Pre-Trading Thoughts

Gold exporters will need to receive payment into a bank account within 10 days of making a sale or face being blacklisted by the banking sector under new rules announced by the CBE.

The Supply Ministry has set up a committee to determine the fair price of 10-15 kind of foods classed as strategic commodities amid soaring inflation. 

The Parliament voted through amendment to the Unified Tax Procedures Act that would allow foreign tax authorities to access individuals and businesses’ financial information.

The Ministry of Electricity and Renewable Energy received two new offers from two Chinese and Japanese companies to invest in renewable energy projects with investments worth USD4 billion.

OIH is holding on its stake in Koryolink in the present time, according to an EGX release.  This comes after several reports have been circulating in the local press that OIH is looking to divest its stake in the firm and settle its balance sheet. 

SWDY’s (FV:EGP10.41, OW) board has approved taking out a USD200 mn revolving loan from Afreximbank. The company didn’t elaborate on how the loan will be used. 

The Egyptian Tax Authority has rolled out its digital wage and income tax platform for some taxpayers in a pilot phase this week. 

MICH started the execution of a new caustic soda evaporation unit with EGP130 million in investment cost.

Two draft laws that would allow the government to bring in companies to develop two container terminals in Alexandria’s Dekheila port and the Ain Sokhna port were referred to the House of Representatives. 

The House of Representatives approved the report of the Transport and Communications Committee and the Office of the Constitutional and Legislative Affairs Committee on a draft law submitted by the government to amend the law granting a commitment to build and develop the superstructure, manage, operate, maintain and re-deliver the second container terminal “Tahya Misr 1” in Damietta port.