Today’s Top News & Analysis
Cabinet freezes household electricity prices up until January 2024
Cabinet approves loans for supporting different sectors
Government set to resume Banque du Caire's IPO procedures
Corn prices rose locally despite declining globally
ALCN preliminary 2022/23: Simple is key
Banque Misr's subsidiary applies for digital banking license
MACRO
Cabinet freezes household electricity prices up until January 2024
As a part of an exceptional package of social protection, the Egyptian Cabinet announced the freeze of household electricity prices until 1 January 2024. (Enterprise)
Cabinet approves loans for supporting different sectors
The Egyptian Cabinet announced the approval of three loans for:
· Supporting the banking sector: USD616mn loan from the Arab Monetary Fund (AMF).
· Abu Qir Metro: EUR250mn from the Asian Infrastructure Investment Bank (AIIB).
· Supporting food security and climate change: CAD10mn.
Meanwhile, the Cabinet also approved offering temporary life insurance for government employees in the New Administrative Capital. (Enterprise)
Government set to resume Banque du Caire's IPO procedures
The Egyptian government is reportedly set to resume IPO procedures of Banque du Caire [BQDC] following the results of The United Bank's offering. The initial valuation for BQDC ranges between USD550-600mn (vs. USD700-750mn before COVID-19), with the offering likely to take place during Q4 2023. Sources added that the Egyptian government will look to include CI Capital Holding [CICH] as an IPO advisor alongside EFG Holding [HRHO]. (Al-Borsa)
Corn prices rose locally despite declining globally
Corn prices increased in Egypt by EGP700/ton, reaching EGP12,800/ton despite hitting their lowest levels globally in three years. (Al-Borsa)
CORPORATE
ALCN preliminary 2022/23: Simple is key
Alexandria Container Handling Co.’s [ALCN] 2022/23 net profits came in at a strong EGP4.3bn (+110% y/y, +6% vs. Prime Research estimates). Revenues came at EGP4.8bn (+69% y/y, in line with Prime Research estimates), and GPM recorded 77.7% (+8.3pp y/y, in line with Prime Research estimates). (Company disclosure)
Banque Misr's subsidiary applies for digital banking license
Misr Digital Innovation (MDI), a subsidiary of Banque Misr, submitted to the Central Bank of Egypt (CBE) an official application for the digital banking license. This makes MDI the first local company to officially apply for the license and expects to launch the digital bank within months once approved by the CBE. (Bank disclosure)
Key Dates
20-Aug-23
BINV: Cash dividend / Deadline for eligibility for a dividend of USD0.032/Share.
21-Aug-23
BINV: Cash dividend / Ex-dividend date for USD0.032/Share.
23-Aug-23
BINV: Cash dividend / Payment date for a dividend of USD0.032/Share.
MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.
24-Aug-23
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
27-Aug-23
SPMD: OGM / Approving financial statements ending 31 Dec. 2022.
28-Aug-23
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
30-Aug-23
ORAS: Financial results Announcement / Q2 2023 financial results' announcement.
31-Aug-23
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/share (1st installment).
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
1-Sep-23
MSCI / MSCI's August 2023 Quarterly Index Review Effective Date.
5-Sep-23
Egypt PMI / August 2023 reading.
6-Sep-23
ELSH: OGM / Approving the decisions of the company’s board of directors in its meeting held on 15/6/2023.
ELSH: EGM / Amending some articles of the Company's bylaws.