Today’s Top News & Analysis
Ras El-Hekma's second tranche of dues is received
SIEC to start CIRA’s due diligence
BINV: To raise paid-in capital to EGP1.1bn to acquire OFH
CANA Q1 2024: Earnings increased 144% y/y
KZPC Q1 2024: Earnings surged 28% y/y
TMGH to distribute EGP0.22/share as cash dividend
RAYA will not distribute dividends for 2023
MACRO
Ras El-Hekma's second tranche of dues is received
Sources said that Egypt received the second tranche of Ras El-Hekma’s deal, amounting to USD20bn as USD14bn in free flows and USD6bn as part of ADQ’s deposits in the Central Bank ofEgypt (CBE). (Enterprise)
CORPORATE
SIEC to start CIRA’s due diligence
Saudi Egyptian Investment Co. (SIEC) is approved to start its due diligence on CIRA Education [CIRA], in response to the latter’s BoD approving the acquisition offer submitted by SIEC to acquire 75-100% of CIRA’s shares through Social Impact Capital (SIC), the current major shareholder. In relation to the acquisition offer, CIRA's BoD appointed Baker Tilly as its Independent Financial Advisor (IFA) to determine the fair value for CIRA. (Company disclosure)
BINV: To raise paid-in capital to EGP1.1bn to acquire OFH
B Investments Holding [BINV] has submitted to the EGX the paperwork to increase its paid-in capital from EGP800.1mn to EGP1.1bn to be distributed over 218.36mn shares at a par value of EGP5/share. The increase in paid-in capital is to implement its acquisition of 3.3bn shares of Orascom Financial Holding [OFH] at a ratio of 1 BINV: 56.76 OFH. (Company disclosure)
CANA Q1 2024: Earnings increased 144% y/y
Suez Canal Bank [CANA] reported its Q1 2024 results with a 144% y/y increase in earnings to EGP611.25mn in Q1 2024, on higher investment income. ROAE decreased from 34% in 2023 to 32% in Q1 2024. Results imply a P/B of 0.7x. (Bank disclosure)
KZPC Q1 2024: Earnings surged 28% y/y
Kafr El-Zayat Pesticides [KZPC] reported the consolidated financials for Q1 2024 where earnings increased 28% y/y increase to EGP128mn on 77% higher revenues of EGP791mn. A weaker gross profit margin and a higher net financing expense of EGP26.6mn vs. a net financing income of EGP6.3mn muted earnings growth. The results imply a trailing PE of 4.7x. (Company disclosure)
TMGH to distribute EGP0.22/share as cash dividend
Talaat Moustafa Group Holding [TMGH] announced the soft launch of Banan, its project in Saudi Arabia that will add revenues in foreign currency. In a related disclosure, TMGH will distribute a cash dividend of EGP0.22/share, paid in two equal installments on 30 May and 31 July 2024. The cash dividend implies a dividend yield of 0.4%. (Company disclosure)
RAYA will not distribute dividends for 2023
Raya Holding for Financial Investment's [RAYA] OGM and EGM approved not to distribute cash dividends for 2023. (Company Release)
Markets Performance
Key Dates
14-May-24
MSCI / MSCI's May 2024 Semi-Annual Index Review Announcement.
SPMD: BoD meeting / Discussing financial results.
18-May-24
HRHO: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: BoD meeting / Discussing financial results.
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.
MPC Meeting / Determining the CBE's policy rate.
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.
MCRO: OGM / Approving financial statements ending 31 Dec. 2023.
CICH: Cash dividend / Deadline for eligibility for a dividend of EGP0.2169/Share.
27-May-24
TMGH: Cash dividend / Deadline for eligibility for a dividend of EGP0.22/Share.
MASR: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)
CICH: Cash dividend / Payment date for a dividend of EGP0.2169/Share.
AMIA: Stock dividend / Last date for eligibility for a 0.10-for-1 stock dividend.
30-May-24
MASR: Cash dividend / Payment date for a dividend of EGP0.10/Share (1st installment)
AMIA: Stock dividend / Date for distributing a 0.10 for-1 stock dividend.
CCAP: OGM / Discussing agenda items.
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (1st installment)
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/Share (1st installment)