Today’s Top News & Analysis
The Egyptian government to open a steel complex with an international company
Private companies to help start the industrial zone in the Eastern desert
ADQ may have to offer an MTO for SKPC
DOMT’s block trade executed at a 20% discount to market
MACRO
The Egyptian government to open a steel complex with an international company
The Egyptian government plans to open a flat steel production complex in cooperation with an unnamed international company. The complex is expected to be worth USD1bn, having two phases of production with a 1.8mn ton capacity per year. Production should start within 18-24 months after obtaining the needed approvals. Additionally, the complex is approved by the SC Economic Zone to operate as a special economic zone. (Enterprise)
Private companies to help start the industrial zone in the Eastern desert
Private companies are in talks with the Egyptian government to help in the new industrial zone in the eastern desert, Golden Triangle Economic Zone (GTEZ). Between the interested companies there are Orascom Industrial Parks, an Orascom Construction [ORAS] subsidiary, Elsewedy Industrial Development, and IDG. The industrial zone’s initial investment for the first phase is expected to be USD2bn. (Enterprise)
CORPORATE
ADQ may have to offer an MTO for SKPC
ADQ Holding's USD280mn stake acquisition of the Egyptian Ethylene & Derivatives Company (ETHYDCO) could mean that after the merger between Sidi Kerir Petrochemicals Co. (Sidpec) [SKPC] and ETHYDCO, ADQ may have to offer a mandatory tender offer (MTO) once it receives the swapped shares. (Enterprise)
DOMT’s block trade executed at a 20% discount to market
Arabian Food Industries “Domty” [DOMT] announced the details of the executed block trade, where some of the Damaty family shareholders sold their total stakes of 24.6% (69.6mn shares) to International Dairy Investment Co., a company controlled by them. The trade was executed for a total of EGP446mn (EGP6.4/share), this is a 20% discount to Tuesday’s closing price. (Company disclosure)
Key Dates
15-Sep-23
IMF Review / Second IMF review with Egypt (end-June 2023 quantitative targets).
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.