Today’s Top News & Analysis
Floating regasification vessel agreement signed
The government targets producing 8% higher natural gas
The government decreases direct borrowing from CBE
ETEL wants a loan from China for debt restructuring
MACRO
Floating regasification vessel agreement signed
Last month, sources at the Ministry of Oil said that the Egyptian government is seeking to lease a floating storage regasification unit (FSRU). Most recently, the Ministry of Oil said in a statement that the FSRU is headed towards Ain Sokhna in June 2024 after the state-owned Egyptian Natural Gas Holding Co. inked an agreement with the Australian Industrial Energy (AIE) and the Norwegian Hoegh LNG. Sources said that the FSRU will cost the government USD90mn/year. (Enterprise)
The government targets producing 8% higher natural gas
The Egyptian government targets increasing natural gas production by 8% y/y in FY25 to an average of 5.7bn cubic feet/day vs. 5.3bn in FY24. (Asharq Business)
The government decreases direct borrowing from CBE
Sources said the Egyptian government's direct borrowings from the Central Bank of Egypt (CBE) declined to EGP1.7tn (-24% m/m). This is a part of the government's guarantees given to the International Monetary Fund (IMF) of a better overall economy. (Asharq Business)
CORPORATE
ETEL wants a loan from China for debt restructuring
News said that Telecom Egypt [ETEL] is seeking a USD500mn loan from an unnamed Chineseinstitute for the sake of credit facilities restructuring and meeting capital requirements for 2024. In addition, it is said that ETEL will repay the loan in CNY since it has a part of its revenues driven from China. (Al-Borsa)
Key Dates
8-May-24
Egypt PMI / April 2024 reading.
ELSH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ELSH: EGM / Amending Article No. 7 of the company's bylaws.
DOMT: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
9-May-24
JUFO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OLFI: Cash dividend / Payment date for a dividend of EGP0.950/share.
12-May-24
RAYA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RAYA: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
13-May-24
EFIH: OGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
DOMT: Cash dividend / Payment date for a dividend of EGP0.50/Share.
18-May-24
HRHO: OGM / Approving financial statements ending 31 Dec. 2023.
20-May-24
ORAS: OGM / Approvig financial statements ending 31 Dec. 2023 and the proposed dividends.
23-May-24
HELI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
26-May-24
OIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SKPC: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
OFH: OGM / Approving financial statements ending 31 Dec. 2023.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)