Today’s Top News & Analysis
Chinese entities to invest in Egypt's infrastructure
Cigarette new taxes are down to action
Orascom Construction signs two transportation contracts with NAT
ADQ and other investors are interested in EGAL
MACRO
Chinese entities to invest in Egypt's infrastructure
The Aviation Industry Corporation of China (AVIC) and China Railway Major Bridge Engineering Group Co. signed an agreement with local contractors to design and construct the 16-km fourth phase of Cairo's LRT project. (Enterprise)
Cigarette new taxes are down to action
The Egyptian House of Representatives' proposal of issuing new taxation on cigarettes adding EGP0.5/pack is approved, it should raise EGP8bn taxes. This is expected to give stability to the market. (Enterprise)
CORPORATE
Orascom Construction signs two transportation contracts with NAT
Orascom Construction [ORAS] signed two transportation contracts with the National Authority for Tunnels (NAT) to build the following:
· First contract: Being responsible for the civil work of the Greater Cairo Metro Line 4 - Package CP402. To be funded mainly by the Japan International Cooperation Agency (JICA).
· Second contract: Leading a joint venture to execute the mechanical, electromechanical, and plumbing (MEP) works for the stations of the new high-speed rail system's first line. (Company disclosure)
ADQ and other investors are interested in EGAL
Investors are reportedly interested in acquiring stakes in Egypt Aluminum [EGAL], namely the UAE-based ADQ Holding and Qatari entities along with other gulf investors. (Al-Mal)
MARKETS PERFORMANCE
Key Dates
7-Nov-23
EFIH: Cash dividend / Ex-dividend date for EGP0.177/Share.
CIRA: Cash dividend / Deadline for eligibility for a dividend of EGP0.24/Share.
8-Nov-23
AMOC: Cash dividend / Payment date for a dividend of EGP0.45/share (1st installment).
9-Nov-23
EFIH: Cash dividend / Payment date for a dividend of EGP0.177/share
DOMT: OGM / Approving the proposed dividends.
12-Nov-23
CIRA: Cash dividend / Payment date for a dividend of EGP0.24/share
14-Nov-23
MSCI: MSCI's November 2023 Semi-Annual Index Review Announcement.
20-Nov-23
EGAL: Cash dividend / Deadline for eligibility for a dividend of EGP6.5/Share.
23-Nov-23
EGAL: Cash dividend / Payment date for a dividend of EGP6.5/share.
CSAG: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
CSAG: EGM / Approving increasing the issued capital & amending Article No. 3 of the company's bylaws.
TALM: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
26-Nov-23
EFID: EGM / Discussing capital reduction & amending Articles No. 3, 6 & 7 of the company's bylaws.
27-Nov-23
ETEL: EGM / Amending Article No. 5 of the company's bylaws.
30-Nov-23
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).