Today’s Top News & Analysis
Egypt's PMI hits an 11 month low
An Emirati entity eyes a stake in Misr Life Ins.
EFID's BoD proposes cash and stock dividends
MACRO
Egypt's PMI hits an 11 month low
Egypt’s Purchasing Manager’s Index (PMI) for the non-oil private sector saw its lowest reading in 11 months at 47.1 in February 2024 vs. 48.1 in January. The drop came due to a slowdown in order volumes as a result of price pressures and supply challenges. (S&P Global)
An Emirati entity eyes a stake in Misr Life Ins.
It is reported that an unnamed Emirati entity has submitted a bid to acquire an initial 20% stake in Misr Life Insurance, to be raised to 40% after a year of acquisition. Currently, The Sovereign Fund of Egypt (TSFE) owns a 100% stake in the company and it aims to keep the controlling stake. (Enterprise)
CORPORATE
EFID's BoD proposes cash and stock dividends
Edita Food Industries [EFID] BoD proposed the distribution of:
· Cash dividends of EGP0.429/share, implying a 1.1% dividend yield.
· Stock dividends of EGP140mn through 2023's retained earnings, implying a 19% stock dividend.
We note that in November 2023, EFID's EGM approved a decrease in the paid-in capital through terminating 23mn treasury shares. (Company disclosure: 1, 2)
Markets Performance
Key Dates
5-Mar-24
Egypt PMI / February 2023 reading.
7-Mar-24
ALCN: Cash dividend / Payment date for a dividend of EGP1.936/share.
AMOC: Cash dividend / Payment date for a dividend of EGP0.20/share (2nd installment).
FAIT: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OCDI: OGM / Approving financial statements ending 31 Dec. 2023.
9-Mar-24
MICH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
MFPC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
10-Mar-24
SKPC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
11-Mar-24
QNBA: Cash dividend / Deadline for eligibility for a dividend of EGP1.00/Share.
14-Mar-24
QNBA: Cash dividend / Payment date for a dividend of EGP1.00/share.
PORT: OGM / Discussing netting contracts.
18-Mar-24
EGBE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EGBE: EGM / Amending Articles No. 6, 7 & 24 of the bank's bylaws.
20-Mar-24
EGCH: OGM / Approving the estimated budget of FY 2024/2025.
EGCH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 4 of the company's bylaws.
21-Mar-24
ADIB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ADIB: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
23-Mar-24
TMGH: OGM / Approving financial statements ending 31 Dec. 2023.
25-Mar-24
SAUD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CERA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
PHDC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.