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AZO starts trading, Get the chance to win EGP 10,000

EGX 30: 10,256, weekly change ( -0.2%), YTD (-5.4%)
Traded Value 1W Avg: EGP 391M, ( -14.2% ) above 90D Avg.
EGP:USD: 15.67 ( 0.0% ) weekly change 

Get the chance to win EGP 10,000 with Thndr Raffle

We’re offering you a chance to win EGP 10,000 based on your average portfolio value over the month of July 2021. For every EGP 250 in your portfolio, you will get one raffle ticket. This means that the larger your portfolio and the more you grow it, the higher your chances of winning.

Local Pick-ups

Azimut Opportunity Fund started trading

Azimut Egypt’s new equities fund “AZO” has raised EGP 71 Million from more than 500 investors in its initial subscription period. The fund started trading yesterday and is now open for daily subscription and redemption. (Al Mal)

Orascom Construction to build an EGP 2.6B two manufacturing complexes

Orascom Construction has announced it signed an agreement to build two textile manufacturing complexes in Damietta and El-Mahalla for the Holding Company for Cotton, Spinning, Weaving and Garments. The two complexes are composed of seven factories, covering a combined area of 182K square meters and will be built in 16 months. (Arab Finance)

CIB to be first issuer of green bonds in Egypt

The Financial Regulatory Authority (FRA) has approved the green bond issuance for CIB. The placement is valued at USD 100M in a non-callable fixed rate five years bond. International Finance Corporation (IFC) will subscribe to the full value of the issue. The bond proceeds will be directed to various categories of climate supporting initiatives like green building, energy efficiency, renewable energy and clean transport. (CIB)

Other Local Headlines

  • Government raises private sector minimum wage to EGP 2,400
  • Orascom Financial Holding reduces stake in Beltone Financials to 61.24%
  • Eastern Company will increase the cigarette prices starting 1st week in July
  • Egypt joins 129 countries in OECD Global Corporate Tax Plan
  • CBE launches investor relations unit to enhance the CBE’s data and policy transparency

Global Pick-up

Facebook Wins Antitrust Lawsuits (For Now)

The court ruled in favor of Facebook in the lawsuits brought by Federal Trade Commission (FTC). The government agency complaint was over Facebook monopoly in the social media industry and crushing its competitor and requested to break up Facebook, Instagram & WhatsApp. The court dismissed the case as the government agency’s claims about Facebook monopoly were legally insufficient and must therefore be dismissed. The court however said that the government agency can file their complaint again and make another attempt. (Forbes)

Featured Opportunity

Cairo for Investment & Real Estate Development – CIRA is a leading provider of educational services in the Egyptian private sector. It operates 21 schools and owns Badr University in Cairo. CIRA was one of our top 10 factor investing picks for June 2021 with a 3.89 / 5.00 score.

Word of the week – Monetary policy

Monetary policy is designed and implemented by the country’s central bank to control the money supply, interest rates, inflation, and economic growth. Monetary policies affect investment decisions and most professional investors and analysts keep a close eye on it.

Book of the week – Indistractable

Our recommendation for this week is a light self-help book about reducing distraction by giving both principles and practices to control your consumption of online content. If you sit down at your desk to work on an important project, but a notification on your phone interrupts you then this book is a must-read for you. (good reads) (good reads)

Earnings Call:

  • Shorouk For Modern Printing And Packaging reports net profits of EGP 37.8 in Q1 2021, a 18% YoY decrease.