Today’s Top News & Analysis
New cabinet to be announced today
ABUK and MFPC resume operations gradually
MICH to raise its issued capital by 50%
CIRA and TSFE to establish 4 international universities
TMGH signs a framework with Schindler and AOI; SouthMed launched
MACRO
New cabinet to be announced today
Egypt's new cabinet will be announced today, 3 July 2024, with around 20 new ministers. This comes after the Egyptian President assigned the MP to form the new government last month. (Enterprise)
CORPORATE
ABUK and MFPC resume operations gradually
Abu Qir Fertilizers & Chemical Industries [ABUK] and MOPCO [MFPC] announced resuming their operations gradually after the resumption of gas supply. (Company disclosure: 1, 2)
MICH to raise its issued capital by 50%
Misr Chemicals Industries [MICH] OGM and EGM approved raising the issued capital by 50% to c.EGP439mn through the distribution of stock dividends of c.37mn shares to be financed through 2022/2023's net profits. The stock dividends will be distributed starting from 18 July 2024. (Company disclosure)
CIRA and TSFE to establish 4 international universities
CIRA Education [CIRA] announced signing a shareholders agreement with The Sovereign Fund of Egypt (TSFE) to establish models for 4 new international universities in Egypt. The new universities will be in cooperation with several international educational entities in Canada, Switzerland, Germany, and the USA. (Company disclosure)
TMGH signs a framework with Schindler and AOI; SouthMed launched
Talaat Moustafa Holding's [TMGH] subsidiary Atrium for Contracting signed a framework cooperation agreement with Schindler Group and the Arab Organization for Industrialization (AOI) to localize the supply, assembly, and operational testing of certain elevator components in Egypt. On a separate note, TMGH announced its newest venture in the North Coast, SouthMed, the project received over EGP60bn of bookings before the official launch which was set to start yesterday 2 July 2024. It is expected that SouthMed will generate more than EGP1.6tn in sales, contributing c.EGP2.4tn into Egypt's economy. (Company disclosure: 1, 2)
MARKETS PERFORMANCE
Key Dates
3-Jul-24
EXPA: OGM / Approving increasing the issued capital by distributing EGP0.33/share worth of stock dividends.
EXPA: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
4-Jul-24
7-Jul-24
ZMID: OGM / Discussing netting contracts.
10-Jul-24
ADIB: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
EFIH: Stock dividend / Last date for eligibility for a 0.249-for-1 stock dividend.
11-Jul-24
ADIB: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
EFIH: Stock dividend / Date for distributing a 0.249 for-1 stock dividend.
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
18-Jul-24
MICH: Stock dividend / Date for distributing a 0.5 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
24-Jul-24
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)