Today’s Top News & Analysis
Ministry of Finance to sell another 10-15% of ETEL
Elsewedy and Orascom Construction deny news about a USD200mn loan
Heliopolis Housing & Development’s BoD to discuss Heliopark offer
BINV to finalize OFH’s acquisition this month
EFID to launch in Saudi Arabia
MACRO
Ministry of Finance to sell another 10-15% of ETEL
Sources said that the Ministry of Finance is studying to offer another 10-15% in Telecom Egypt [ETEL]. Meanwhile, sources added that Qatar Investment Authority’s (QIA) acquisition process for a stake in Vodafone Egypt [VODE] will be finalized next month. However, the stake is not determined yet stating that the Egyptian government wants to exit only 25% of its stake in VODE. (Al-Borsa)
CORPORATE
Elsewedy and Orascom Construction deny news about a USD200mn loan
Elsewedy Electric [SWDY] and Orascom Construction [ORAS] have both denied the news about recieving an USD200mn loan from Afreximbank. (company disclosure: 1, 2)
Heliopolis Housing & Development’s BoD to discuss Heliopark offer
Heliopolis Housing & Development’s [HELI] BoD will discuss the offer for the Heliopark land plot by the National Organization for Social Insurance (NOSI) to buy the land plot in its OGM on 7 October. The deal is valued at EGP15bn, paid in one payment. This implies a pre-tax value of EGP2,174/sqm and EGP11.2/HELI's share. (Company disclosure)
BINV to finalize OFH’s acquisition this month
It has been reported that B Investments Holdings [BINV] is close to finalizing acquiring Orascom Financial Holding [OFH] before the end of September. Back in June, BINV’s BoD approved the acquisition of a stake ranging from 51% to 90% in OFH through a share swap of 1 share of BINV for 56.7 shares of OFH. Based on the proposed share swap ratio and BINV's last closing price of EGP17.34/share, we calculate that this transaction implies a valuation of EGP0.31/share for OFH (a 7% discount to yesterday’s closing price). We note that OFH is part of our STANDPoint Portfolio. (Al-Borsa)
EFID to launch in Saudi Arabia
Edita Food Industries [EFID] chairman said that the company plans to expand in Saudi Arabia in the coming years by opening a new factory. Meanwhile, EFID plans to increase its exports through raising the utilization rate of its Morocco facility. (Al-Borsa)
Key Dates
15-Sep-23
IMF Review / Second IMF review with Egypt (end-June 2023 quantitative targets).
17-Sep-23
MCQE: Cash dividend / Deadline for eligibility for a dividend of EGP0.750/Share.
19-Sep-23
EXPA: EGM / Amending Article No. 5 of the bank's bylaws.
20-Sep-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.25/share (1st installment).
RMDA: Stock dividend / Last date for eligibility for a 0.52-for-1 stock dividend.
21-Sep-23
RMDA: Stock dividend / Date for distributing a 0.52 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
26-Sep-23
MICH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ODIN: OGM / Approving financial statements ending 30 June 2023.
ODIN: EGM / Amending Article No. 7 of the company's bylaws.
TAQA: OGM / A board reshuffle.
TAQA: EGM / Amending Article No. 24 of the company's bylaws.
27-Sep-23
BTFH: OGM / Discussing netting contracts.
28-Sep-23
EAST: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
30-Sep-23
ABUK: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ABUK: EGM / Amending Articles No. 8, 16, 21 & 39 of the company's bylaws.
AMOC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
IFAP: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.