INVESTMENT-

Ibnsina Pharma to invest up to EGP 200 mn in 2023: EGX-listed pharma player Ibnsina Pharma plans to invest as much as EGP 200 mn to add warehouses and strengthen its meds distribution network this year, IR director Mohamed Shawky told Enterprise. The company could separately deploy more funds to its investment arm AIM, he said. The company invested some EGP 126.7 mn in its core business in the first nine months of 2022, according to its latest earnings release (pdf). It also spent EGP 430 mn to acquire El Shorouk Hospital, while EGP 200 mn was used to buy back shares, Shawky said.

El Shorouk Hospital open for business: Ibnsina Pharma has begun trial operations at its Shorouk City hospital ahead of a full launch by the end of 1Q 2023, Shawky added. The company acquired the hospital last May.

INDUSTRY-

Kima wants to raise USD 300 mn: EGX-listed, state-controlled Egyptian Chemical Industries (Kima) is looking to secure USD 300 mn to fund its nitric acid and ammonium nitrate project — either through a loan or by partnering with a strategic investor, company head Abdelmeguid Hegazy told Al Mal. The company is set to sign contracts for the project within three months with Italian contractor Maire Tecnimont, with whom Kima late last year settled a dispute over former projects. It will produce some 600k tons of nitric acid and 800k tons of ammonium nitrate annually once operational, with construction expected to take two years.

Green ammonia in the works: Kima is also looking into adding three production lines at its existing fertilizer facilities to produce some 400k tons of green ammonia annually, Hegazy reportedly said. Al Ahly Pharos is advising the firm on both projects.

NON-BANK FINANCIAL SERVICES-

Aman could be preparing a sukuk issuance: Raya Holding’s non-banking financial services outfit Aman Financial Services could issue EGP 500 mn in sukuk this year, Hapi Journal reported, citing statements by CEO Hazem Moghazy. The company issued EGP 403 mn in securitized bonds a few weeks ago, kicking off a EGP 5 bn securitization program.

FINTECH-

e-Finance x Giesecke+Devrient: State-owned tech company e-Finance signed a cooperation agreement with Giesecke+Devrient (G+D) that could see the German security tech company debut new card issuance and digital payments services in Egypt, according to a press release (pdf).

ENERGY-

Petrojet awarded USD 150 mn Luberef contract: Saudi Aramco’s refining unit has awarded state-owned oil and gas contractor Petrojet a SAR 555 mn (c. USD 150 mn) contract to expand its base oils plant in Yanbu, it said in a disclosure to the Saudi stock exchange.