Today’s Top News & Analysis
Ministry of Petroleum & Mineral Resources may lease another FSRU
Egypt may export electricity to Asia and Europe through Saudi Arabia
SWDY's sister company signs a contract with Qatari KAHRAMAA
EAST BoD approves price increases across various products
MACRO
Ministry of Petroleum & Mineral Resources may lease another FSRU
The Minister of Petroleum & Mineral Resources proposed to the House of Committee the lease of another floating storage regasification unit (FSRU) in Ain Sokhna to cover the increasing demand for electricity through the summer months. (Enterprise)
Egypt may export electricity to Asia and Europe through Saudi Arabia
Sources said that 60% of the electricity connection project between Egypt and Saudi Arabia has been finished, with the first phase set to start in July 2025 for an investment of USD1.8bn. The project's full capacity should be reached at c.3,000MW by 2026. The project will allow Egypt to export electricity to both Asia and Europe, in addition to resolving the electricity problems the country is undergoing currently. (Asharq Business)
CORPORATE
SWDY's sister company signs a contract with Qatari KAHRAMAA
Elsewedy Electric [SWDY] announced that its sister company, Elsewedy Cables Qatar, signed a contract with the Qatar Power Transmission System Expansion - KAHRAMAA. The contract includes engineering, procurement, and construction of power cables, including the supply and installation of 132kv power cables for strategic projects for 3+ years, worth more than QAR1bn. (Company disclosure)
EAST BoD approves price increases across various products
Eastern Co.'s [EAST] BoD approved passing price increases across 11 of its products. The new prices were applied on Friday 12 July 2024. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
BIOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.75/Share.
18-Jul-24
MICH: Stock dividend / Date for distributing a 0.5 for-1 stock dividend.
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.
IDHC: EGM / Discussing Articles No 3 & 57 of the company's bylaws.
22-Jul-24
BIOC: Cash dividend / Payment date for a dividend of EGP0.75/Share.
24-Jul-24
IFAP: EGM / Amending Articles No. 3, 4 & 6 of the company's bylaws.
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
28-Jul-24
EGBE: Stock dividend / Last date for eligibility for a 0.021-for-1 stock dividend.
29-Jul-24
EGBE: Stock dividend / Date for distributing a 0.021 for-1 stock dividend.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)