Today’s Top News & Analysis
FRA eases share buyback process
FRA approves Toma consortium mandatory tender offer to DSCW
Beltone signs a framework with CRIF
Beltone to start a fund to invest in gold
MACRO
FRA eases share buyback process
The Financial Regulatory Authority (FRA) announced new rules for the share buybacks performed by the listed companies. The rules are:
Companies can operate a share buyback without notifying the FRA earlier.
Treasury shares now can be traded in the open market.
Preventing insiders to protect the minority shareholders.
Companies have to complete buybacks within one-month. (Enterprise)
CORPORATE
FRA approves Toma consortium mandatory tender offer to DSCW
The Financial Regulatory Authority (FRA) approved the mandatory mandatory tender offer (MTO) that Toma for Commercial & Industrial Investments and Maged Samir Toma consortium offered to acquire up to 46.9% from Dice Sport & Casual Wear [DSCW] shares (838,137,814 share) for EGP0.65/share). The MTO price suggests that DSCW should be worth EGP1.2bn which is 7% higher than DSCW's market price based on 8 October 2023 closing price. (FRA)
Beltone signs a framework with CRIF
Beltone Financial Holding [BTFH] signed a framework agreement with CRIF, the company has many specializations including credit and business information systems, analytics, outsourcing and processing services. (Company disclosure)
Beltone to start a fund to invest in gold
Sources said that Beltone Financial Holding [BTFH] intends to start a fund to invest in gold as a part of its expansion plans in Egypt. (Al-Borsa)
MARKETS PERFORMANCE
Key Dates
11-Oct-23
ORAS: EGM / Discussing the dividend distribution of USD0.2750/share.
EFIH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
12-Oct-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
EGCH: OGM / Approving financial statements ending 30 June 2023.
EGCH: EGM / Amending Article No. 3 & 21 of the company's bylaws.
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.
25-Oct-23
EGAL: OGM / Approving financial statements for 2022/2023.
26-Oct-23
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).
31-Oct-23
MCRO: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).