Today’s Top News & Analysis
CBE keeps key policy rates unchanged
Egypt to import wheat from Kazakhstan with a fund from the UAE
SKPC to postpone Ethydco's acquisition
Two aluminum factories in corporation with UAE and Bahrain; EGAL to add another
MACRO
CBE keeps key policy rates unchanged
On Thursday, the Central bank of Egypt's Monetary Policy Committee (MPC) decided in its sixth meeting of the year to maintain the overnight deposit rate, the overnight lending rate, and the rate of the main operation at 19.25%, 20.25%, and 19.75%, respectively. (CBE)
Egypt to import wheat from Kazakhstan with a fund from the UAE
After the Russian withdrawal from the last private wheat tender with Egypt, the Egyptian government is trying to secure a tender from Kazakhstan. The Kazakhstani tender’s details are not yet disclosed; however, it is reported that it will be funded by an undefined loan from the UAE. (Enterprise)
CORPORATE
SKPC to postpone Ethydco's acquisition
Sidi Krir Petrochemicals’ (Sidpec) [SKPC] BoD approved postponing the acquisition of the Egyptian Ethylene & Derivatives Co. (Ethydco) after a strategic investor showed interest in acquiring a stake in Ethydco through a partial exit of some of the existing shareholders. (Company disclosure)
Two aluminum factories in corporation with UAE and Bahrain; EGAL to add another
Sources said that Egypt is in talks with the UAE-based Emirates Global Aluminum to build an aluminum factory near export ports. Meanwhile, the government is also in talks with the Bahrain-based Aluminum Bahrain (Alba) to build a factory for the production of bauxite, the raw material used for aluminum production. In addition, Egypt Aluminum [EGAL] plans to build a new factory in Safaga with a yearly capacity of 300,000 tons, 70% of which is to be exported. (CNN Business)
MARKETS PERFORMANCE
Key Dates
25-Sep-23
IRAX: Voluntary delisting / Voluntary delisting ending date.
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.
1-Oct-23
CIRA: OGM / Discussing dividends distribution.
3-Oct-23
Egypt PMI / September 2023 reading.
4-Oct-23
SKPC: Cash dividend / Payment date for a dividend of EGP0.40/share (2nd installment).
DAPH: Stock dividend / Last date for eligibility for a 0.1-for-1 stock dividend.
5-Oct-23
DAPH: Stock dividend / Date for distributing a 0.1 for-1 stock dividend.
11-Oct-23
ORAS: EGM / Discussing the dividend distribution of USD0.2750/share.
EFIH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
12-Oct-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
EGCH: OGM / Approving financial statements ending 30 June 2023.
EGCH: EGM / Amending Article No. 3 & 21 of the company's bylaws.