices is a result of the rise in commodity prices in global exchanges. Edita Chairman Eng. Hani Berzi said that the price hike in Molto products came to offset the increased costs of raw materials prices globally, which resulted from global shortages in energy & supply chains.
CIRA & Al Ahly Capital Partner to Build Egypt’s Largest Education Platform🏫
Al Ahly Capital, the investment arm of the National Bank of Egypt (NBE), signed a partnership & investment management agreement with Cairo for Investment and Real Estate Development (CIRA), “to build Egypt’s largest education platform.”
More details🧐 The agreement aims to create Al Ahly CIRA for Educational Services S.A.E, with the mission of providing a world-class education to all segments of the Egyptian society with a special focus on middle-income citizens.
Why is this important🤔 NBE Chairman Hisham Okasha said that the partnership comes in line with Egypt Vision 2030, which focuses on providing high-quality education and stepping up investments in the sector. CIRA Chairman Dr. Hassan El Kalla stated that Egypt needed prominent public-private partnerships to help the country meet the growing needs of its citizens, & added that the agreement seeks to expand the company’s activities in Egypt.
E-Finance Explores Investing in Companies from Different Sectors📊
Amid news of potential acquisitions by E-Finance (EFIH), the company released a statement to the EGX clarifying its position on the matter.
Who is affected🤷 In response to news regarding the company venturing into the transport, tourism, & health insurance sectors, E-Finance said it already owns subsidiaries operating in the tourism & transportation sectors. As for health insurance, the company recently launched E-Health, a company for the development, management, & operation of health technology & digital solutions.
Why is this important🤔 The company confirmed its strategy of exploring acquisition opportunities of existing companies in the event that there are investment opportunities that create an added value for its shareholders & reflect positively on the stock’s value.
Headlines We’re Watching👀
- MNHD Names New CEO & Plans to Acquire MINKA Developments
- CBE Likely to Keep Interest Rates on Hold for Eighth Consecutive Meeting
- Telecom Egypt (ETEL) Obtains $500 Million Medium-term Syndicated Loan
Global Inflation Fears Rise😨
Fears are increasing about the continuation of the inflationary wave that swept the world during the past few weeks.
What experts are saying🤷♀️ Economic expert Mohamed El-Erian pointed out that repercussions resulting from this inflationary increase threaten to drive out some developing countries from economic convergence in the long run.
Federal Reserve Chairman Jerome Powell stressed that inflationary pressures “are likely to continue for a longer period than previously expected,” indicating that they may continue until next year.
Jack Dorsey, founder & CEO of Twitter, warned that things will get much worse as a result of hyperinflation, explaining that inflation will escalate around the world.
Why is this important🤔 The wave of inflation started recently as a result of the huge rise in energy & gas prices, along with an increase in demand for goods & merchandise, in exchange for a shortage of supplies as a result of the energy crisis.
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