Today’s Top News & Analysis
AIIB provides Egypt with a USD1bn loan
Egypt launches new oil exploration bidding round
PIF to buy a stake in Palm Hills Developments
ETEL denies receiving any official offers to acquire VODE
Orascom Construction and Metito to build a USD2.2bn water treatment project
Kima denies receiving any acquisition offers
FRA approves a new TASKEEK subsidiary for ADIB
MACRO
AIIB provides Egypt with a USD1bn loan
Minister of Finance has announced that the Asian Infrastructure Investment Bank (AIIB) will provide Egypt with a USD1bn loan to support private sector activities. He added that A portion of this funding will go to Banque Misr, while the remainder will be allocated to the Alexandria Metro Tunnel project. (Asharq Business)
Egypt launches new oil exploration bidding round
Egypt has launched a new bidding round for international companies to explore for oil in 23 new areas, according to a statement issued by The Ministry of Petroleum & Mineral Resources on Monday. Half of these new areas are located onshore, as the bidding includes 10 areas in the Western Desert, two areas in the Eastern Desert, seven areas in the Gulf of Suez, and four areas in the Red Sea. Earlier this year, Egypt extended the closing dates of two bidding rounds that were launched in December 2022 and March 2023 for oil and gas exploration in the Mediterranean Sea, Nile Delta, and the Eastern Desert until mid-July, allowing more time for interested companies. (Asharq Business)
CORPORATE
PIF to buy a stake in Palm Hills Developments
The Saudi Public Investment Fund (PIF) has begun negotiations with the Arab African International Bank to purchase its stake in Palm Hills Developments [PHDC]. Sources of the document related to the deal said that the participants started a month ago, and the agreement is being agreed upon, and it confirms that the transaction will be in USD. We note that the Arab African Bank owns 13% of PHDC. (Al-Borsa)
ETEL denies receiving any official offers to acquire VODE
Telecom Egypt [ETEL] denied receiving any official offers to acquire the Egyptian government's remaining stake in Vodafone Egypt [VODE]. (Company disclosure)
Orascom Construction and Metito to build a USD2.2bn water treatment project
A consortium of Orascom Construction [ORAS] and Metito have achieved financial close on a USD2.2bn water transportation project in Abu Dhabi. The project will be developed under a build, own, operate, and transfer (BOOT) concession model with a tenor of 30 years. (Company disclosure)
Kima denies receiving any acquisition offers
Egyptian Chemical Industries (Kima) [EGCH] has denied the circling rumors of receiving acquisition offers from GCC investors and also denied any intention to increase the company's capital for that purpose. (Company disclosure)
FRA approves a new TASKEEK subsidiary for ADIB
The FRA has approved the establishment of Abu Dhabi Islamic TASKEEK co. as a fully-owned subsidiary by Abu Dhabi Islamic Bank – Egypt [ADIB] with a paid-up capital of EGP10mn for TASKEEK activities. (Bank disclosure)
MARKETS PERFORMANCE
Key Dates
26-Sep-23
MICH: BoD meeting / Follow up on production, sales and exports.
MICH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ODIN: OGM / Approving financial statements ending 30 June 2023.
ODIN: EGM / Amending Article No. 7 of the company's bylaws.
TAQA: OGM / A board reshuffle.
TAQA: EGM / Amending Article No. 24 of the company's bylaws.
27-Sep-23
BTFH: OGM / Discussing netting contracts.
28-Sep-23
EAST: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
30-Sep-23
ABUK: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ABUK: EGM / Amending Articles No. 8, 16, 21 & 39 of the company's bylaws.
AMOC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
IFAP: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
1-Oct-23
CIRA: OGM / Discussing dividends distribution.
3-Oct-23
Egypt PMI / September 2023 reading.
4-Oct-23
SKPC: Cash dividend / Payment date for a dividend of EGP0.40/share (2nd installment).
DAPH: Stock dividend / Last date for eligibility for a 0.1-for-1 stock dividend.
5-Oct-23
DAPH: Stock dividend / Date for distributing a 0.1 for-1 stock dividend.
11-Oct-23
ORAS: EGM / Discussing the dividend distribution of USD0.2750/share.
EFIH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
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.