Today’s Top News & Analysis
Egypt’s PMI rises to 49.1 in June
Cabinet approved for foreigners to buy more real estate
Egyptian Customs denies importing prohibition of goods
Sidpec discloses valuation
Abou Hashima reportedly raises his stake in Beltone to 10%
ISPH changes its EGM date
MACRO
Egypt’s PMI rises to 49.1 in June
Egypt’s Purchasing Manager’s Index (PMI) for the non-oil private sector rose to 49.1 in June 2023 vs. 47.8 in May, which is the highest mark since August 2021. However, still in the contraction territory below the 50 mark. The ease in PMI is driven by price pressures, liquidity issues, and weak demand. (PMI)
Cabinet approved for foreigners to buy more real estate
The Cabinet approved to lift the limit on foreigners’ ownership of real estate that was introduced in May. Foreigners have to pay in hard currency and by wire transfer to a state-owned bank. On a similar note, the cabinet also approved to allocate two state-owned land plots in new Cairo and 6th of October city to foreign real estate developers. (Enterprise)
Egyptian Customs denies importing prohibition of goods
The Egyptian Customs denied the prohibition of certain goods from importing, adding that the Ministry of Trade & Industry is the entity in charge of import prohibitions but also it denied the news. (Mubasher)
CORPORATE
Sidpec discloses valuation
Sidi Kerir Petrochemicals (Sidpec) [SKPC] disclosed the independent financial advisor's (Baker Tilly) valuation for SKPC and the Egyptian Ethylene Production Co. (ETHYDCO). SKPC’s FV as of 31 December 2022 is EGP23bn or EGP30.6/share (a 34% premium to the close price on 4 July 2023), this implies a 2022 P/E ratio of 19x and a 2022 EV/EBITDA multiple of 9x. ETHYDCO’s FV as of 31 December 2022 is USD1.1bn (EGP33.5bn) or USD78.32/share (EGP2,420/share), this implies a 2022 P/E ratio of 12.5x. This implies that SKPC’s 20% stake is equivalent to EGP8.9/SKPC share (29% of SKPC’s valuation). (Company disclosure)
Abou Hashima reportedly raises his stake in Beltone to 10%
It has been reported that the Egyptian business man Ahmed Abou Hashima raised his stake in Beltone Financial Holding [BTFH] to 10%. Last month, Hashima acquired a 5% stake in BTFH through its capital increase of EGP10bn. (Cairo 24)
ISPH changes its EGM date
Ibnsina Pharma [ISPH] changed its EGM date from 7 July 2023 to 30 July 2023, as the original EGM number of attendees was not legally sufficient. (Company disclosure)
Markets Performance
Key Dates
6-Jul-23
CCAP: OGM / Approving financial statements ending 31 Dec. 2022.
CCAP: EGM / Discussing the continuation of the company.
BTFH: Capital increase / Last day of trading the rights issue.
9-Jul-23
EGCH: EGM / Approving the final cost of the nitric acid and ammonium nitrate project.
ETRS: EGM / Approving increasing the issued capital & amending Articles No. 7, 8 & 47 of the company's bylaws.
MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
10-Jul-23
MPRC: Cash dividend / Ex-dividend date for EGP0.50/Share.
MCRO: EGM / Amending Article No. 3 of the company's bylaws.
11-Jul-23
BTFH: Capital increase / Capital increase subscription closing date.
12-Jul-23
OCDI: OGM / Discussing netting contracts.
MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.
13-Jul-23
EXPA: Right Issue / Last day of trading the rights issue.
18-Jul-23
RMDA: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
EFIC: Cash dividend / Payment date for a dividend of EGP1.5/share (2nd installment).
EXPA: Capital increase / Capital increase subscription closing date.
19-Jul-23
PACH: OGM / Board election.
29-Jul-23
SAUD: EGM / Amending some articles of the bank's bylaws.
31-Jul-23
TMGH: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).