Today’s Top News & Analysis
Government to lower the privatization target for 2024
14 Chinese new agreements with the government
Longer debt average maturity are targeted
CLHO enters Saudi Arabia with the first venture
MACRO
Government to lower the privatization target for 2024
The Minister of Planning said the government will raise only USD1bn from the privatization program through 2024. The new target for 2024 is massively below the last estimate said by the Minister of Finance in February worth USD6.5bn also lower than the amount already issued between April 2022 and December 2023 worth USD5.6bn. She added that the government plans on raising USD1.5bn from the privatization program in 2025. (Enterprise)
14 Chinese new agreements with the government
The Egyptian government signed 14 new agreements with Chinese companies to build projects with the local private sector in Egypt's industrial zones. The new agreements include a USD800mn fiberglass and polyester factory with Xin Feng Ming Holding, which is planned to operate by 2026. There is also a power generation center with Zhejiang Energy International which will include a 400MW/220KV substation, a 200MW gas-fired power station, and a 100MW photovoltaic power station. In addition, the Egyptian arm of the Chinese Jushi, Jushi Egypt, signed a financing agreement for expansion. (Enterprise)
Longer debt average maturity are targeted
The Minister of Finance said that the government plans for its debt average maturity to become longer at 4.5-5 years focusing on long-term bonds. He added that the debt average maturity is expected to witness a slight increase by the end of FY24 to 3.3 years vs. 3.2 years in FY23. (Enterprise)
CORPORATE
CLHO enters Saudi Arabia with the first venture
Cleopatra Hospitals Group [CLHO] announced the signing of a strategic partnership with Mumtada Medical Care Co. in a statement on Thursday. The partnership is aimed at supporting the launching of a new 200-bed rehabilitation and long-term care facility in Riyadh, the facility should be operational by the end of 2024. CLHO will contribute to the project with expertise, shared services, staffing solutions, and advisory support. Consequently, CLHO will receive pre-operational and operational fees. (Company disclosure)
Markets Performance
Key Dates
21-Apr-24
CIEB: Cash dividend / Deadline for eligibility for a dividend of EGP1.145/Share.
EFID: Cash dividend / Deadline for eligibility for a dividend of EGP0.428/Share.
CERA: Cash dividend / Deadline for eligibility for a dividend of EGP0.025/Share.
COMI: Cash dividend / Deadline for eligibility for a dividend of EGP0.55/Share.
ETEL: Cash dividend / Deadline for eligibility for a dividend of EGP1.50/Share.
GBCO: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
22-Apr-24
AMIA: Cash dividend / Deadline for eligibility for a dividend of EGP0.050/Share.
24-Apr-24
CIEB: Cash dividend / Payment date for a dividend of EGP1.145/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
CERA: Cash dividend / Payment date for a dividend of EGP0.025/share.
COMI: Cash dividend / Payment date for a dividend of EGP0.55/share.
ETEL: Cash dividend / Payment date for a dividend of EGP1.50/share.
PHAR: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
ORWE: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.187/Share.
EFIC: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
GBCO: Cash dividend / Payment date for a dividend of EGP0.20/share.
28-Apr-24
AMIA: Cash dividend / Payment date for a dividend of EGP0.050/share.
29-Apr-24
RMDA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BTFH: OGM / Approving financial statements ending 31 Dec. 2023.
30-Apr-24
EGAL: OGM / Approving the estimated budget of FY 2024/2025.
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (1st installment).
ORWE: Cash dividend / Payment date for a dividend of EGP1.25/share.
EFIH: Cash dividend / Payment date for a dividend of EGP0.187/share.
EFIC: Cash dividend / Payment date for a dividend of EGP2.00/Share (1st installment).
PRCL: OGM / Considering renting a ceramic factory.
PRCL: EGM / Amending some Articles of the company's bylaws.
1-May-24
AIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.