EGX 30 drops 2.62% as 900-MW wind deal and $195 mln placement lead news

The EGX 30 closed down 2.617% at 45,189.9 on March 30, with corporate announcements outweighing any broader market catalyst. Orascom Construction led the flow after a power purchase agreement was signed for a 900-MW wind farm in Ras Shokeir with Engie and Toyota Tsusho, while a consortium is set to deliver the project on a BOO basis, according to EnterpriseAM Egypt and Construction Business News Middle East. Abu Qir Fertilizers approved a $5.6 million coated urea project with capacity of 400 tons per day, ZAWYA reported. EFG Hermes also advised on Trolley’s $195 million private placement after working on its IPO and Boursa Kuwait listing, according to ZAWYA and الاقتصادي نيوز.