Finance Minister Amr El Garhy and Planning Minister Ashraf Al Araby will give a detailed presentation on the government’s fiscal policy to the House of Representatives today, said House Planning and Budget Committee chair Hussein Eissa. The committee will then draw up a timetable for deliberation on the FY 2016-17 budget. Eissa tells Al Borsa that in the event parliament does not meet its deadline to approve the 2016-17 budget, cabinet will continue to operate under the current budget. The state’s current current fiscal year ends on 30 June 2016.

Abraaj’s Cleopatra Hospital Company has released its public subscription notice(pdf download) for domestic investors as part of its offering of 40 mn existing shares. Egypt’s second public offering of the year has been priced at EGP 8.75-11.88 per share, according to a price range announcement (pdf) released late last week, valuing the transaction at EGP 350-475 mn. The offering will “raise capital to support expansion and growth” and includes up to 34 mn shares for international investors and 6 mn in an Egyptian retail offer. Selling shareholders will re-inject the net proceeds of the transaction into Cleopatra to fuel growth. Sources tell Al Borsa that EFG Hermes, sole global coordinator and bookrunner for the offering, will end its marketing of the offering on Thursday. The company’s shares are likely to begin trading in the first week of June.

President Abdel Fattah El Sisi will inaugurate the c.USD 2 bn expansion to Misr Fertilizers Production Company (MOPCO)’s fertilizer plant in Damietta today, Al Borsa reports. The project, which has been over four years in the making, was financed by USD 1.1 bn in loans from 22 banks, government sources tell the newspaper. When the third production line becomes fully operational at the end of the week, MOPCO will be in line to produce 2 mn tonnes of urea per year, or 1% of global production, the source added. 60% of production will be exported on export contracts with over 20 countries. Based on the lowest price estimates for urea, MOPCO stands to generate USD 300 mn per annum in revenues. MOPCO has been receiving gas from the government at a price of USD 5 per mmbtu, said the source.

Al Mal GTM’s Portfolio Egypt Conference kicks off today at the The Marriott Hotel in Zamalek. Register here.