Today’s Top News & Analysis
Wataniya's sale could be pushed to February
USA-based companies eye pharma industry in Egypt
Arab sovereign funds eyes a stake in an ACDIMA subsidiary
MACRO
Wataniya's sale could be pushed to February
Minister of Planning stated that the Egyptian government is looking to finalize the sale of National Petroleum Co. (Wataniya) within a month or two. The government had originally indicated that the sale would be finalized in December 2023. (Ministry of Planning)
USA-based companies eye pharma industry in Egypt
Reportedly, two USA-based companies have shown interest in investing in the pharma industry in Egypt through 2024. (Al-Borsa)
CORPORATE
Arab sovereign funds eyes a stake in an ACDIMA subsidiary
Reports said that there are Arab sovereign funds interested in acquiring a 20% stake in ACDIMA's new subsidiary for API production. The subsidiary's total investments will be USD165mn, expected to be launched by 2026. EIPICO [PHAR] posted a provisional structure for the new subsidiary as follows:
- ACDIMA 60% stake.
- EIPICO 30% stake.
- SC Economic Zone (SCZone) 10% stake.
We note that on 5 September 2023, We mentioned ACDIMA's new factory, per PHAR's CEO at the Pharma Conex Conference, he said that the factory is 50% owned by ACDIMA while EIPICO has a 15% stake and the remaining 35% is divided between strategic investors and the SC Economic Zone. (Enterprise, Company disclosure)
MARKETS PERFORMANCE
Key Dates
11-Dec-23
LCSW: OGM / Considering the distribution of treasury shares.
12-Dec-23
ARCC: OGM / Discussing dividends distribution.
13-Dec-23
EFIH: EGM / Amending some articles of the Company's bylaws.
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
18-Dec-23
CSAG: Cash dividend / Deadline for eligibility for a dividend of EGP1.39/Share.
19-Dec-23
CIRA: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
20-Dec-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.50/share (2nd installment).
21-Dec-23
CSAG: Cash dividend / Payment date for a dividend of EGP1.39/share.
EAST: OGM / A board reconstitution.
EAST: EGM / Amending Articles No. 7 & 21 of the company's bylaws.
MPC Meeting / Determining the CBE's policy rate.
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).