EGX 30: 11,327 (+2.5%) weekly change, (-18.9%) YTD
Traded Value 1W Avg: EGP 565M , (-7.6%) above 90D Avg.
EGP:USD: 15.72 (-0.2%) weekly change
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After a five-year hiatus, Mercedes-Benz selects Egyptian German Automotive Co. (EGA) to assemble cars
Mercedes-Benz Egypt will partner with EGA to assemble cars in Egypt. EGA was awarded the contract after meeting Mercedes-Benz’s standards and production requirements. The company imported two shipments earlier this week including assembly inputs, spare parts, and fully-assembled vehicles. The first car should be completed in Q2 2020. (Source: Enterprise)
FRA approves HeidelbergCement MTO on Suez Cement
The FRA approved HeidelbergCement MTO to acquire a 33% stake in its Egyptian subsidiary Suez Cement for EGP 448M, while Suez is looking to acquire a 28% stake in its subsidiary Tourah Portland Cement Company for c. EGP 144M. HeidelbergCement is one of the world’s largest integrated manufacturers of building materials with leading market positions. (Source: DailyNews)
State-owned Heliopolis Housing reveals its plan to develop USD 6.4B assets
Heliopolis Housing has unveiled a new five-pillar strategy that will see the company develop USD 6.4B worth of assets autonomously and through partnerships with private developers after scrapping plans to sell a stake with management rights. The new plan for New Heliopolis City entails self-developing 400 feddans, with two plots at 500 feddans set to be offered for co-development. (Source: Zawya)
Apple enters 5G market and says goodbye to charger for the new line of iPhones
Apple pushes the boundaries of innovation by introducing a powerful 5G experience and an innovative new accessory with MagSafe that improves wireless charging for a better, more efficient experience. The iPhone 12 Pro models boast a new sharp flat-edge design that features a gorgeous surgical-grade stainless steel band paired with a precision-milled matte glass back. (Source: Company Disclosure)
Market wrap up
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The US IPO market is booming with nearly 80 deals set to raise USD 29B in Q3.