Today’s Top News & Analysis
Egypt aims to secure USD3bn of debt by the end of FY 2023/24
Emirati Al Dahra in talks to acquire agricultural land in Egypt
Cheiron to invest USD160mn in gas exploration in Egypt
TAQA seeks an EGP3bn loan
EGBE preliminary 9M 2023: Profitability despite muted balance sheet growth
MACRO
Egypt aims to secure USD3bn of debt by the end of FY 2023/24
The Egyptian government aims to secure USD3bn of debt by the end of the current fiscal year in a mix of bond issuances and international loans to help the country meet any contingent financing needs. USD500mn of which where just borrowed through the issuance of Panda bonds, and another USD500mn is expected through issuing Samurai bonds. (Enterprise)
Emirati Al Dahra in talks to acquire agricultural land in Egypt
Al Dahra, the Emirati agribusiness half owned by ADQ, is in talks with the Egyptian military's National Service Projects Organisation (NSPO) to acquire agricultural land in Toshka in southern Egypt. The deal could reduce Cairo's dependence on imports of staple crops but also reignite water use concerns. (Reuters)
Cheiron to invest USD160mn in gas exploration in Egypt
Cheiron Petroleum, Egypt’s largest independent energy company, is to invest around USD160mn in natural gas exploration and production in the West El Burullus concession. The company has begun drilling a series of seven wells in the area to explore for gas, and production is expected to kick off in 1H 2024 at a capacity of 150mn cbft/day. (Asharq Business)
CORPORATE
TAQA seeks an EGP3bn loan
TAQA Arabia [TAQA] seeks an EGP3bn loan from a consortium of 7 Egyptian banks to fund a possible acquisition deal of Wataniya gas station. (Al-Mal)
EGBE preliminary 9M 2023: Profitability despite muted balance sheet growth
Egyptian Gulf Bank [EGBE] has announced the preliminary results for 9M 2023. Net income increased by 68% y/y to EGP1.05bn. This was partially on the back of a 22% y/y growth in net interest income to EGP2.6bn. The bank's loanbook declined q/q to EGP31bn while deposits picked up from the decline last quarter and increased to EGP81bn. (Bank disclosure)
MARKETS PERFORMANCE
Key Dates
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).