Today’s Top News & Analysis
Ajlan & Bros is interested in investing USD1.5bn in Ras Gamila
Egypt received a second USD820mn from the IMF
Net foreign asset deficit hits its lowest in two years
EDA approves more than 50% increase in several drugs
DSCW's OGM approves cash dividends
MACRO
Ajlan & Bros is interested in investing USD1.5bn in Ras Gamila
Sources said that Ajlan & Bros Holding sent an offer to the Egyptian government stating its intention to have land in Ras Gamila to establish 10 hotels with 3K keys as the first phase of a larger project, the phase should be worth USD1.5bn excluding the land's price. (Enterprise)
Egypt received a second USD820mn from the IMF
Sources said Egypt received the second tranche of the International Monetary Fund's (IMF) USD8bn package, worth USD820mn. (Enterprise)
Net foreign asset deficit hits its lowest in two years
The Central Bank of Egypt's (CBE) net foreign asset declined to EGP65.4bn in March vs. EGP270.7bn in February. Meanwhile, the net foreign asset deficit declined by 84%. This comes as a result of the FX reserves raising to USD40bn and the USD10bn as UAE's deposits. (Enterprise)
EDA approves more than 50% increase in several drugs
It is said that the Egyptian Drugs Authority (EDA) approved the rise in prices of several drugs by more than 50%. The head of the Federation of Egyptian Chambers of Commerce’s pharmadivision said that the EDA will gradually publish the names of the drugs subject to the price increase to prevent sellers from raising the prices of old stock. (Al-Mal)
CORPORATE
DSCW's OGM approves cash dividends
Dice Sport & Casual Wear [DSCW] OGM approved the distribution of cash dividends worth EGP300mn or equivalent to EGP0.1679/share, implying a yield of 11%. (Company disclosure)
Markets Performance
Key Dates
22-Apr-24
AMIA: Cash dividend / Deadline for eligibility for a dividend of EGP0.050/Share.
24-Apr-24
CIEB: Cash dividend / Payment date for a dividend of EGP1.145/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
CERA: Cash dividend / Payment date for a dividend of EGP0.025/share.
COMI: Cash dividend / Payment date for a dividend of EGP0.55/share.
ETEL: Cash dividend / Payment date for a dividend of EGP1.50/share.
PHAR: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
ORWE: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.187/Share.
EFIC: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
GBCO: Cash dividend / Payment date for a dividend of EGP0.20/share.
28-Apr-24
AMIA: Cash dividend / Payment date for a dividend of EGP0.050/share.
29-Apr-24
RMDA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BTFH: OGM / Approving financial statements ending 31 Dec. 2023.
30-Apr-24
EGAL: OGM / Approving the estimated budget of FY 2024/2025.
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (1st installment).
ORWE: Cash dividend / Payment date for a dividend of EGP1.25/share.
EFIH: Cash dividend / Payment date for a dividend of EGP0.187/share.
EFIC: Cash dividend / Payment date for a dividend of EGP2.00/Share (1st installment).
PRCL: OGM / Considering renting a ceramic factory.
PRCL: EGM / Amending some Articles of the company's bylaws.
1-May-24
AIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
2-May-24
OLFI: Cash dividend / Deadline for eligibility for a dividend of EGP0.950/Share.
8-May-24
Egypt PMI / April 2024 reading.
ELSH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ELSH: EGM / Amending Article No. 7 of the company's bylaws.
9-May-24
JUFO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OLFI: Cash dividend / Payment date for a dividend of EGP0.950/share.
12-May-24
RAYA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RAYA: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
13-May-24
EFIH: OGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.