Today’s Top News & Analysis
Net Foreign Reserves jumps to its highest since 1997
Gas to be cut off fertilizer factories amid high electricity consumption
Misr Life Ins. to be restructured for sale
Egypt to import 15 LNG shipments until October
MACRO
Net Foreign Reserves jumps to its highest since 1997
Net Foreign Reserves in the Central Bank of Egypt (CBE) expanded in May 2024 to USD46.1bn vs. USD41.1bn a month earlier. The accumulative increase in the net foreign reserves since the beginning of the year comes at USD10.9bn in light of the Ras El-Hekma deal and the International Financial Corporation's (IFC) financing. (Asharq Business)
Gas to be cut off fertilizer factories amid high electricity consumption
Sources said that the Egyptian government notified the fertilizer manufacturers about cutting off gas supplies for an undetermined period. This comes in light of the high electricity consumption amid the high-temperature waves hitting the country. We note that the impact on fertilizers producers as ABUK, MFPC, EGCH will be minor if the cut is temporarily. (Asharq Business)
Misr Life Ins. to be restructured for sale
Sources said that The Sovereign Fund of Egypt (TSFE) is currently restructuring Misr Life Insurance in preparation for its sale to a strategic investor. (Al-Mal)
Egypt to import 15 LNG shipments until October
The Egyptian government to issue a global tender in days to import 15 LNG shipments until October, aiming to cover the increasing demand for electricity through the summer months. (Asharq Business)
MARKETS PERFORMANCE
Key Dates
5-Jun-24
DSCW: Cash dividend / Payment date for a dividend of EGP0.167/Share.
6-Jun-24
ALCN: OGM / Approving the use of Corporate reserve shown in the audited financial statements.
ALCN: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
8-Jun-24
ESRS: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
ESRS: EGM / Discussing capital reduction.
9-Jun-24
BINV: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BINV: EGM / Amending Article No. 19 of the company's bylaws.
CCAP: OGM / Approving financial statements ending 31 Dec. 2023.
10-Jun-24
HELI: Cash dividend / Deadline for eligibility for a dividend of EGP1.34/Share.
11-Jun-24
GBCO: Conference Call / Discussing Q1 2024 financial results.
12-Jun-24
EGCH: EGM / Amending Article No. 4 of the company's bylaws.
IDHC: EGM / Amending Article No. 3 of the company's bylaws.
13-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP1.34/Share.
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.