Today’s Top News & Analysis
Banks cancel the use of debit cards outside Egypt
Food price reductions coming
Maersk finalizing the acquisition of Zafarana wind farm
TAQA completes establishing an Egyptian joint stock company in partner with Aman
MACRO
Banks cancel the use of debit cards outside Egypt
Several Egyptian banks have stopped the use of debit cards outside Egypt. The banks include Commercial International Bank [COMI], HSBC, AAIB, Arab Bank, Banque Misr, Emirates NBD, National Bank of Kuwait, among others following next week. (Enterprise)
Food price reductions coming
The government and business leaders in Egypt have agreed to lower the prices of several key food staples by 15-25% starting next Saturday. This includes beans, lentils, dairy, white cheese, pasta, sugar, cooking oil, poultry, eggs, and rice. We would like to note that Obour Land Food Industries [OLFI] plans to lower its prices by 15% in the initiative, as the CBE will provide the needed USD to help achieve the lower prices. (Enterprise)
Maersk finalizing the acquisition of Zafarana wind farm
The Danish shipping giant Maersk is in the final stages of acquiring a 51% stake of Zafarana wind farm from the Egyptian government, with expectations of finalizing the acquisition by the end of the year. (Enterprise)
CORPORATE
TAQA completes establishing an Egyptian joint stock company in partner with Aman
TAQA Arabia [TAQA] announced the completion of the establishment procedures of an Egyptian joint stock company in partner with Aman Holding for non-banking financial services and Aman for Electronic Payments Tech. Co. under the name of Aman TAQA for Electronic Payments Tech. S.A.E. with an issued capital of EGP20mn. TAQA will have 49% of the company’s shares. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
11-Oct-23
ORAS: EGM / Discussing the dividend distribution of USD0.2750/share.
EFIH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
12-Oct-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
EGCH: OGM / Approving financial statements ending 30 June 2023.
EGCH: EGM / Amending Article No. 3 & 21 of the company's bylaws.
17-Oct-23
POUL: OGM / Discussing dividends distribution.
18-Oct-23
EFIC: Cash dividend / Payment date for a dividend of EGP1.5/share (3rd installment).
23-Oct-23
ABUK: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
EAST: Cash dividend / Deadline for eligibility for a dividend of EGP3.75/Share.
MICH: Cash dividend / Deadline for eligibility for a dividend of EGP3.00/Share.
25-Oct-23
EGAL: OGM / Approving financial statements for 2022/2023.
26-Oct-23
ABUK: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MNHD: Cash dividend / Payment date for a dividend of EGP0.075/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MICH: Cash dividend / Payment date for a dividend of EGP1.50/share (1st installment).
29-Oct-23
PRCL: OGM / Approving financial statements ending 30 June 2023.
PRCL: EGM / Amending Article No. 3 of the company's bylaws.
31-Oct-23
MCRO: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).