Today’s Top News & Analysis
CIB issues new high-yield CDs
New high-yield CDs proceeds reach EGP67bn
Egypt’s external debt increased by 5.1% q/q
Egyptian Ministry of Agriculture releases amounts of corn and soybean
ORWE's OGM approved paying cash dividends in May
OFH to reduce paid-in capital through treasury share cancelation
Macro
CIB issues new high-yield CDs
Commercial International Bank [COMI] has issued new three-year high-yield CDs that offer 22% p.a. However, the bank has set a minimum ticket size of EGP3mn. COMI has also issued three-year 17% p.a (paid monthly) and 18% p.a (paid annually) with a minimum ticket size of EGP1mn. (Economy Plus)
New high-yield CDs proceeds reach EGP67bn
The proceeds of the new three-year high-yield CDs that were issued a couple of days ago from the National Bank of Egypt (NBE) and Banque Misr, reached EGP67bn on the very first day. (Economy Plus)
Egypt’s external debt increased by 5.1% q/q
According to the Ministry of Planning, Egypt’s external debt increased by 5.1% q/q to USD162.9bn in Q2 FY23. (Disclosure)
Egyptian Ministry of Agriculture releases amounts of corn and soybean
Last week, the Egyptian Ministry of Agriculture released 114,000 tons of corn worth USD41mn and 45,000 tons of soybeans worth USD34mn, in addition to fodder worth USD5mn. (Al-Mal)
Corporate
ORWE's OGM approved paying cash dividends in May
Oriental Weavers Carpet [ORWE] OGM approved distributing a cash dividend of EGP0.60/share in May 2023, implying a 4% yield. (Company disclosure)
OFH to reduce paid-in capital through treasury share cancelation
Orascom Financial Holding’s [OFH] BoD held on 2 April 2023 agreed to reduce paid-in capital by EGP138mn through the cancelation of treasury shares amounting to 446mn shares (i.e. 8.5% of issued shares) which were bought back three months ago. Accordingly, OFH’s paid-in capital post the cancelation will be EGP1.5bn distributed over 4.8mn shares at a par value of EGP0.31/share. (Company disclosure)
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