EGX–

#1- Watania Kuwatia could make its EGX debut as soon as January: Local agriculture player Watania Kuwatia is planning on making its market debut during 1Q 2023, Chairman Mohamed El Gammal reportedly told Al Borsa. The company recently raised its capital from EGP 250 mn to 300 mn via a private subscription of shares, El Gammal said.

About Watania Kuwatia: Established by a consortium of unnamed Kuwaiti and Egyptian investors in 2017, the company owns a sheep farm in Matrouh governorate and is building an EGP 60 mn brick factory in Ain Sokhna, according to Al Borsa.

#2- Amer demerger: Amer Group shareholders approved a plan to spin off some of the company’s activities into a separate firm dubbed A Capital Holding with the intention of listing it on the bourse, it said in an EGX disclosure (pdf).

MANUFACTURING–

China’s Jushi has started operations at its new USD 320 mn fiberglass production line, upping the capacity of its factory in the TEDA trade zone to 250k tons from 50k tons, the Suez Canal Economic Zone said in a statement Friday.

SCZone head Walid Gamal El Din plans to visit China in 1H 2023 to promote investment in local green fuel feeder industries, he told Chinese Ambassador to Cairo Liao Liqiang at the inauguration of the Jushi production line.

Cooperation with Malaysia on our vegetable oil localization drive: The Egyptian Commercial Service is in talks with Malaysian authorities to build a USD 30 mn palm oil processing factory in the Suez Canal Economic Zone for export to the African continent, Al Borsa reports. A USD 10 mn bottling plant would be built in a first phase, with a USD 20 mn refinery to follow. Malaysia is one of the world’s biggest producers of palm oil.

PHARMA-

Rameda Pharma acquired the exclusive rights to sell nasal decongestant spray Physiomer in Egypt, in what it says is a “strategic entry point into the medical devices segment,” according to a statement (pdf) yesterday.