Below may impact Centamin's future business processes positively, as there may be new benefits in tax, procedures and the ease of getting new licenses etc. The Egyptian canvas does seem to be getting smoother and yes this is related to the laws which has been posted on this forum before. The general concensus among the Egyptian government is that this needs to be in, in time for the February Conference. The implementation will have a lot of the civil servants and staff in the Public sector in uproar as they will need to change, move, work etc .. and as usual, there'll be resistance everywhere. However the government does seem determined enough, and so far I haven't heard anyone threating law suits against that yet... ------------------------------------------------------------------------------------ An extract below from article at: http://www.dailynewsegypt.com/2014/10/20/businessmen-voice-optimism-uniform-investment-law Representatives of the Egyptian business community believe the uniform investment law, which the government is currently considering, is a positive step. The businessmen said they are optimistic regarding the law but are currently awaiting implementation, adding that the investment minister will face fierce opposition if the ‘one-stop shop’ system is put into force. Former Federation of Egyptian Industries Chairman Galal Al-Zorba said the draft uniform investment law has some “good” points. He added: “What is important is its being implemented and put into force on the ground, to speed up a revival of confidence in the economy and capital flow in order to begin to address the issue of unemployment.” According to Al-Zorba the investment minister “will face a fierce war with all government agencies, especially local governments and the Industrial Development Authority”, in order to activate the ‘one-stop shop’ system. Investment Minister Ashraf Salman told Daily News Egypt last week that the law faces opposition from some. This is especially in relation to the ‘one-stop shop’ system which will be charged with issuing all licences under the General Authority for Investment (GAFI). He continued: “Right now I am struggling to obtain approval from state agencies responsible for granting lands, so that GAFI becomes an agent for those agencies and pay the value of the land to the owners to save time and effort for the investor.” Al-Zorba requested that the law facilitate procedures for entry into and exit from the market, in addition to expediting litigation and dispute resolutions that guarantee the right of the state and do not adversely affect the investors.
An Extension link to the Shano Post
I found this as a link on Shanos article in case you missed it.... http://english.alarabiya.net/en/business/economy/2014/10/20/Egypt-planning-minister-calls-for-economic-revolution-.html Arabi said Egypt was scrambling to sign deals with companies before holding an economic summit in the resort town of Sharm el-Sheikh next February to attract investment. “Energy - I believe this is the top priority for us, for the country. Housing. Infrastructure. Agriculture. Manufacturing. Of course tourism,” said Arabi, adding that a committee including Saudi Arabia and the UAE was reviewing investment opportunities. He said Egypt was focused on pushing through the new investment law before the conference, so that the event would effectively be a signing ceremony for investment deals. So February looks quite rosy....
Centamin PLC (LON:CEY) was upgraded by Westhouse Securities to a “buy” rating in a research note issued on Monday. The firm currently has a GBX 70 ($1.13) target price on the stock, up from their previous target price of GBX 65 ($1.05). Westhouse Securities’ price target would indicate a potential upside of 25.34% from the company’s current price. Tibbs Centamin PLC (LON:CEY) opened at 55.40 on Monday. Centamin PLC has a 52-week low of GBX 38.00 and a 52-week high of GBX 75.50. The stock’s 50-day moving average is GBX 60.50 and its 200-day moving average is GBX 62.95. The company’s market cap is £631.7 million. A number of other firms have also recently commented on CEY. Analysts at Numis Securities Ltd reiterated a “hold” rating on shares of Centamin PLC in a research note on Friday. They now have a GBX 60 ($0.97) price target on the stock. Finally, analysts at Canaccord Genuity reiterated a “speculative buy” rating on shares of Centamin PLC in a research note on Thursday, October 9th. They now have a GBX 74 ($1.19) price target on the stock. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of GBX 66.40 ($1.07).
Moody’s raises Egypt’s ..
Interesting piece, thank you! Tibbs
Moodys raise Egypt
A good article Shano, and at last Westhouse securities have upgraded us to a BUY. Welcome news all round.
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