Today’s Top News & Analysis
Moody’s downgraded the rating of five banks
Egypt denies linking the EGP to a basket of currencies
New Ukrainian corridor for shipping grains and minerals through the Black Sea
EFID's BoD approves a number of decisions
Orascom Construction to pay cash dividends
MACRO
Moody’s downgraded the rating of five banks
After downgrading the credit rating of Egypt from B3 to Caa1, Moody’s has downgraded the rating for five local banks as follows: (1) National Bank of Egypt (NBK), (2) Banque Misr, (3) Banque du Caire [BQDC], and (4) Commercial International Bank (CIB) [COMI], all downgraded from B3 to Caa1. Meanwhile, the fifth is the Bank of Alexandria which is downgraded from B2 to B3. (Enterprise)
Egypt denies linking the EGP to a basket of currencies
Rumors stated that Egypt may reach an agreement with the International Monetary Fund (IMF) to link the EGP to a basket of currencies including USD, Euro, and GPB besides other currencies as well as gold. However, an Egyptian official denied the rumors saying that Egypt has no plans to do so. (Asharq Business)
New Ukrainian corridor for shipping grains and minerals through the Black Sea
Once again, the Ukrainian grains and minerals to be shipped directly to Europe and Asia through a new path in the Black Sea. Three ships should go to Spain and one to each of Poland, Egypt, and Singapore. (Asharq Business)
CORPORATE
EFID's BoD approves a number of decisions
Edita Food Industries [EFID] BoD approved the following decisions:
· Decreasing the paid-in capital by 3.2% to EGP140mn through writing off treasury shares of 23,044,783 at a par value of EGP0.2/share.
· Discussing in the coming OGM on 5 November 2023 the distribution of EGP0.428/share as a cash dividend from the retained earnings of 2022.
· Approved borrowing an 8-year loan worth USD45mn from the International Finance Corporation (IFC) to finance EFID's working capital and the expansion plans in Egypt and Morocco. (Company disclosure: 1, 2, 3)
Orascom Construction to pay cash dividends
Orascom Construction's [ORAS] BoD has approved a cash dividend of USD0.275/share or the equivalent of EGP8.5/share, implying a dividend yield of 5.6%. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
12-Oct-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
EGCH: OGM / Approving financial statements ending 30 June 2023.
EGCH: EGM / Amending Article No. 3 & 21 of the company's bylaws.
17-Oct-23
POUL: OGM / Discussing dividends distribution.
18-Oct-23
EFIC: Cash dividend / Payment date for a dividend of EGP1.5/share (3rd installment).
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).