Today’s Top News & Analysis
EGAS to import 17 LNG shipments within 3 months
Al Organi Group and Qatari Diar ink strategic partnership for major real estate projects in Egypt
USAID grants Egypt USD130mn
Egypt exports keep rising for the 5th month in a row
Egypt approves the Turkish Şirikcioglu denim factory in Port Said
BINV: Studying EGP1.5-2bn acquisition opportunities in 2024
EFID to sell used Twinkies trays to Morocco's facility
MACRO
EGAS to import 17 LNG shipments within 3 months
Sources said that the state-owned Egyptian Natural Gas Holding Co. (EGAS) eyes 17 LNG shipments in a tender to be delivered within the coming 3 months. The tender should be closed on 26 June 2024, where EGAS seeks to have 7 cargos in July, 6 in August, and the remaining 4 in September. (Enterprise)
Al Organi Group and Qatari Diar ink strategic partnership for major real estate projects in Egypt
Al Organi Group and Qatari Diar Real Estate Investment signed a strategic partnership agreement to implement the City Gate project in New Cairo, the residential tower at the St. Regis Hotel, and a hotel project in Sharm El Sheikh and Hurghada. (Al-Borsa)
USAID grants Egypt USD130mn
The International Cooperation Minister signed several agreements with USAID worth a total of USD130mn, divided into 8 grants that include:
· Higher Education Initiative: USD35mn
· Trade and Investment Promotion: USD26.9mn
· Improve Healthcare: USD15mn (Enterprise)
Egypt exports keep rising for the 5th month in a row
Egypt's exports keep rising through the first 5 months of FY24 reaching USD16.6bn vs. USD15.7bn last year. Exports reached USD3.5bn only in May 2024, recording the highest monthly exports rate. (Al-Borsa)
Egypt approves the Turkish Şirikcioglu denim factory in Port Said
The Egyptian government approved the establishment of the Turkish Şirikcioglu denim factory in Port Said worth USD700mn of investments. (Enterprise)
CORPORATE
BINV: Studying EGP1.5-2bn acquisition opportunities in 2024
B Investments Holding [BINV] is currently studying EGP1.5-2bn acquisition opportunities in the pharmaceutical and health sectors during 2024. Moreover, about 3 investment opportunities are currently being studied, with about two deals to be concluded during the coming period, according to CEO Eng. Hazem Barakat. (Al-Borsa)
EFID to sell used Twinkies trays to Morocco's facility
Edita Food Industries [EFID] OGM approved selling used Twinkies trays to Edita Food Industries - Morocco. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
23-Jun-24
EGTS: OGM / Approving financial statements ending 31 Dec. 2023.
AIH: Stock dividend / Last date for eligibility for a 0.099-for-1 stock dividend.
24-Jun-24
AIH: Stock dividend / Date for distributing a 0.099 for-1 stock dividend.
BTFH: EGM / Amending Article No. 4 of the company's bylaws.
ELSH: Cash dividend / Deadline for eligibility for a dividend of EGP0.15/Share.
RMDA: Cash dividend / Deadline for eligibility for a dividend of EGP0.067/Share.
27-Jun-24
ELSH: Cash dividend / Payment date for a dividend of EGP0.075/Share (1st installment)
RMDA: Cash dividend / Payment date for a dividend of EGP0.020/Share (1st installment)
29-Jun-24
MICH: BoD meeting / Follow up on production, sales and exports.
30-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP0.07/share (3rd installment).