Today’s Top News & Analysis
CBE receives USD1.7bn of deposits from Arab countries
Egypt expects to gather USD21bn from petroleum exports in 2023
Damietta and Port Said Container Handling to be floated or to be acquired
Mobile services prices may increase by 10-15%
Sidpec close to finalizing ETHYDCO takeover
EIPICO’s biosimilar facility to be launched by Q2 2024
MACRO
CBE receives USD1.7bn of deposits from Arab countries
According to recently released data by the Central Bank of Egypt (CBE), Egypt received an additional deposit from Qatar for USD1bn, and another USD700mn from Libya by the end of 2022. This takes total Qatari deposits at the CBE to USD4bn, while Libya’s deposits increased to USD900mn, compared to USD200mn by the end of September 2022. (Al-Borsa)
Egypt expects to gather USD21bn from petroleum exports in 2023
Egypt reportedly aims to increase petroleum exports in 2023 by 15% to reach USD21bn. It expects petroleum exports to rise by the same rate in 2024 to reach USD24bn. Meanwhile, Egypt's current total production of natural gas is between 6.5 and 7bn cubic feet per day. Natural gas production in 2022 reached 50mn tons (+14% y/y), with exports of 8mn tons worth USD8.4bn (+140% y/y). Furthermore, Egypt is allegedly looking to build a new natural gas liquefaction plant and new pipelines to enhance our production capabilities even more. (Asharq Business)
Damietta and Port Said Container Handling to be floated or to be acquired
The floating of Damietta Container Handling Co. [DCCC] and Port Said Container Handling Co. [POCO] is currently pending the decision regarding Qatar Investment Authority (QIA) acquisition offer, according to sources. QIA has offered to acquire a majority stake in both DCCC and POCO from the Holding Company for Maritime and Land Transport. (Al-Borsa)
Mobile services prices may increase by 10-15%
Mobile service providers are expecting a price increase in their services by 10-15%. The increase should be decided by National Telecom Regulatory Authority. (Al-Borsa)
CORPORATE
Sidpec close to finalizing ETHYDCO takeover
Sidi Kerir Petrochemicals (Sidpec) [SKPC] is reportedly very close to concluding the acquisition of the Egyptian Ethylene Production Co. (ETHYDCO) by means of a share swap agreement. The deal will allegedly be in the realm of 1.6:1 in favor of ETHYDCO. Previously, many thought that the ratio would be closer to 2:1 given ETHYDCO's greater production capacity. (Al-Mal)
EIPICO’s biosimilar facility to be launched by Q2 2024
EIPICO’s [PHAR] management announced that EIPICO III is expected to start operating in Q2 2024, adding that PHAR will receive the facility’s machines within two months. (Al-Borsa)
Markets Performance
Key Dates
14-Jun-23
EXPA: Right Issue / Last day for eligibility for subscription in the rights issue.
15-Jun-23
ZMID: OGM / Approving financial statements ending 31 Dec. 2022 and the proposed dividends.
17-Jun-23
MICH: EGM / Amending Article No. 6 of the company's bylaws for increasing the authorized capital from EGP400mn to EGP1bn.
18-Jun-23
MOIL: OGM / Approving financial statements ending 31 Dec. 2022 and the proposed dividends.
MOIL: EGM / Discussing the continuation of the company.
19-Jun-23
SUGR: Cash dividend / Deadline for eligibility for a dividend of EGP2.550/Share.
EXPA: Capital increase / Capital increase subscription starting date.
EXPA: Right Issue / First day of trading the rights issue.
20-Jun-23
SUGR: Cash dividend / Ex-dividend date for EGP2.550/Share.
22-Jun-23
AREH: OGM / Approving financial statements ending 31 Dec. 2022.
HELI: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).
SUGR: Cash dividend / Payment date for a dividend of EGP2.550/Share.
CCAP: OGM / Approving financial statements ending 31 Dec. 2022.
CCAP: EGM / Discussing the continuation of the company.
25-Jun-23
MCQE: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
26-Jun-23
BINV: OGM / Approving financial statements ending 31 Mar. 2023 and the proposed dividends.
4-Jul-23
ISPH: OGM / Approving financial statements ending 31 Dec. 2022 and the proposed dividends.
ISPH: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.