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Sunday, 25 September 2016

What we’re tracking on 25 September, 2016

Setting things right with Mother Russia: A delegation from the ministries of agriculture and trade is arriving in Moscow today to discuss lifting Russia’s ban on imports of Egyptian fruits, vegetables and other plant products, one day ahead of schedule, Al Mal reports. The ban was imposed after Egypt rejected a cargo of Russian wheat, saying it was contaminated with ergot. The Ismail government has since scrapped the ergot ban — this time for good, it says.

Cheese maker Obour Land should file with the EGX today for a listing in advance of an IPO. Sources tell Al Borsa, that the company is expecting to list in October, with the planned offering of 25% of its shares expected to take place in January 2017 at the latest. Proceeds for the funds to include the launch of frozen meats and ice cream product lines and the expansion of its juice and dairy production lines, the newspaper says. The company is hoping to raise EGP 100 mn from the IPO. CI Capital is advising.

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