Delta Sugar (SUGR) witnessed a significant surge in its share price following the news from Asharq Bloomberg.
according to Asharq Bloomberg: Government-owned sugar companies in Egypt have reportedly raised prices for delivering sugar to the commercial sector by 33%. This decision comes in response to increasing production costs and the liberalization of the exchange rate, as confirmed by anonymous heads of these companies. The government has granted pricing freedom to these entities, as long as the price per ton remains below 32,000 pounds. The new pricing structure, implemented since March 23, aims to gradually achieve a retail price of 35 pounds per kilogram of sugar. To enforce this, factories will specify the selling price on invoices issued to merchants. Egypt has 16 major sugar production companies, with 8 of them being government-owned and primarily responsible for sugar imports.
EGVEST Data:
Trading on Delta Sugar (SUGR) shares was temporarily halted for 10 minutes on the Egyptian Exchange (EGX). SUGR shares reached EGP 12.76 as of 11:17 CLT, marking a significant increase of over 10%. It is noteworthy that SUGR previously reached its all-time high price of EGP 99.90 per share on January 30, 2024.
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