Today’s Top News & Analysis
The IFC to issue EGP-denominated bonds in international markets
Egypt’s wheat loan agreement with Al-Dahra to be effective in January
Three banks interested in The United Bank
Rameda studies acquiring two healthcare companies
United Tobacco Co. eyes a minority stake in EAST
MACRO
The IFC to issue EGP-denominated bonds in international markets
The Cabinet gave the greenlight for the Ministry of Finance to approve for the International Finance Corporation (IFC) to issue EGP-denominated bonds in international markets. This should aid the IFC to invest more in Egypt as well as give the institution more FX to finance the needs of the private sector, thus reducing pressure on current FX sources, expanding the range of EGP-based financing solutions, and diversifying funding sources available to the private sector in Egypt. (Enterprise)
Egypt’s wheat loan agreement with Al-Dahra to be effective in January
The Minister of Supply & Trade reportedly said that the ministry awaits the Parliament meeting next October to approve the USD500mn loan from Abu Dhabi Fund for Development through its financing arm Abu Dhabi Exports Office. The loan will finance wheat purchases to be supplied mainly by UAE-based Al-Dahra by January. The loan should be granted to Egypt as USD100mn a year over five years. (Enterprise)
Three banks interested in The United Bank
Mashreq Bank Egypt, Credit Agricole Egypt [CIEB], and National Bank of Kuwait - Egypt reportedly started the due diligence process to acquire a stake in the CBE-owned The United Bank. (Enterprise)
CORPORATE
Rameda studies acquiring two healthcare companies
Rameda [RMDA] announced that it is studying the acquisition of two companies in the healthcare sector, adding that there are no details yet. (Company disclosure)
United Tobacco Co. eyes a minority stake in EAST
United Tobacco, a subsidiary of Philip Morris, is negotiating with the Egyptian government to acquire a minority stake in Eastern Co. [EAST]. The negotiations are held with the Ministry of Finance and the holding company, noting that the government wanted to remain the majority shareholder and that EAST owns a 24% stake in United Tobacco. (Asharq Business)
Key Dates
21-Aug-23
BINV: Cash dividend / Ex-dividend date for USD0.032/Share.
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.
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.