EGYPT’S CABINET APPROVED A NEW DRAFT LAW MODIFYING INCOME TAX ON TREASURIES

November 25th, 2018 Egypt’s Cabinet approved a new draft law modifying income tax on treasuries, which separates income earned on treasuries from corporates’ and banks’ other income sources, according to Ministry of Finance sources. According to the draft law, income earned on government treasuries will be recorded net of a 20% tax and then will...

HC EXPECTS THE MPC TO KEEP INTEREST RATES UNCHANGED

November 11th, 2018 HC expects the MPC to keep interest rates unchanged at its upcoming meeting. October monthly inflation came in significantly higher than HC’s expectation of it normalizing to c0.8%, mainly on supply shocks witnessed in the fruit and vegetables market leading to price hikes. Currently, inflation has exceeded the upper limit of the...

EGYPT’S ANNUAL CORE INFLATION EDGED UP TO 8.83% Y-O-Y IN AUGUST FROM 8.54% IN JULY

September 12th, 2018 – Egypt’s annual urban consumer inflation accelerated to 14.2% in August from 13.5% in the previous month, with monthly prices decelerating to 1.8% from 2.4% in July, according to data published by the Central Agency for Public Mobilization and Statistics (CAPMAS). Annual core inflation edged up to 8.83% y-o-y in August from...

HC SECURITIES & INVESTMENT ADVISED MINAPHARM PHARMACEUTICALS ON THE ACQUISITION OF AN ADDITIONAL 15.76% OF ITS SUBSIDIARY MINAPHARM PROBIOGEN

August 28th, 2018 – HC Securities & Investment has successfully acted as the exclusive financial advisor to Minapharm Pharmaceuticals and Chemical Industries S.A.E. (MIPH.CA) (www.minapharm.com) on the acquisition of an additional 15.76% of the share capital of its subsidiary Minapharm ProBioGen S.A.E., a company specialized in the R&D and manufacturing of biopharmaceuticals, in a transaction...

EGYPT’S ANNUAL URBAN INFLATION DECELERATED TO 13.5% IN JULY FROM 14.4% IN JUNE

August 9th, 2018 Egypt’s annual urban inflation decelerated to 13.5% in July from 14.4% in the previous month, while monthly prices increased 2.4% compared with a 3.5% increase in June, according to data published by the Central Agency for Public Mobilization and Statistics (CAPMAS). (Bloomberg, Reuters) HC’s comment: The monthly inflation figure came higher than...

EGYPT’S PASSENGER CAR SALES ROSE C70% Y-O-Y TO 11,593 CARS IN JUNE

July 30th, 2018 Egypt’s passenger car sales rose c70% y-o-y to 11,593 cars in June compared to a c55% y-o-y increase to 10,994 cars in the previous month, according to a report by the Automotive Marketing Information Council (AMIC). Bus sales also rose c15% y-o-y to 1,314 buses, according to the report. (AMIC) HC’s comment:...