Today’s Top News & Analysis
Annual CPI eases in March 2024
Minimum wages for the private sector to be raised in May
LIA eyes a commercial bank in Egypt
Fines may be charged on goods left in customs
SCZone signed an agreement with the Turkish DNM
OLFI to distribute cash dividends of EGP0.95/share
MACRO
Annual CPI eases in March 2024
The annual headline urban CPI eased to 33.3% in March 2024 vs. 35.7% in February. (Asharq Business)
Minimum wages for the private sector to be raised in May
The Ministry of Planning posted a statement saying that the minimum wage for the private sector is planned to be raised to EGP6,000/month to be applied from May 2024. (Economy Plus)
LIA eyes a commercial bank in Egypt
The Libyan Investment Authority (LIA) is said to eye a commercial bank in Egypt. The sources added that the LIA is targeting to acquire either a significant stake or the full stake of the bank without naming it. (Al-Mal)
Fines may be charged on goods left in customs
The Central Bank of Egypt (CBE) may be said to study the possibility of charging fines if importers leave their goods in customs after receiving the needed FX to discharge the goods. Sources added that the CBE plans to blacklist the importers that do not clear their goods from the ports. (Al-Mal)
SCZone signed an agreement with the Turkish DNM
The general authority of the SCZone signed an agreement with the Turkish textile producer, DNM Textile for Spinning, Weaving, & Dyeing, to set up a denim factory in Qantara West Industrial Zone for USD40mn. The company is a venture investment of the Turkish clothing firm Eroğlu Holding, planned to start construction of the factory in June 2024, while the operations are set to begin by the beginning of 2025. (Enterprise)
CORPORATE
OLFI to distribute cash dividends of EGP0.95/share
Obour Land Food Industries [OLFI] OGM approved the BoD's proposal to distribute a cash dividend worth EGP0.95/share, implying an 8.5% yield. (Company disclosure)
Markets Performance
Key Dates
14-Apr-24
DOMT: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
16-Apr-24
ORHD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
17-Apr-24
MASR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
18-Apr-24
SWDY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SWDY: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
CLHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: EGM / Amending some Articles of the company's bylaws.
20-Apr-24
DSCW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
DSCW: EGM / Amending Articles No. 3, 4 & 7 of the company's bylaws.
21-Apr-24
CIEB: Cash dividend / Deadline for eligibility for a dividend of EGP1.145/Share.
EFID: Cash dividend / Deadline for eligibility for a dividend of EGP0.428/Share.
CERA: Cash dividend / Deadline for eligibility for a dividend of EGP0.025/Share.
COMI: Cash dividend / Deadline for eligibility for a dividend of EGP0.55/Share.
24-Apr-24
CIEB: Cash dividend / Payment date for a dividend of EGP1.145/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
CERA: Cash dividend / Payment date for a dividend of EGP0.025/share.
COMI: Cash dividend / Payment date for a dividend of EGP0.55/share.
29-Apr-24
RMDA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BTFH: OGM / Approving financial statements ending 31 Dec. 2023.
30-Apr-24
EGAL: OGM / Approving the estimated budget of FY 2024/2025.