Today’s Top News & Analysis
NFAs slips back in May 2023
USD1.8bn investments in gas exploration over the next two years
EGX in talks with private companies for their potential listing
Egypt considers 5G telecom licenses
75% y/y decline in Egypt's gas exports in April 2023
B Investments' OGM approves EGP1/share DPS
Sidpec BoD approves ETHYDCO valuation
MACRO
NFAs slips back in May 2023
After improving slightly in April 2023, Net Foreign Assets (NFAs) for the Egyptian banking system declined by USD293mn to reach negative USD24.4bn in May 2023 against negative USD24.1bn in April 2023. (CBE)
USD1.8bn investments in gas exploration over the next two years
The Minister of Petroleum & Mineral Recourses revealed an investment plan of USD1.8bn to drill 35 gas exploration wells in the Mediterranean and Nile Delta over the next two years by multinational energy firms. (WAM)
EGX in talks with private companies for their potential listing
The Egyptian Exchange is in talks with a wide list of privately-owned companies in energy and tourism sectors for their potential listing, where the head of the EGX explained they are targeting companies that benefit from the current economic conditions through either exports or stable USD resources. (Al-Arabiya)
Egypt considers 5G telecom licenses
The Egyptian government is reportedly considering issuing fifth generation (5G) telecom licenses soon. The relevant authorities are currently exploring providing sufficient frequencies, license prices, timing of the issuance, as well as technical and financial conditions. The sources mentioned that this will be followed by discussions with companies to assess their technical readiness and the capability of their towers to establish connections and provide high-speed that meets the standards of the fifth generation. (Al-Borsa)
75% y/y decline in Egypt's gas exports in April 2023
Egyptian gas exports declined by 75% y/y to USD306mn in April 2023 on the back of the significantly y/y lower global gas prices. This has accordingly caused Egypt's trade balance for April 2023 to register a deficit of USD2.3bn (+23.8% y/y). (Al-Borsa)
CORPORATE
B Investments' OGM approves EGP1/share DPS
B Investments Holdings' [BINV] OGM held on 26 June 2023 approved a dividend distribution of EGP1/share or its equivalent in USD for Q1 2023. This implies an interim dividend yield of 4.6%. We note that BINV had previously distributed a DPS of EGP4/share in USD for 2022 in May 2023. (Company disclosure)
Sidpec BoD approves ETHYDCO valuation
Sidi Kerir Petrochemicals’ (Sidpec) [SKPC] BoD approved the independent financial advisor's (Baker Tilly) valuation of SKPC and the Egyptian Ethylene Production Co. (ETHYDCO). The company is waiting for the auditor's report to ratify the valuation and will disclose the specifics of the share swap acquisition following final approval from the Financial Regulatory Authority. (Company disclosure)
Markets Performance
Key Dates
5-Jul-23
Egypt PMI: June 2023 reading.
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).