Today’s Top News & Analysis
Egypt receives 5 acquisition offers for Gabal El Zeit Wind Farm
CBE to link InstaPay to 3 Arab countries
Banque Misr to launch an EGP500mn e-payments company with e&
Egyptian government postpones desalination plants tenders to December 2023
Three international companies interested in wind farm projects in Egypt
GCC SWFs agree to retain their profits in Egypt for 3 years
NSPO acquired stakes in three steel companies
A block trade on DOMT's shares
MACRO
Egypt receives 5 acquisition offers for Gabal El Zeit Wind Farm
The Minister of Planning revealed that Egypt received five acquisition offers from investors to acquire the state-owned 580-MW Gabal El Zeit Wind Farm. The minister added that the Egyptian government has given an “international investor” two months to finalize their offer. It was previously reported that the UK-based Actis made an initial acquisition offer for the farm for USD400mn. However, unnamed sources said Actis submitted a final offer of USD350mn after finalizing the due diligence process, where the agreement is expected to finalize by October 2023. (Asharq Business, Al-Borsa)
CBE to link InstaPay to 3 Arab countries
The Central Bank of Egypt (CBE) is reportedly considering linking its digital payments app InstaPay to banks in the UAE, Saudi Arabia, and Jordan to allow Egyptians working abroad to transfer money to local accounts. The bank is also considering linking the app to banking systems in other countries starting with members of the BRICS bloc. (Al-Mal)
Banque Misr to launch an EGP500mn e-payments company with e&
State-owned Banque Misr will launch a new electronic payments company by the end of year in partnership with e&, the local arm of the UAE telecom services provider which will hold a stake of more than 60% in the new unnamed venture. (Asharq Business)
Egyptian government postpones desalination plants tenders to December 2023
The director of the Ministry of Finance's Public-Private Partnerships (PPP) unit said the Egyptian government will postpone the tender for four desalination plants on the North Coast from Q3 2023 to December 2023 for the land allocation process to be completed. (Enterprise)
Three international companies interested in wind farm projects in Egypt
Three Arab and Chinese companies are reportedly interested in investing up to USD600mn in wind farm projects in Egypt. Unnamed sources added that the parties also showed interest in acquiring a stake in Al-Zaafarana Wind Farm which is a part of the Egyptian government’s state offerings program. (Al-Borsa)
GCC SWFs agree to retain their profits in Egypt for 3 years
The Egyptian government reached an agreement with GCC sovereign wealth funds that have invested in Egyptian companies to keep their profits in Egypt for a period of three years. According to sources, these agreements also include a guarantee that the Central Bank of Egypt will provide the necessary USD liquidity for transferring the funds' profits after this period. (Al-Borsa)
NSPO acquired stakes in three steel companies
The National Service Projects Organization (NSPO) reportedly acquired a 24% stake in three of Beshay Steel's subsidiaries to settle outstanding obligations worth EGP10bn (equivalent to USD324mn). The three companies are:
· Egyptian Sponge Iron & Steel Co.
· Egyptian American Steel Rolling Co.
International Steel Rolling Mills Co. (Asharq Business)
CORPORATE
A block trade on DOMT's shares
Yesterday, a block trade was executed on a 24.6% stake (69.6mn shares) of Arabian Food Industries “Domty” [DOMT] shares. The trade was made by International Dairy Investment Co. which is a fully-owned related party to the Damaty family. (Company disclosure)
Key Dates
15-Sep-23
IMF Review / Second IMF review with Egypt (end-June 2023 quantitative targets).
17-Sep-23
MCQE: Cash dividend / Deadline for eligibility for a dividend of EGP0.750/Share.
19-Sep-23
EXPA: EGM / Amending Article No. 5 of the bank's bylaws.
20-Sep-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.25/share (1st installment).
RMDA: Stock dividend / Last date for eligibility for a 0.52-for-1 stock dividend.
21-Sep-23
RMDA: Stock dividend / Date for distributing a 0.52 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
26-Sep-23
MICH: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ODIN: OGM / Approving financial statements ending 30 June 2023.
ODIN: EGM / Amending Article No. 7 of the company's bylaws.
TAQA: OGM / A board reshuffle.
TAQA: EGM / Amending Article No. 24 of the company's bylaws.
27-Sep-23
BTFH: OGM / Discussing netting contracts.
28-Sep-23
EAST: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
30-Sep-23
ABUK: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
ABUK: EGM / Amending Articles No. 8, 16, 21 & 39 of the company's bylaws.
AMOC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
IFAP: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.