Today’s Top News & Analysis
The government resorts to its strategic reserve to provide sugar
TSFE collects USD2.5bn from assets sale
Egypt to export two LNG shipments to Europe within a week
Private sector minimum wage to be raised in January
MACRO
The government resorts to its strategic reserve to provide sugar
The Egyptian government withdrew 240 thousand tons of sugar from its strategic reserve to control the latest hikes in sugar prices, this step is to avoid imposing forced pricing. (Asharq Business)
TSFE collects USD2.5bn from assets sale
The CEO of The Egyptian Sovereign Wealth Fund (TSFE) said that the fund succeeded in collecting USD2.5bn through the sale of stakes in Egyptian companies to strategic investors, the target is to collect USD5bn in total. It is expected to finalize the sale of the following before the year ends until Q1 FY24:
· A stake in the historic hotels.
· A 35% stake in the Egyptian Linear Alkyl Benzene (Elab).
· A 30% stake in the Egyptian Ethylene & Derivatives Company (Ethydco).
· A 25% stake in the Egyptian Drilling Company (EDC).
He added that TSFE will announce a number of new deals in the IPO program by Q1 FY24. (CNN Business Arabic)
Egypt to export two LNG shipments to Europe within a week
Reports said that the Ministry of Petroleum & Mineral Resources is preparing two shipments of LNG for exporting to Europe by mid-December. The two shipments are the first of five shipments planned to be exported before 2023 ends. (Al-Arabiya)
Private sector minimum wage to be raised in January
Reports said that the minimum wage for private sector workers is subjected to a 17% raise in January 2024, to be EGP3,500/month before taxes and social insurance deductions. (Enterprise)
MARKETS PERFORMANCE
Key Dates
12-Dec-23
ARCC: OGM / Discussing dividends distribution.
13-Dec-23
EFIH: EGM / Amending some articles of the Company's bylaws.
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
18-Dec-23
CSAG: Cash dividend / Deadline for eligibility for a dividend of EGP1.39/Share.
19-Dec-23
CIRA: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
20-Dec-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.50/share (2nd installment).
21-Dec-23
CSAG: Cash dividend / Payment date for a dividend of EGP1.39/share.
EAST: OGM / A board reconstitution.
EAST: EGM / Amending Articles No. 7 & 21 of the company's bylaws.
MPC Meeting / Determining the CBE's policy rate.
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).