Today’s Top News & Analysis
IMF's third review to conclude midway through June 2024
Wataniya is back in negotiations
ETEL secures USD200mn to refinance its short-term facilities
Act Financial goes public
Philip Morris acquires an indirect minority stake in EAST
EAST to raise paid-in capital through stock dividend
MACRO
IMF's third review to conclude midway through June 2024
The International Monetary Fund (IMF) will conclude its third review of Egypt's loan program by 15 June 2024, opening the door for the third tranche amounting to USD820mn. We note that at the second review, the IMF agreed to increase the loan from USD5bn to USD8bn. (Asharq Business)
Wataniya is back in negotiations
The Minister of Planning said that Egypt received seven bids to acquire the state-owned National Petroleum Co. (Wataniya). She added that the government is currently valuing the bids to choose the most suitable. (Asharq Business)
CORPORATE
ETEL secures USD200mn to refinance its short-term facilities
Telecom Egypt [ETEL] secured a USD200mn medium-term loan from Banque Misr - UAE to refinance its short-term facilities. ETEL's strategy is to reduce its borrowing costs, raise liquidity, and financial flexibility. (Company disclosure)
Act Financial goes public
Sources said that Act Financial will offer 30% of its shares into the Egyptian Exchange at a maximum price of EGP3.65/share, with the initial Public Offering (IPO) expected proceeds of EGP1.3bn. (Asharq Business)
Philip Morris acquires an indirect minority stake in EAST
Philip Morris International announced acquiring an indirect minority stake in Eastern Co. [EAST] amounting to 14.7%. According to EAST's MD, this stake amounts to a 49% stake from the UAE-based Global Investment Holding's stake in EAST. (Asharq Business)
EAST to raise paid-in capital through stock dividend
Eastern Co. [EAST] OGM and EGM approved increasing its paid-in capital from EGP2.2bn to EGP3bn through distributing 34.5% stock dividends, issuing 770mn new shares at a par value of EGP1/share. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
23-May-24
HELI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MPC Meeting / Determining the CBE's policy rate.
25-May-24
MICH: BoD meeting / Follow up on production, sales and exports.
26-May-24
OIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SKPC: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
OFH: OGM / Approving financial statements ending 31 Dec. 2023.
MCRO: OGM / Approving financial statements ending 31 Dec. 2023.
CICH: Cash dividend / Deadline for eligibility for a dividend of EGP0.2169/Share.
SWDY: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
27-May-24
TMGH: Cash dividend / Deadline for eligibility for a dividend of EGP0.22/Share.
MASR: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)
CICH: Cash dividend / Payment date for a dividend of EGP0.2169/Share.
AMIA: Stock dividend / Last date for eligibility for a 0.10-for-1 stock dividend.
SWDY: Cash dividend / Payment date for a dividend of EGP0.50/Share.
30-May-24
MASR: Cash dividend / Payment date for a dividend of EGP0.10/Share (1st installment)
AMIA: Stock dividend / Date for distributing a 0.10 for-1 stock dividend.
CCAP: OGM / Discussing agenda items.
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (1st installment)
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/Share (1st installment)
ETEL: Earnings Announcement / Announcing Q1 2024 financial results.
2-Jun-24
CSAG: OGM / Approving the estimated budget of FY 2024/2025.
DSCW: Cash dividend / Deadline for eligibility for a dividend of EGP0.167/Share.
3-Jun-24
MSCI / MSCI's May 2024 Semi-Annual Index Review Effective Date.
4-Jun-24
Egypt PMI / May 2024 reading.
5-Jun-24
DSCW: Cash dividend / Payment date for a dividend of EGP0.167/Share.
6-Jun-24
ALCN: OGM / Approving the use of Corporate reserve shown in the audited financial statements.
ALCN: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
8-Jun-24
ESRS: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
ESRS: EGM / Discussing capital reduction.
9-Jun-24
BINV: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BINV: EGM / Amending Article No. 19 of the company's bylaws.
CCAP: OGM / Approving financial statements ending 31 Dec. 2023.