Today’s Top News & Analysis
EGP44bn dedicated to the local wheat purchase
Act Financial goes public in July
BINV to distribute EGP1/share
ASPI Q1 2024: Turning into profits
MACRO
EGP44bn dedicated to the local wheat purchase
The Ministry of Finance dedicated EGP44bn to purchase the local wheat from farmers. We note that the Minister of Supply & Internal Trade said last week that the government plans to raise the targeted local wheat supply to 3.7mn tons vs. 3.5mn tons previously. (Economy Plus)
CORPORATE
Act Financial goes public in July
Yesterday, the Financial Regulatory Authority (FRA) approved Act Financials' [ACTF] IPO prospectus offering 32% of its shares after the capital increase, worth c.766mn shares. ACTF's IPO will be through a capital increase from EGP191mn to EGP281mn, issuing new 360mn shares, and raising EGP1.04bn from the IPO. The new shares are a mix of 300mn shares for institutional investors and 60mn for retail investors. The IPO's price is set at EGP2.9/share, a 36% lower price than the fair value at EGP4.54/share. ACTF's entire offering proceeds will be used to acquire significant minorities in listed companies. The subscription will be divided into 2 stages:
· Retail investors: between 9-23 July 2024.
· Institutional investors: 9-18 July 2024. (Enterprise)
BINV to distribute EGP1/share
B Investment Holding [BINV] BoD approved dividend distribution of EGP1/share, implying a dividend yield of 5%. (Company disclosure)
ASPI Q1 2024: Turning into profits
Aspire Capital Holding for Financial Investments [ASPI] turned into profits of EGP8.4mn in Q1 2024 vs. losses of EGP0.27mn in comparable period. Earnings are backed by 105% y/y increase in revenues to EGP105mn, higher gross profits and lower SG&A-to-sales ratio of 53% vs. 73% in comparable period. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
11-Jun-24
GBCO: Conference Call / Discussing Q1 2024 financial results.
12-Jun-24
EGCH: EGM / Amending Article No. 4 of the company's bylaws.
IDHC: EGM / Amending Article No. 3 of the company's bylaws.
13-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP1.34/Share.
23-Jun-24
EGTS: OGM / Approving financial statements ending 31 Dec. 2023.
AIH: Stock dividend / Last date for eligibility for a 0.099-for-1 stock dividend.
24-Jun-24
AIH: Stock dividend / Date for distributing a 0.099 for-1 stock dividend.
BTFH: EGM / Amending Article No. 4 of the company's bylaws.
ELSH: Cash dividend / Deadline for eligibility for a dividend of EGP0.15/Share.
27-Jun-24
ELSH: Cash dividend / Payment date for a dividend of EGP0.075/Share (1st installment)
30-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP0.07/share (3rd installment).