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Wednesday, 23 June 2021

Mining outfit ASCOM losses widen in 1Q2021

EARNINGS WATCH- Qalaa Holdings’ mining subsidiary ASCOM posted wider losses in 1Q2021 than it did a year ago, with EGP 30 mn in red ink on its bottom line against EGP 23.2 mn in the same period a year ago, according to its consolidated financials (pdf). Net financing costs jumped to EGP EGP 35.9 mn in 1Q2021, compared to EGP 23.7 mn in 1Q2020.

IN MARKET NEWS- National Printing wants 100% of Shorouk Modern Printing: National Printing Company plans to submit a mandatory tender offer (MTO) for 100% of Shorouk Modern Printing & Packaging at EGP 52-54 per share, according to an EGX filing (pdf). National Printing has assigned an independent financial advisor to assess the fair value of Shorouk Modern Printing’s shares ahead of submitting the potential MTO. National Printing is already an 89.9% shareholder of Shorouk.

The EGX30 rose 0.7% at today’s close on turnover of EGP 1.63 bn (22.5% above the 90-day average). Foreign investors were net sellers. The index is down 5.3% YTD.

In the green: AMOC (+4.3%), Ezz Steel (+3.3%) and Abou Kir Fertilizers (+3.0%).

In the red: Orascom Investment Holding (-3.4%), MM Group (-1.9%) and Medinet Nasr Holding (-1.4%).

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