Today’s Top News & Analysis
CBE announces The United Bank's due diligence; CIEB denies interest in the acquisition
Apache to invest USD1.4bn in Egypt in 2024
Amendments to capital market law to boost local sukuk issuances
Kima prelim 2022/23: Satisfying annual growth, but what a quarterly drop!
MACRO
CBE announces The United Bank's due diligence; CIEB denies interest in the acquisition
The Central Bank of Egypt announced that the sale of The United Bank, its subsidiary, is underway. The CBE also announced that the due diligence process with the interested international institutions will commence by the end of September 2023. In the same vein, Credit Agricole - Egypt [CIEB] denied the circling rumors of its interest in acquiring the aforementioned bank. (Asharq Business, Bank disclosure)
Apache to invest USD1.4bn in Egypt in 2024
US oil producer Apache plans to invest USD1.4bn on exploration and production in Egypt in 2024. This comes as a part of the company's USD3.5bn investment plan in the Egyptian oil and gas sector by 2027. (Cabinet)
Amendments to capital market law to boost local sukuk issuances
The Egyptian government made amendments to the capital market law, allowing sukuk issuance without a credit rating and with a single approval for multiple sukuk issuances, in a move to boost the local sukuk market. (Asharq business)
CORPORATE
Kima prelim 2022/23: Satisfying annual growth, but what a quarterly drop!
Egyptian Chemical Industries (Kima) [EGCH] reported its preliminary results for 2022/23, where net income grew strongly by 83% y/y to EGP1.2bn. However, net income plunged sequentially by 82% q/q to only EGP90mn partially on the back of a sequential drop of 35% q/q in revenues to EGP1.5bn with GPM also dropping to 43% from 49% in Q3 2022/23. Meanwhile, 2022/23 revenues increased by 49% y/y to EGP6.6bn, reflecting higher global urea prices in H1 2022/23 (the first half of the fiscal year). GPM, however, remained constant y/y at 47%. (Company disclosure)
Key Dates
23-Aug-23
BINV: Cash dividend / Payment date for a dividend of USD0.032/Share.
MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.
24-Aug-23
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
26-Aug-23
MICH: BoD meeting / Follow up on production, sales and exports.
27-Aug-23
SPMD: OGM / Approving financial statements ending 31 Dec. 2022.
28-Aug-23
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
30-Aug-23
ORAS: Financial results Announcement / Q2 2023 financial results' announcement.
31-Aug-23
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/share (1st installment).
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
1-Sep-23
MSCI / MSCI's August 2023 Quarterly Index Review Effective Date.
5-Sep-23
Egypt PMI / August 2023 reading.
6-Sep-23
ELSH: OGM / Approving the decisions of the company’s board of directors in its meeting held on 15/6/2023.
ELSH: EGM / Amending some articles of the Company's bylaws.