Today’s Top News & Analysis
Gas supplies are back
Remittances from Egyptians abroad increased by 44% y/y in April
Egypt to decrease wheat imports by 17% in 2024
TAQA: Partnership between TAQA and SWDY
MACRO
Gas supplies are back
According to the Ministry of Petroleum & Mineral Resources, the gas supplies will be restored to fertilizer manufacturers again today, Thursday 6 June 2024. The Ministry added that the cut-off was a procedure to decrease gas supplies to factories. (Asharq Business)
Remittances from Egyptians abroad increased by 44% y/y in April
Sources said that the remittances from Egyptians abroad increased to USD2.2bn in April 2024 (+44% y/y, +2.6% m/m). (Enterprise)
Egypt to decrease wheat imports by 17% in 2024
The Minister of Supply & Internal Tradesaid that Egypt's wheat imports are planned to decrease through 2024 by 17% to c.5mn tons. He added that the local wheat supply is targeted to be 3.7mn tons vs. 3.5mn tons previously. This comes in light of the government raising the price of supplies from farmers, adding that the government collected 3.4mn tons from farmers until now. (Asharq Business)
CORPORATE
TAQA: Partnership between TAQA and SWDY
Rosetta for Energy Solutions, a subsidiary of TAQA Arabia [TAQA], signed a Memorandum of Understanding (MoU) with Elsewedy Industrial Development, a subsidiary of Elsewedy Electric [SWDY] to supply natural gas to Elsewedy Industrial City (EIC) in Tanzania via a first-of-its-kind innovative LNG Virtual Pipeline. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
6-Jun-24
ALCN: OGM / Approving the use of Corporate reserve shown in the audited financial statements.
ALCN: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
8-Jun-24
ESRS: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
ESRS: EGM / Discussing capital reduction.
9-Jun-24
BINV: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BINV: EGM / Amending Article No. 19 of the company's bylaws.
CCAP: OGM / Approving financial statements ending 31 Dec. 2023.
10-Jun-24
HELI: Cash dividend / Deadline for eligibility for a dividend of EGP1.34/Share.
11-Jun-24
GBCO: Conference Call / Discussing Q1 2024 financial results.
12-Jun-24
EGCH: EGM / Amending Article No. 4 of the company's bylaws.
IDHC: EGM / Amending Article No. 3 of the company's bylaws.
13-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP1.34/Share.
23-Jun-24
EGTS: OGM / Approving financial statements ending 31 Dec. 2023.
AIH: Stock dividend / Last date for eligibility for a 0.099-for-1 stock dividend.
24-Jun-24
AIH: Stock dividend / Date for distributing a 0.099 for-1 stock dividend.
BTFH: EGM / Amending Article No. 4 of the company's bylaws.
ELSH: Cash dividend / Deadline for eligibility for a dividend of EGP0.15/Share.
27-Jun-24
ELSH: Cash dividend / Payment date for a dividend of EGP0.075/Share (1st installment)
30-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP0.07/share (3rd installment).