Today’s Top News & Analysis
Egypt and UAE sign 3 agreements worth more than USD3bn
Government to raise taxes
FRA approves extending SIEC's offer to CIRA
MACRO
Egypt and UAE sign 3 agreements worth more than USD3bn
Sources said Egypt and UAE signed an MoU to build an oil logistics zone in Al Hamra Port with investments of USD3bn, supporting Egypt's oil supply chain. Sources added that there are studies to set up an Emirati Industrial Zone in East Port Said to meet local market needs. Also, the Chinese Hisense and the Emirati FBB Tech signed an agreement worth USD38mn with the Egyptian TEDA to establish a manufacturing facility for electronic devices in the China-Egypt TEDA trade zone. (Enterprise)
Government to raise taxes
The Deputy of the Ministry of Finance for Taxes said the government is considering the rise of taxes in response to the recent economic changes. (Enterprise)
CORPORATE
FRA approves extending SIEC's offer to CIRA
The Financial Regulatory Authority (FRA) approved the extension of the mandatory offer by Saudi Egyptian Investment Co. (SIEC) to acquire 75-100% of CIRA Education's [CIRA] current major shareholder, Social Impact Capital (SIC), for 60 working days. (FRA disclosure)
MARKETS PERFORMANCE
Key Dates
11-Aug-24
MCQE: EGM / Amending Article No. 3 of the company's bylaws.
12-Aug-24
MSCI / MSCI's August 2024 Quarterly Index Review Announcement.
14-Aug-24
ICLE: EGM / Amending Article No. 3 of the company's bylaws.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.
17-Aug-24
MFPC: OGM / Considering distributing cash dividends.
18-Aug-24
OFH: OGM / A board reshuffle.
20-Aug-24
ACGC: EGM / Amending some Articles of the company's bylaws.
21-Aug-24
ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.
EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
22-Aug-24
EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
29-Aug-24
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)
CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.
CCAP: EGM / Discussing the continuation of the company.
SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.