Today’s Top News & Analysis
IMF may secure USD20bn in FX support for Egypt
International investors return to invest in government debt instruments
Moody's upgraded Egypt's outlook to Positive again
RACC BoD approved a 6.5% capital decrease
MACRO
IMF may secure USD20bn in FX support for Egypt
The Minister of Finance said on Thursday that it is expected to settle with the International Monetary Fund (IMF) at a USD20bn loan for FX support. This is a total package that includes the recent USD8bn and USD1-1.5bn for the climate that were agreed on a week earlier. The Minister added that the remaining USD11-12bn will be secured through other international partners namely the World Bank, European Union, Japan, and the United Kingdom. (Enterprise)
International investors return to invest in government debt instruments
The Central Bank of Egypt (CBE) sold a total of treasury bills of EGP102bn in Thursday's auction:
· For the 1 year worth EGP87.8bn, with a yield of 32.3%.
· For the 6 months, worth EGP14.2bn.
An official said that international investors namely, Goldman Sachs, Citibank, and Morgan Stanley bought USD825mn equivalent to EGP40.7bn of the total. (Asharq Business)
Moody's upgraded Egypt's outlook to Positive again
Moody's has upgraded Egypt's outlook to Positive from negative, yet assuring its Caa1 rating which is still in the junk territory. (Enterprise)
CORPORATE
RACC BoD approved a 6.5% capital decrease
Raya Contact Center [RACC] BoD approved decreasing its paid-in capital by 6.5% to EGP103mn through terminating 13,331,783 shares at a par value of EGP0.5/share. (Company disclosure)
Markets Performance
Key Dates
10-Mar-24
SKPC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
11-Mar-24
QNBA: Cash dividend / Deadline for eligibility for a dividend of EGP1.00/Share.
14-Mar-24
QNBA: Cash dividend / Payment date for a dividend of EGP1.00/share.
PORT: OGM / Discussing netting contracts.
18-Mar-24
EGBE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EGBE: EGM / Amending Articles No. 6, 7 & 24 of the bank's bylaws.
20-Mar-24
EGCH: OGM / Approving the estimated budget of FY 2024/2025.
EGCH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 4 of the company's bylaws.
21-Mar-24
ADIB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ADIB: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
23-Mar-24
TMGH: OGM / Approving financial statements ending 31 Dec. 2023.
25-Mar-24
SAUD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CERA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
PHDC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.