Today’s Top News & Analysis
IMF's forecast for Egypt is down
USD3.2bn oil and gas arrears to be cleared in FY25
GASC contracts to purchase 770,000 tons of wheat
ACTF is oversubscribed by 6.6x by the end of yesterday
MACRO
IMF's forecast for Egypt is down
The International Monetary Fund (IMF) cut Egypt's FY25 growth forecasts to 4.1% (-0.3pp), meanwhile, it decreased the growth forecast for FY24 to 2.7% vs. the 3% that was set earlier. (Enterprise)
USD3.2bn oil and gas arrears to be cleared in FY25
Sources said the government will clear USD3.2bn worth of oil and gas arrears to foreign oil companies operating in Egypt through FY25. In addition, the arrears should be divided into three installments, the first installment is set to be USD1.2bn to be paid in October. The source added that the government paid a USD1.3bn in June. (Asharq Business)
GASC contracts to purchase 770,000 tons of wheat
The General Authority for Supply & Commodities (GASC), on behalf of the Ministry of Supply& Internal Trade, has contracted through a global practice to purchase 770,000 tons of wheat, of which 720,000 tons are Russian-Bulgarian and the remaining 50,000 tons are Bulgarian. (Al-Mal)
CORPORATE
ACTF is oversubscribed by 6.6x by the end of yesterday
Sources said that by the end of yesterday, Act Financials' [ACTF] private offering closed with a 6.6x oversubscription. We note that the private offering started on the 9th of July and will close tomorrow the 18th of July. (Economy Plus)
MARKETS PERFORMANCE
Key Dates
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
BIOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.75/Share.
18-Jul-24
MICH: Stock dividend / Date for distributing a 0.5 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
IDHC: EGM / Discussing Articles No 3 & 57 of the company's bylaws.
22-Jul-24
BIOC: Cash dividend / Payment date for a dividend of EGP0.75/Share.
24-Jul-24
IFAP: EGM / Amending Articles No. 3, 4 & 6 of the company's bylaws.
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
28-Jul-24
EGBE: Stock dividend / Last date for eligibility for a 0.021-for-1 stock dividend.
29-Jul-24
EGBE: Stock dividend / Date for distributing a 0.021 for-1 stock dividend.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)
ACAMD: EGM / Amending Article No. 21 of the company's bylaws.