What we’re tracking this week: House to debate state budget, Obour Land to file for IPO, next session in Genena trial
Ramadan or not, we’re looking at reasonable newsflow this week:
- Budget debate: The House of Representatives is set to discuss the state budget on 26 June over four consecutive days, Al Mal reported. Finance Minister Amr El Garhy presented an overview of the FY 2016-17 budget to the House in May.
- Obour Land will file a request to offer 25% of its shares on the Egyptian Exchange, Chairman Mohamed Hamed told Al Borsa. The company is set to complete required documentation before the end of June and expects to begin trading in 3Q2016. The company has said it will issue 200 mn shares at a par value of EGP 1.00 per share, sources added.
- The next session in the trial of former Central Auditing Organization chief Hisham Genena is due to take place on Tuesday, 21 June. The UK heads to the polls to vote on whether to remain in the European Union on Thursday, 23 June.
- Are we taking a step closer to the return of Russian tourists? Falcon National, the joint venture between Falcon Group and the Egyptian government which will provide security at Egypt’s airports, opens its doors for business on Tuesday, Al Mal reports.