Today’s Top News & Analysis
Egypt closed CYN3.5bn panda bond issuance yesterday
EBRD may give loans to fund SMEs & green projects
Egypt to use EAST’s sale proceeds to establish a fertilizer factory and restructure another
DOMT's BoD approved distributing EGP0.2/share
SKPC signed an agreement with Rungas Group Co.
MACRO
Egypt closed CYN3.5bn panda bond issuance yesterday
Yesterday, the Minister of Finance announced the closing of a three-year CYN3.5bn panda bond issuance (equivalent to USD479mn). The bonds issued in China have an annual rate of 3.51% which is lower than the yield of the USD-denominated debt. (Enterprise)
EBRD may give loans to fund SMEs & green projects
The European Bank for Reconstruction and Development (EBRD) may give four banks a total of USD325mn to fund the SMEs and green projects, the banks are:
· Commercial International Bank (CIB) [COMI]: USD150mn
· National Bank of Egypt (NBK): USD100mn
· Banque du Caire [BQDC]: USD50mn
· Export Development Bank of Egypt [EXPA]: USD25mn
The loan is expected to be given by the end of 2023. (Asharq Business)
Egypt to use EAST’s sale proceeds to establish a fertilizer factory and restructure another
Sources said that the Egyptian government intends to start a fertilizer factory and restructure some fertilizer companies through the sale proceeds of Eastern Co. [EAST]. The government plans to restructure Delta Fertilizers Co. (Asharq Business)
CORPORATE
DOMT's BoD approved distributing EGP0.2/share
Arabian Food Industries (Domty) [DOMT] BoD approved distributing EGP0.2/share as a cash dividend from 2022 retained earnings. DOMT's BoD will discuss the decision with the shareholders in the coming OGM (date not defined yet). (Company disclosure)
SKPC signed an agreement with Rungas Group Co.
Sidi Krir (Sidpec) [SKPC] announced signing a partnership agreement with the Nigerian-based Rungas Group Co. to establish an LPG cylinder manufacturing plant with a capacity of 1mn gas cylinders/year. The plant should use polyethylene application in order to export with a probability of expanding in the local market. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
17-Oct-23
POUL: OGM / Discussing dividends distribution.
18-Oct-23
EFIC: Cash dividend / Payment date for a dividend of EGP1.5/share (3rd installment).
23-Oct-23
ABUK: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
EAST: Cash dividend / Deadline for eligibility for a dividend of EGP3.75/Share.
MICH: Cash dividend / Deadline for eligibility for a dividend of EGP3.00/Share.
24-Oct-23
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP8.51/Share.
25-Oct-23
ORAS: Cash dividend / Ex-dividend date for EGP8.51/Share.
EGAL: OGM / Approving financial statements for 2022/2023.
MCQE: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
26-Oct-23
MCQE: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
ABUK: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MNHD: Cash dividend / Payment date for a dividend of EGP0.075/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MICH: Cash dividend / Payment date for a dividend of EGP1.50/share (1st installment).
29-Oct-23
PRCL: OGM / Approving financial statements ending 30 June 2023.
PRCL: EGM / Amending Article No. 3 of the company's bylaws.
31-Oct-23
ORAS: Cash dividend / Payment date for a dividend of EGP8.51/share.
MCRO: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).