Today’s Top News & Analysis
Industry and agriculture subsidy program approved
Edita may acquire Bisco Misr
PHAR to distribute EGP2/share
MACRO
Industry and agriculture subsidy program approved
The Egyptian PM approved an EGP120bn subsidy loan program to support: (1) manufacturers in freezones, (2) agriculture companies, (3) and renewable energy companies. The loan's interest rate is 15% for agriculture and manufacturing companies while EGP105bn of it should be for the financing of working capital and the remaining EGP15bn will be for capital expenditures. Meanwhile, the Minister of Finance said that the subsidized loan is aimed at raising the private sector's contribution to the economy through the increase of domestic manufacturing and the competition of Egypt's exports. (Enterprise)
CORPORATE
Edita may acquire Bisco Misr
Sources said that Edita Food Industries [EFID] may be interested in acquiring Bisco Misr a subsidiary of the American Kellanova (Kellog Co.). This comes as a response to Kellogg's intention to exit its full stake in Bisco Misr which is worth 86%. However, EFID did not approve the news up until now. (Al-Mal)
PHAR to distribute EGP2/share
EIPICO [PHAR] OGM approved the BoD's proposal to distribute EGP2/share, implying a 4.5% yield. (Company disclosure)
Markets Performance
Key Dates
2-Apr-24
ORWE: EGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ORWE: OGM / Amending some Articles of the company's bylaws.
MFPC: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
3-Apr-24
Egypt PMI / March 2023 reading.
6-Apr-24
OLFI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
7-Apr-24
FWRY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MFPC: Cash dividend / Payment date for a dividend of EGP2.00/share.
14-Apr-24
DOMT: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
16-Apr-24
ORHD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
17-Apr-24
MASR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
18-Apr-24
SWDY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SWDY: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
CLHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.