Today’s Top News & Analysis
S&P downgrades Egypt’s credit rating to B-; with a stable outlook
Egypt signs a debt swap with China
A subsidiary of TMGH raised its stake in an Egyptian hotel portfolio
Mediterrania Capital studies acquiring a stake in EIPICO
MACRO
S&P downgrades Egypt’s credit rating to B-; with a stable outlook
S&P Global Ratings downgraded Egypt’s credit rating to B- affirming the short-term rating at B while downgrading the long-term rating to B-, with a stable outlook. (S&P Global)
Egypt signs a debt swap with China
Egypt's Ministry of International Cooperation signed an agreement with the China International Development Cooperation Agency (CIDCA), however, the value is not disclosed yet. (Enterprise)
CORPORATE
A subsidiary of TMGH raised its stake in an Egyptian hotel portfolio
Sources said that Icon Investments, a Talaat Moustafa Holding [TMGH] subsidiary, raised its stake in an Egyptian hotel portfolio from 37% to 51% for USD1bn through a capital increase. (Asharq Business)
Mediterrania Capital studies acquiring a stake in EIPICO
Sources said that Mediterrania Capital is interested in acquiring a stake in EIPICO [PHAR] through a 25% capital increase. The fund plans to contact ACDIMA for the acquisition. (Al-Mal)
MARKETS PERFORMANCE
Key Dates
23-Oct-23
ABUK: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
EAST: Cash dividend / Deadline for eligibility for a dividend of EGP3.75/Share.
MICH: Cash dividend / Deadline for eligibility for a dividend of EGP3.00/Share.
24-Oct-23
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP8.51/Share.
25-Oct-23
ORAS: Cash dividend / Ex-dividend date for EGP8.51/Share.
EGAL: OGM / Approving financial statements for 2022/2023.
MCQE: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
26-Oct-23
MCQE: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
ABUK: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MNHD: Cash dividend / Payment date for a dividend of EGP0.075/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MICH: Cash dividend / Payment date for a dividend of EGP1.50/share (1st installment).
29-Oct-23
PRCL: OGM / Approving financial statements ending 30 June 2023.
PRCL: EGM / Amending Article No. 3 of the company's bylaws.
31-Oct-23
ORAS: Cash dividend / Payment date for a dividend of EGP8.51/share.
MCRO: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).
2-Nov-23
MPC Meeting / Determining the CBE's policy rate.
4-Nov-23
MFPC: EGM / Approving the merger contract & amending some articles of the Company's bylaws.
5-Nov-23
Egypt PMI / October 2023 reading.
EFID: OGM / Approving proposed dividends for 31 Dec. 2022.
AMOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.65/Share.
8-Nov-23
AMOC: Cash dividend / Payment date for a dividend of EGP0.45/share (1st installment).
9-Nov-23
DOMT: OGM / Approving the proposed dividends.