Today’s Top News & Analysis
EBRD interested in acquiring stakes in two state-owned banks
NUCA closes second EGP15bn securitized bond issuance of 2023
CBE considers issuing a digital currency
Turkish textile company to invest USD500mn in a new factory in Egypt
Saudi Panda bids for Alfa market among other three chains
e-Finance mulls acquiring two digital payments companies
MACRO
EBRD interested in acquiring stakes in two state-owned banks
The European Bank for Reconstruction and Development (EBRD) is interested in acquiring minority stakes in both United Bank and Banque du Caire. EBRD has started the negotiations with The Sovereign Fund of Egypt (TSFE), yet still waiting for clarity over the size of the stakes the government is willing to sell. (Al-Arabiya)
NUCA closes second EGP15bn securitized bond issuance of 2023
The New Urban Communities Authority (NUCA) has closed a EGP15bn securitized bond issuance, the second and final issuance in a EGP30bn program. The four-tranche issuance was subscribed to by Banque Misr, the National Bank of Egypt, Banque du Caire, CIB, Suez Canal Bank, and QNB. (NUCA)
CBE considers issuing a digital currency
The Central Bank of Egypt is considering the issuance of a 'Digital EGP', in collaboration with the International Monetary Fund and the World Bank., to promote the transition to a digital economy and expand the scope of instant electronic payments between individuals and companies without the need for intermediation. (Asharq business)
Turkish textile company to invest USD500mn in a new factory in Egypt
Turkish textile manufacturer Küçükçalik Group is planning to invest USD500mn in a new synthetic fibers factory in the Suez Canal Economic Zone (SCZone) in January 2024. This, when effective, could lower the country’s annual import bill by USD1bn. The company will establish the factory through its local subsidiary KCG Textile Egypt, and it will produce 500 tons of fibers a year when it becomes operational in 2025, before increasing output to 2.5k tons. (Arab World News)
Saudi Panda bids for Alfa market among other three chains
The Saudi supermarket chain owned by Savola, Panda, is now bidding for acquiring Alfa market, among other three supermarket chains trying to purchase the six stores of the latter. We mention the Panda has already purchased Alfa's Maadi branch. (Al-Mal)
CORPORATE
e-Finance mulls acquiring two digital payments companies
E-Finance For digital and Financial Investments [EFIH] is in talks to acquire two retail-focused digital payments companies. One of them was already approved by the board and is expected to be finalized by the end of this year, while the other is still under study. (Enterprise)
MARKETS PERFORMANCE
Key Dates
30-Nov-23
MICH: BoD meeting / Follow up on production, sales and exports.
DOMT: Cash dividend / Payment date for a dividend of EGP0.20/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).
1-Dec-23
MSCI / MSCI's November 2023 Semi-Annual Index Review Effective Date.
3-Dec-23
MASR: OGM / Discussing netting contracts.
5-Dec-23
Egypt PMI / November 2023 reading.
11-Dec-23
LCSW: OGM / Considering the distribution of treasury shares.
12-Dec-23
ARCC: OGM / Discussing dividends distribution.
13-Dec-23
EFIH: EGM / Amending some articles of the Company's bylaws.
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
19-Dec-23
CIRA: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
20-Dec-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.50/share (2nd installment).