Top News & Analysis
Egypt’s net foreign reserves rose to USD34.93bn in August
Egypt’s trade balance deficit decreased to USD2.32bn
Egypt paid USD52bn as external debt interest and installments
Egypt eyes new funding of USD2bn before the year’s end
Investors interested in a stake in Sinai for Manganese
MACRO
Net foreign reserves rose to USD34.93bn in August
Egypt’s net foreign reserves (NIR) recorded USD34.93bn in August 2023, rising from USD34.88bn in July 2023. (CBE)
Egypt’s Trade balance deficit decreased to USD2.32bn
Egypt’s trade balance deficit decreased by 47.7% y/y in June 2023, reaching USD2.32bn. Imports decreased 38% y/y to USD5.23bn due to a decrease in:
Oil products by 38% y/y.
Wheat by 9% y/y.
Basic materials of iron and steel by 43% y/y.
Meanwhile, exports decreased by 27.6% y/y to USD2.91bn due to a decrease in:
Crude oil by 12.7% y/y.
Ready-made garments by 20.5% y/y.
Fresh fruits by 32% y/y.
Fertilizers by 39.5% y/y. (CNBC Arabia)
Egypt paid USD52bn as external debt interest and installments
The Finance Minister said that Egypt paid USD52bn of its external debt interest and installments through FY22 and FY23. Besides, the Egyptian government invested USD22-23bn in short-term investments. (Al-Borsa)
Egypt eyes new findings of USD2bn before the year’s end
The Finance Minister said that Egypt plans to have new foreign funding worth USD1.5-2bn, including USD1bn through offering Samurai and Panda bonds before the end of the year. The Minister added that the Asian Infrastructure Investment Bank (AIIB) will provide a guarantee of USD230mn to support issuing the Panda bonds. (Asharq Business)
CORPORATE
Investors interested in a stake in Sinai for Manganese
According to news sources, local and international investors are interested in acquiring a stake in Sinai for Manganese. Yet, there are currently no official offers on the table and more details are yet to be announced. Owning 100% of the company, the Egyptian government is currently planning to develop the company to utilize all its mines and raise its value. The company’s shareholder structure is split between National Investment Bank (58%) and the Holding Co. for Metallurgical Industries (42%). We note that Sinai for Manganese recorded a net income of EGP220mn in 2022/23. (Al-Mal)
Key Dates
15-Sep-23
IMF Review / Second IMF review with Egypt (end-June 2023 quantitative targets).
17-Sep-23
MCQE: Cash dividend / Deadline for eligibility for a dividend of EGP0.750/Share.
19-Sep-23
EXPA: EGM / Amending Article No. 5 of the bank's bylaws.
20-Sep-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.25/share (1st installment).
RMDA: Stock dividend / Last date for eligibility for a 0.52-for-1 stock dividend.
21-Sep-23
RMDA: Stock dividend / Date for distributing a 0.52 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
26-Sep-23
MICH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ODIN: OGM / Approving financial statements ending 30 June 2023.
ODIN: EGM / Amending Article No. 7 of the company's bylaws.
TAQA: OGM / A board reshuffle.
TAQA: EGM / Amending Article No. 24 of the company's bylaws.
27-Sep-23
BTFH: OGM / Discussing netting contracts.
28-Sep-23
EAST: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
30-Sep-23
ABUK: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ABUK: EGM / Amending Articles No. 8, 16, 21 & 39 of the company's bylaws.
AMOC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
IFAP: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.