Today’s Top News & Analysis
UK may give USD400mn to Egypt's budget support
The government to exit Alamal Alsharif within weeks
Wu’an Xin Feng to establish a hot-rolled steel coils plant in Sokhna
Egypt targets importing 3 LNG shipments/month through the summer
MACRO
UK may give USD400mn to Egypt's budget support
Sources said that the Egyptian government may expect to be given USD400mn in budget support from the UK through the coming two years. The first tranche which accounts for USD200mn is expected to be received by July 2024, in line with the USD500mn expected from the World Bank. Meanwhile, the second tranche of both the UK's package (USD200mn) and the World Bank's package (USD500mn) are expected to be received in the coming fiscal year. (Enterprise)
The government to exit Alamal Alsharif within weeks
Sources said that the Egyptian government will exit its full stake in the plastics manufacturer Alamal Alsharif within weeks. The government has a 46.6% stake that is planned to be sold to a strategic investor in USD. (Enterprise)
Wu’an Xin Feng to establish a hot-rolled steel coils plant in Sokhna
The SCZone signed an agreement with the Chinese Wu’an Xin Feng to establish a hot-rolled steel coils plant in Sokhna Industrial Zone, worth USD297mn on 750,000 sqm of land. The project is aimed to export 70% of its production, in addition, vehicle engine blocks are planned to be produced later. (Enterprise)
Egypt targets importing 3 LNG shipments/month through the summer
The Egyptian government is said to target the importing of 3 LNG shipments/month through the summer season (July-October) to cover the increasing domestic demand for electricity. This is expected to cost the government USD120mn/month, providing 3tn btu/shipment which provides an average of 100mn cubic feet of natural gas/day. (Enterprise)
Markets Performance
Key Dates
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.
27-Apr-24
MICH: BoD meeting / Follow up on production, sales and exports.
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.