Today’s Top News & Analysis
Drugs breakthrough in 10 days
Electra Investment Holding owns 20% of SWDY
MASR signs an MoU with Aboelwafa Contracting & Real Estate Investment Co.
CFGH Q1 2023/24: Better net profits despite lower revenues
MACRO
Drugs breakthrough in 10 days
The head of the Federation of Egyptian Chambers of Commerce’spharma division said that some drug manufacturers faced supply chain and logistics problems recently, leading to some drug shortages. However, he assured that the issues are resolved and there will be a breakthrough within 10 days. (Mubasher)
CORPORATE
Electra Investment Holding owns 20% of SWDY
Yesterday was the close of Electra Investment Holding's tender offer for Elsewedy Electric [SWDY], where 428mn shares were ordered for a total of USD449mn (USD1.05/share). We note that Electra's offer was to acquire a minimum of 15% and a maximum of 24.5% of SWDY's shares, the offer ended by acquiring 80% of the maximum offered shares which makes Electra own c.20% of SWDY's total shares. (Enterprise)
MASR signs an MoU with Aboelwafa Contracting & Real Estate Investment Co.
Madinet Masr [MASR] signed an MoU with Aboelwafa Contracting & Real Estate Investment Co. making it responsible for the Sarai project's construction with total investments of more than EGP1bn. This comes as a part of MASR's plans to implement integrated real estate projects. (Company disclosure)
CFGH Q1 2023/24: Better net profits despite lower revenues
Concrete Fashion Group [CFGH] posted a 65% y/y growth in net profits from continued operations to USD5.4mn in Q1 2023/24 despite an 8% y/y decline in revenues to USD34mn. However, the gross profit grew by 16% y/y to USD14mn. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
10-Jul-24
ADIB: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
EFIH: Stock dividend / Last date for eligibility for a 0.249-for-1 stock dividend.
11-Jul-24
ADIB: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
EFIH: Stock dividend / Date for distributing a 0.249 for-1 stock dividend.
13-Jul-24
MICH: BoD meeting / Follow up on production, sales and exports.
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
BIOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.75/Share.
18-Jul-24
MICH: Stock dividend / Date for distributing a 0.5 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
IDHC: EGM / Discussing Articles No 3 & 57 of the company's bylaws.
22-Jul-24
BIOC: Cash dividend / Payment date for a dividend of EGP0.75/Share.
24-Jul-24
IFAP: EGM / Amending Articles No. 3, 4 & 6 of the company's bylaws.
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)