Today’s Top News & Analysis
GAFI to issue silver licenses for local startups by the end of 2023
TSFE prepares to offer Midar to foreign investors in H1 2024
Government to sell 10-15% of its stake in EPP
Valu expands into Jordan in 2024; excludes Saudi Arabia from expansion plans
EFID signed an 8-year financing contract with the IFC
Abuk's OGM approves distributing an EGP7 DPS
MACRO
GAFI to issue silver licenses for local startups by the end of 2023
The General Authority for Investment and Freezones (GAFI) mulls issuing silver licenses for local startups by the end of 2023 to help ease their launching process. (Asharq Business)
TSFE prepares to offer Midar to foreign investors in H1 2024
It has been reported that The Sovereign Fund of Egypt (TSFE) has started preparing to list the state-owned real estate firm Midar for Urban Development and Investment on the EGX in H1 2024. Midar is one of four real estate firms to be included in the privatization program and TSFE added it to its pre-IPO program earlier this year. (Al-Borsa)
Government to sell 10-15% of its stake in EPP
It has been reported that the Egyptian government is considering sellling 10-15% of its 22% stake in the Egyptian Polypropylene and Polypropylene (EPP) company as a part of the latters privatization plan. (Al-Mal)
CORPORATE
Valu expands into Jordan in 2024; excludes Saudi Arabia from expansion plans
Valu, the consumer finance arm of EFG Holding [HRHO], has announced plans to launch in Jordan by early 2024 under its expansion plan for the region. However, Valu has excluded Saudi Arabia from its regional expansion plans due to market conditions and doubts over profitability. (Company disclosure)
EFID signed an 8-year financing contract with the IFC
Edita Food Industries [EFID] signed an 8-year financing contract with the International Finance Corporation (IFC) with a total of USD45mn. The loan is dedicated to financing EFID’s working capital and expansion plans in Egypt and Morocco. (Company disclosure)
ABUK's OGM approves distributing an EGP7 DPS
In a meeting held on 30 September, Abu Qir Fertilizers' [ABUK] OGM has approved distributing dividends of EGP7/share on three payments. The first of EGP2/share on 26 October 2023, the second of EGP3/share on 28 December 2023, and the third of EGP2/share on 31 January 2024. This gives a dividends yield of 10% using yesterday's closing price. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
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.