Today’s Top News & Analysis
Eight new decisions to ease off the economic burden on citizens
Expat car initiative to reopen
Afia Egypt to receive a USD20mn loan from EBRD
Egypt to sell a stake in Al-Amal Al-Sharif Plastics
ACDIMA got the green light to start its APIs factory in SC Economic Zone
MACRO
Eight new decisions to ease off the economic burden on citizens
The Egyptian President directed eight new decisions to ease off the economic situation on Egyptian citizens. The new decisions are as follows:
1. Increasing the exceptional cost of living allowance, to become EGP600 instead of EGP300 for all employees of the state’s administrative and economic bodies, business sector companies, and the public sector.
2. Increasing the minimum gross income for sixth-grade employees, to become EGP4,000 instead of EGP3,500.
3. Raising the tax exemption limit by 25%, from EGP36,000 to EGP45,000.
4. Increasing the financial categories granted to beneficiaries of “Takaful and Karama” by 15% to pensioners, for a total of 5mn families.
5. Doubling the exceptional grant to pensioners and beneficiaries, to become EGP600 instead of EGP300, for a total of 11mn citizens.
6. Expediting the implementation of the increase in the technology allowance for journalists registered with their syndicate, in accordance with the relevant allocations in the general budget.
7. Launching an initiative with The Agricultural Bank of Egypt, to alleviate the burden on small individual farmers who were in default with the bank before 1 January 2022.
8. Exempting defaulters from paying interest and fines for delayed payments of installments due to the General Authority for Reconstruction & Agricultural Development Projects, by maximum end of 2024. (Al-Mal)
Expat car initiative to reopen
The Cabinet approved a draft law that will reopen the expat car import initiative once again for three months. The Egyptian government had collected c.USD900mn in the first round of the initiative. (Enterprise)
Afia Egypt to receive a USD20mn loan from EBRD
Afia Egypt, a Savola Group subsidiary, will receive a USD20mn loan from the European Bank for Reconstruction & Development (EBRD) to ease the payments for edible oil imports. (Enterprise)
Egypt to sell a stake in Al-Amal Al-Sharif Plastics
The Egyptiangovernment is looking to sell a 30% stake in state-owned Al-Amal Al-Sharif Plastics to a single strategic investor, as per media sources. The plastics manufacturer is valued at has an estimated EGP7bn, which implies that the sale would be worth c.EGP2.1bn. (Asharq Business)
CORPORATE
ACDIMA got the green light to start its APIs factory in SC Economic Zone
ACDIMA is granted approvals to start its 50%-owned APIs factory in SC Economic Zone. The factory, to be launched in two phases with a total investment of USD165mn, will introduce a total of 28 APIs (active pharmaceutical ingredients). Phase 1 is worth USD101mn, with 21 APIs set to start by 2026. Meanwhile, the remaining USD64mn will go to Phase 2 with another 7 APIs set to start by 2030. We note that EIPICO [PHAR] has a 15% stake in the factory. (Enterprise)
Key Dates
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.