Today’s Top News & Analysis
Government to launch a carbon market
B Investments approves an MTO for OFH
RAYA's stake in Ostool Transport is 90%; almost
MACRO
Government to launch a carbon market
The Egyptian government plans the launch of a pilot phase for its mandatory carbon market, expected to be through Q1 2024. The market is aimed at decreasing the greenhouse gas emissions. (Enterprise)
CORPORATE
B Investments approves an MTO for OFH
B Investments [BINV] BoD approved the following decisions in its latest meeting:
· Submitting an MTO through a share swap to acquire up to 90% of Orascom Financial Holding [OFH] equivalent to 4.2bn shares after excluding 525mn treasury shares.
· The swap should be with a ratio of 1 BINV share to 56.76 OFH share.
· The BoD approved raising BINV's capital by 50% from EGP800mn to EGP1.2bn through issuing 75mn treasury shares. (Company disclosure)
RAYA's stake in Ostool Transport is 90%; almost
Raya Holding for Financial Investments [RAYA] announced signing an agreement to acquire a 27.69% stake in its subsidiary Ostool for Land Transport Co., raising its stake from 62.31% to 90%. The targeted company is currently owned by Egyptian Gulf Holding for Financial Investments. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
18-Dec-23
CSAG: Cash dividend / Deadline for eligibility for a dividend of EGP1.39/Share.
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).
21-Dec-23
CSAG: Cash dividend / Payment date for a dividend of EGP1.39/share.
EAST: OGM / A board reconstitution.
EAST: EGM / Amending Articles No. 7 & 21 of the company's bylaws.
MPC Meeting / Determining the CBE's policy rate.
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).