Today’s Top News & Analysis
Egypt to receive 17 LNG shipments through summer months
Government to delay electricity price increase
Fertilizer prices surge 54% m/m in June
MFPC & EGCH: Stopped operations on gas supply cut
MACRO
Egypt to receive 17 LNG shipments through summer months
Sources said that the Egyptian government was awarded a tender to purchase 17 LNG shipments through the summer months. Additionally, the tender was closed at a premium of USD1.6-1.9 price than the LNG standard prices. The government plans to purchase 3 more LNG shipments in August and September. (Al-Mal)
Government to delay electricity price increase
The Egyptian government plans to delay increasing electricity prices to September. It is worth mentioning that it was originally planned to raise electricity prices in July. (Asharq Business)
Fertilizer prices surge 54% m/m in June
As a result of the gas cut, fertilizer prices surged by 54% m/m in June to EGP20,000/ton. Sources added that the gas shortages led to the stoppage of several fertilizer factories which delayed operations in time the demand for fertilizers has increased. On a separate note, the Minister of Agriculture's Advisor assured that the fertilizer price increases are temporary, adding that there is available fertilizer stock. (Asharq Business, Mubasher)
CORPORATE
MFPC & EGCH: Stopped operations on gas supply cut
MOPCO [MFPC] and KIMA [EGCH] announced yesterday that their factories stopped operations on natural gas supply cut. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
27-Jun-24
ELSH: Cash dividend / Payment date for a dividend of EGP0.075/Share (1st installment)
RMDA: Cash dividend / Payment date for a dividend of EGP0.020/Share (1st installment)
29-Jun-24
MICH: BoD meeting / Follow up on production, sales and exports.
30-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP0.07/share (3rd installment).
1-Jul-24
MOIL: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
3-Jul-24
EXPA: OGM / Approving increasing the issued capital by distributing EGP0.33/share worth of stock dividends.
EXPA: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
4-Jul-24
7-Jul-24
ZMID: OGM / Discussing netting contracts.
10-Jul-24
ADIB: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
11-Jul-24
ADIB: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
18-Jul-24
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)