Back to the complete issue
Wednesday, 13 October 2021

GASC calls off wheat tender due to high prices

State grain buyer GASC has called off a wheat tender as prices offered were higher than expected Reuters reported. The tender was due for shipment between 23 November and 3 December. This is the fourth time Egypt has called off a tender in recent months, with average wheat prices jumping by as much as USD 100 per tonne since the season began. GASC bought 240k tonnes of Russian and Romanian wheat in a tender earlier this week for shipment in the second half of November, and at an average price of USD 320.51 per mn tonnes FOB and USD 351.61/mt CFR. The transaction came as high tariffs on exports impact the Russian grain trade and imperil one of the main supply lines for Egypt, the world’s biggest wheat importer. That said, we have been relying less on Russian wheat, which accounted for just 20% of all grain imports by August this season, a seven-year low. Bloomberg also has the story.

Americana Holding Egypt has acquired a 53% stake in Cairo Poultry after consolidating three separate stakes that were held by sister companies or subsidiaries — Americana Group Kuwait, the Egyptian Company for International Tourism Projects (Americana Egypt), and Americana Group, according to four separate EGX disclosures (here, here, here, and here — pdf). The three companies each held 4.4%, 15.3%, and 33.8%, respectively.

Four Nile City shareholders offload their entire stakes: Amusement Touristic and Real Estate Investment has sold its entire 28.2% stake in Nile City in a EGP 703 mn transaction, according to an EGX disclosure (pdf). Minority shareholders Golden C for Real Estate and Touristic Investments and Trigger Bay for Real Estate and Touristic Investments each sold their 4.98% stakes in the company, worth EGP 124.3 mn apiece, while Gazelle sold its 0.016% holdings, according an EGX disclosure (pdf). The shares were sold at EGP 344.28 apiece.

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

  • Egypt is among 32 low-income countries that lost USD 126 bn last year as a result of the digital gender gap, according to a report on the costs of women’s digital exclusion by web pioneer Tim Berners-Lees’ World Wide Web Foundation and the Alliance for Affordable Internet (A4AI).
  • Eighty unemployed Egyptians are getting training for maintenance of rolling stock for Cairo Metro Line 2, courtesy of the European Bank for Reconstruction and Development (EBRD) and Hyundai Rotem.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.