Egypt’s business digest Aug. 21: EGX gains 1.5 bln EGP in first session; ministry puts final touches to long-awaited investment law
Egyptian stock market in Cairo - REUTERS/Asmaa Waguih

CAIRO: No more browsing from site to site, view the top business news stories on August 21 here:

 

EGX indexes continue to rise during mid-session 

The Egyptian Exchange indexes have continued to increase during the mid-session of Sunday, powered by local and Arab purchases, while foreigners were mostly selling.

The market capitalization has gained around 1.5 billion EGP half an hour after the beginning of the session.

 

Egypt sees eurobond yield at 5.5-6 pct for Sept/Oct issuance – REUTERS

(REUTERS): Egypt expects its eurobond issuance at the end of September or early October to have a yield between 5.5 percent and 6 percent, Deputy Finance Minister for fiscal policies Ahmed Kojak told Reuters on Sunday.

Egypt’s government this month approved plans for international issuance of between $3 billion and $5 billion.

Last week Egypt appointed JPMorgan, Citi, BNP Paribas and Natixis to lead manage its international bond offering.

“We aim to issue eurobonds worth $3 billion with interest rates ranging between 5.5 and 6 percent and with maturity of five to ten years,” Kojak said.

“If we find great appetite and demand from investors for this issuance and at appropriate prices then we could increase the amount issued and we can lower the cost of the issuance if the interest rate prices offered are high,” he said.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Saturday 8.88 EGP for sale and 8.86 for purchase.

 

Ministry putting final touches to long-awaited investment law

A source at the Ministry of Investment said that amendments to the investment law are at the final stages, and that the law is expected to be sent to the cabinet within the coming month for decision.

 

Egypt’s rebar production down by 17% in 2013-2014: CAMPAS

Egypt’s production of rebar (reinforcing steel) has decreased by 17 percent during the financial year 2013-2014, according to a report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS.)

The report also said that the country’s production of vegetable oil and margarine has increased by 41.1 percent during the same period.

 

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