Tarek El-Molla, Minister of Petroleum & Mineral Resources, has announced that EK Holding's [EKHO.CA] Bawabet Al Kuwait Holding has signed the settlement of an arbitration case on 10 October 2016 with four Egyptian companies that included the following: i) The Egyptian Natural Gas Holding Company (EGAS); ii) Egyptian Natural Gas Company (GASCO); iii) Alexandria Fertilizers Company (Alexfert); and iv) Petrotrade. According to the article, the international arbitration case, which was raised in relation to Egypt’s decision to hike natural gas prices supplied to Alexfert from USD3/mmbtu to USD4.5/mmbtu, will be dropped after the signing of the settlement agreement.   While the details of the settlement are not yet clear, we believe they are set to bode well for Alexfert as it would likely lead to one or possibly several of the following: i) a reduction in gas prices to USD3/mmbtu (from USD4.5/mmbtu); ii) more stable gas supplies to the plant; and/or iii) it may even include a cash settlement. Pending further clarity on the subject, we view this settlement positively and continue to reiterate our Buy rating on EK Holding. (Al Masri Al Youm, Ahmed Hazem Maher)   Egyptian Kuwaiti: USD0.41 as of 10 October 2016, Rating: Buy, FV: USD0.80 per share, MCap: USD420mn, EKHO EY / EKHO.CA