Today’s Top News & Analysis
Egyptian Ministry of Agriculture releases amounts of corn and soybean
Egypt’s Tourism Ministry to give multiple-entry tourist visas
Credit Agricole renounces its dividends proposal
SAIB raises USD20mn in subordinated debt and extends its maturity
GEMMA’s board proposes a cash dividend of EGP0.90/share
AUTO’s OGM approves not to distribute dividends for 2022 net profits
PACHIN's bidding war at a new high at EGP37/share
Macro
Egyptian Ministry of Agriculture releases amounts of corn and soybean
Last week, the Egyptian Ministry of Agriculture released 139,000 tons of corn worth USD50mn and 60,000 tons of soybeans worth USD45mn, in addition to fodder worth USD1.4mn. (Al-Mal)
Egypt’s Tourism Ministry to give multiple-entry tourist visas
The Egyptian Tourism Minister said that there will be a 5-year multiple-entry visa for tourists to ease their entrance to Egypt. The new visas will cost tourists USD700/visa and are made in plans to double the number of tourists entering Egypt. (Enterprise)
Corporate
Credit Agricole renounces its dividends proposal
Credit Agricole - Egypt's BoD [CIEB] has renounced its previous cash dividends proposal of EGP1.55/share, which would have implied a payout ratio of 80%. This makes CIEB the second bank after Al Baraka Bank Egypt [SAUD] to retract its dividends proposal. (Company disclosure)
SAIB raises USD20mn in subordinated debt and extends its maturity
Societe Arabe Internationale de Banque's [SAIB] OGM approved increasing the subordinated debt provided by Arab International Bank (AIB) from USD30mn to USD50mn, and extending its maturity for another five years ending 17 October 2027. (Company disclosure)
GEMMA’s board proposes a cash dividend of EGP0.90/share
Al-Ezz for Ceramics & Porcelain’s (GEMMA) [ECAP] BoD approved a cash dividend of EGP0.90/share (slightly lower than our expectation of EGP0.96/share), still implying a good dividend yield of 6%. We published our Core Coverage Update on ECAP titled "A Hidden GEMMA" on 16 March 2023, with an OW/M rating and a 12MPT of EGP35.3/share. Since then, the stock price rose 27%, still leaving a high upside potential of 136%. (Company disclosure)
AUTO’s OGM approves not to distribute dividends for 2022 net profits
GB Corp’s [AUTO] OGM decided not to distribute any dividends of 2022 net profits. (Company disclosure)
PACHIN's bidding war at a new high at EGP37/share
The Financial Regulatory Authority (FRA) has approved Eagles Chemicals' offer to acquire up to 100% of Paints & Chemical Industries (PACHIN) [PACH] at EGP37/share, making this the fourth offer in the last 10 days. Now, Eagles Chemicals has the highest offer on the table, surpassing National Paints Holding's offer at EGP36/share. (FRA disclosure)
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