Today’s Top News & Analysis
The government plans to reduce its outstanding debt in FY26
Moody's upgraded the rating of five banks
Bond auction; all declined
MACRO
The government plans to reduce its outstanding debt in FY26
The Minister of Finance said that the government plans to use 50% of the privatization program money besides the country's primary surplus to reduce its outstanding debt. He added that the government will hold off taking foreign debts and issuing any international bonds before the end of FY25, to start the reduction of the government's debt through FY26. The government plans to raise its primary surplus to 3.5% for FY26. (Enterprise)
Moody's upgraded the rating of five banks
After upgrading Egypt's outlook from negative to positive, Moody's has upgraded the rating for five local banks as follows: (1) National Bank of Egypt (NBK), (2) Banque Misr, (3) Banque du Caire [BQDC], and (4) Commercial International Bank (CIB) [COMI], all upgraded from negative to positive and long-term deposit rating affirmed at Caa1. Meanwhile, the fifth is Bank of Alexandria which is affirmed at B3 with a positive outlook as well. (Enterprise)
Bond auction; all declined
The government declined all the bids offered to the Central Bank of Egypt (CBE) in its last bond auction. It is said that the bidders offered rates between 28-31% which the government did not see as reasonable. (Enterprise)
Markets Performance
Key Dates
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.
FAIT: Cash dividend / Deadline for eligibility for a dividend of EGP1.853/Share.
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
FAIT: Cash dividend / Payment date for a dividend of EGP1.853/share.
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.
EFIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: EGM / Amending Articles No. 6 & 7 of the company's bylaws.
EKHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.