Today’s Top News & Analysis
MP shares the new government's plans
Forced prices on goods may be applied again
TALM is granted the licenses for Memphis University
OIH Q1 2024: Exceptional net profits driven by FX translations
RAYA's subsidiary to go public in October
MACRO
MP shares the new government's plans
The Egyptian MP said in a statement on Thursday that the new government plans to raise the involvement of the private sector in the overall Egyptian economy with a contribution to total investments of more than 65% in addition to increasing the direct foreign investments in Egypt. He expressed the importance of investing in several sectors in specific, namely, tourism, real estate, industrials, agriculture, and communication. Finally, he said that there will be a weekly press conference after the Cabinet's meeting to ensure more transparency. (Enterprise)
Forced prices on goods may be applied again
The Minister of Supply & Internal Trade said that there is a possibility to apply forced prices on goods again to assure the availability of some basic goods. (Mubasher)
CORPORATE
TALM is granted the licenses for Memphis University
Taaleem Management Service [TALM] announced the conclusion of the licensing process for Memphis University. The university's first phase should be launched in 2025, including three faculties (Medicine, Engineering, and Business Management & Economics). TALM owns a 32% stake in the university with the right to increase it to 51% by the end of the first academic year. (Company disclosure)
OIH Q1 2024: Exceptional net profits driven by FX translations
Orascom Investment Holding [OIH] posted a 242% y/y growth in net profits to EGP353mn in Q1 2024 on:
· Higher operating revenues of EGP102mn (+171% y/y).
· Net interest income of EGP133mn vs. net interest expense of EGP9mn last year.
· Recording strong FX translations of EGP577mn (+239% y/y).
However, the gross loss increased to EGP242mn vs. EGP25mn last year. (Company disclosure)
RAYA's subsidiary to go public in October
Sources said that Raya Holding For Financial Investments' [RAYA] CFO announced that RAYA's subsidiary, Raya Information Technology, will go public in October offering 30% of its shares. He added that EFG Holding [HRHO] already started the IPO promotion outside of Egypt. This comes as a part of RAYA's plans to list three of its subsidiaries including another two, namely, Raya for Trade & Distribution and Aman for Financial Services. (Al-Borsa)
MARKETS PERFORMANCE
Key Dates
7-Jul-24
ZMID: OGM / Discussing netting contracts.
10-Jul-24
ADIB: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
EFIH: Stock dividend / Last date for eligibility for a 0.249-for-1 stock dividend.
11-Jul-24
ADIB: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
EFIH: Stock dividend / Date for distributing a 0.249 for-1 stock dividend.
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
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.
24-Jul-24
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)