Today’s Top News & Analysis
Egypt may buy 1mn ton of Russian wheat but through the government
12 new concessions for oil exploration
MTIE to enter the Saudi market
Palm Hills denies receiving offers
CANA to raise its capital by EGP1bn through a 27.8% stock dividend
MACRO
Egypt may buy 1mn ton of Russian wheat but through the government
After the Russian withdrawal from the last private wheat tender with Egypt, the Egyptian government is in talks with the Russian government to buy 1mn ton of Russian wheat without any further information. (Asharq Business)
12 new concessions for oil exploration
According to media sources, at least 6 international companies are competing for research and exploration deals for 12 concessions in the Mediterranean Sea and the Nile Delta. According to the statement, a wide range of concessions include that the winning companies must invest a total investment in exploration of approximately USD281mn and have to drill at least 12 wells through the exploration phases. (Economy Plus)
CORPORATE
MTIE to enter the Saudi market
MM Group for Industry & International Trade [MTIE] BoD approved launching a 100% owned subsidiary in Saudi Arabia but did not mention its capital yet. On a separate note, MTIE plans to start its new factory's operations by Q1 2024. (Company disclosure, Al-Mal)
Palm Hills denies receiving offers
Palm Hills Developments [PHDC] has noted that it didn't receive any notes of an acquisition offer from The Saudi Public Fund (PIF) on Arab African International Bank (AAIB) stake in PHDC. (Company disclosure)
CANA to raise its capital by EGP1bn through a 27.8% stock dividend
Suez Canal Bank [CANA] announced raising its paid-in capital by EGP1bn to EGP4.6bn (a 27.8% increase). The capital increase will take place through distributing 27.8% stock dividend, offering 100mn new shares at a par value of EGP10/share. (Bank disclosure)
MARKETS PERFORMANCE
Key Dates
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.
1-Oct-23
CIRA: OGM / Discussing dividends distribution.
3-Oct-23
Egypt PMI / September 2023 reading.
4-Oct-23
SKPC: Cash dividend / Payment date for a dividend of EGP0.40/share (2nd installment).
DAPH: Stock dividend / Last date for eligibility for a 0.1-for-1 stock dividend.
5-Oct-23
DAPH: Stock dividend / Date for distributing a 0.1 for-1 stock dividend.
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.