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Wednesday, 8 September 2021

Fawry shareholders green-light plans to buy back stakes held by CIB, Banque Misr

Fawry’s shareholders greenlit the acquisition of CIB and Banque Misr’s stakes in subsidiary Fawry Plus, the e-payments giant announced in a bourse filing (pdf). Fawry will buy each of the two bank’s 15% stakes in its subsidiary at EGP 1.15 per share, for a total of EGP 16.2 mn per acquisition. The acquisition is still subject to regulatory approval.

Egyptalum has hiked aluminum prices by between EGP 2k and 4.5k per tonne as global prices reach new multi-year highs,, a company spokesperson told Al Mal. A tonne of aluminium will now cost somewhere between EGP 51k to EGP 62k before tax. Global aluminium prices recently reached their highest level in a decade as a swell in post-lockdown demand and rising raw material costs cause inflation to rise. A recent coup in Guinea, of all places, hasn’t helped.

Other things we’re keeping an eye on this morning:

  • The Cabinet has approved the executive regulations of the export subsidy program, which came into effect on 1 July for a period of three years, according to Al Borsa (pdf).
  • President Abdel Fattah El Sisi ratified a law establishing an endowment fund to channel funds into educational, cultural, social, and healthcare organizations.
  • General Electric and French cancer-research center Gustave Roussy will work with the Egyptian Health Ministry to improve cancer screening, treatment and research in Egypt, after Health Minister Hala Zayed signed an agreement earlier this week during her trip to Paris.
  • Domty signed two contracts worth EUR 2.5 mn with AMF to establish a fourth bakery line, its first for the production of croissants.

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