Today’s Top News & Analysis
Egypt agrees to establish a new Suez Canal Holding Company
Egypt raises the purchase price of gas from two Chinese and Tunisian companies
ISPH to write off treasury shares
ETHYDCO could be listed on EGX following SKPC's takeover
HELI denies receiving acquisition offers; to auction Heliopark project to developers
MACRO
Egypt agrees to establish a new Suez Canal Holding Company
Egyptian Cabinet agreed to establish Suez Canal Holding Company for industries, naval services, and investment to develop the national economy. Additionally, the Cabinet approved transferring the Canal Company for Mooring and Lights and Port Said Engineering Works Company into two public business sector companies belonging to the Suez Canal Holding Company as its subsidiaries. (CNBC Arabia)
Egypt raises the purchase price of gas from two Chinese and Tunisian companies
The Egyptian government agreed to raise its purchase price for new natural gas produced from the Western Desert by Tunisian Oil Company (HBS) and Chinese North Petroleum International Company (NPIC) by 13% to USD3/MMBtu. Egypt's endeavor to raise the prices of gas supplies from foreign partners in the Western Desert comes as an incentive for companies to increase production, as part of its plan to transform into a regional energy center by liquefying gas and re-exporting it. (Asharq business)
CORPORATE
ISPH to write off treasury shares
Ibnsina Pharma [ISPH] is to lower its paid-in capital by 10% to EGP252mn by writing off treasury shares of 112mn shares at a par value of EGP0.25/share. (Company disclosure)
ETHYDCO could be listed on EGX following SKPC's takeover
Sidi Kerir Petrochemicals (Sidpec) [SKPC] is reportedly considering offering a stake in the Egyptian Ethylene Production Co. (ETHYDCO) on the EGX following it’s pending acquisition. There is interest from foreign investors to aquire 10% of ETHYDCO, and it is unkown whether it will be offered to them through the EGX or through other avenues. (Al-Mal)
HELI denies receiving acquisition offers; to auction Heliopark project to developers
Heliopolis Company for Housing & Development [HELI] has denied receiving any offers to acquire the company. In similar news, HELI will auction land plots at the Heliopark project to developers before the end of the year. (Enterprise)
Markets Performance
Key Dates
8-Jun-23
JUFO: Cash dividend / Payment date for a dividend of EGP0.15/Share.
BTFH: OGM / Approving financial statements ending 31 Dec. 2022.
BTFH: EGM / Amending Article No. 29 of the company's bylaws.
14-Jun-23
EXPA: Right Issue / Last day for eligibility for subscription in the rights issue.
15-Jun-23
ZMID: OGM / Approving financial statements ending 31 Dec. 2022 and the proposed dividends.
17-Jun-23
MICH: EGM / Amending Article No. 6 of the company's bylaws for increasing the authorized capital from EGP400mn to EGP1bn.
18-Jun-23
MOIL: OGM / Approving financial statements ending 31 Dec. 2022 and the proposed dividends.
MOIL: EGM / Discussing the continuation of the company.
19-Jun-23
SUGR: Cash dividend / Deadline for eligibility for a dividend of EGP2.550/Share.
EXPA: Capital increase / Capital increase subscription starting date.
EXPA: Right Issue / First day of trading the rights issue.
20-Jun-23
SUGR: Cash dividend / Ex-dividend date for EGP2.550/Share.
22-Jun-23
AREH: OGM / Approving financial statements ending 31 Dec. 2022.
HELI: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).
SUGR: Cash dividend / Payment date for a dividend of EGP2.550/Share.
CCAP: OGM / Approving financial statements ending 31 Dec. 2022.
CCAP: EGM / Discussing the continuation of the company.
25-Jun-23
MCQE: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
26-Jun-23
BINV: OGM / Approving financial statements ending 31 Mar. 2023 and the proposed dividends.