Today’s Top News & Analysis
Egypt LNG exports have declined
Samsung to open a new smartphone factory
BRICS to issue it's first syndicated loan
Due diligence has begun on United Bank
Emaar Group to buy assets in the New Administrative Capital
MACRO
Egypt LNG exports have declined
Egypt's LNG exports has decreased to USD2.2bn in the first 7 months of 2023, with a 60% decrease y/y. Petroleum products exports has also decreased to USD1.2bn compared to USD3.3bn in the comparable period. (Economy Plus)
Samsung to open a new smartphone factory
Samsung Electronics plans to invest USD50mn in it's industrial complex in Beni Suef to build a smartphone factory. We note that Samsung has invested USD270mn in a TV and tablet factory in Beni Suef. (Enterprise)
BRICS to issue it's first syndicated loan
The New Development Bank, established by BRICS, is planning to issue a syndicated loan of USD1.25bn and a three year tenor. The loan will be used to for infrastructure and renewable energy financing in member states Brazil, India, China, and South Africa, as well as Egypt and Bangladesh. (Enterprise)
CORPORATE
Due diligence has begun on United Bank
Strategic investors interested in United Bank have begun the due diligence process on the bank, and is expected to finalize before the end of the year. Currently several local and global financial institutions are interested in the bank, including Mashreq, Crédit Agricole [CIEB], and the National Bank of Kuwait (NBK). (Enterprise)
Emaar Group to buy assets in the New Administrative Capital
Emaar Group [DFM: EMAAR] is interested to buy towers in the new administrative capital from the government. EMAAR's management has also pointed out that they don't plan to delist the Egyptian subsidiary Emaar Misr for Development [EMFD] from the EGX. (Asharq)
MARKETS PERFORMANCE
Key Dates
26-Oct-23
MCQE: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
ABUK: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MNHD: Cash dividend / Payment date for a dividend of EGP0.075/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MICH: Cash dividend / Payment date for a dividend of EGP1.50/share (1st installment).
28-Oct-23
MICH: BoD meeting / Follow up on production, sales and exports.
29-Oct-23
PRCL: OGM / Approving financial statements ending 30 June 2023.
PRCL: EGM / Amending Article No. 3 of the company's bylaws.
31-Oct-23
ORAS: Cash dividend / Payment date for a dividend of EGP8.51/share.
MCRO: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).
2-Nov-23
MPC Meeting / Determining the CBE's policy rate.
4-Nov-23
MFPC: EGM / Approving the merger contract & amending some articles of the Company's bylaws.
5-Nov-23
Egypt PMI / October 2023 reading.
EFID: OGM / Approving proposed dividends for 31 Dec. 2022.
AMOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.65/Share.
6-Nov-23
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.177/Share.
7-Nov-23
EFIH: Cash dividend / Ex-dividend date for EGP0.177/Share.
8-Nov-23
AMOC: Cash dividend / Payment date for a dividend of EGP0.45/share (1st installment).
9-Nov-23
EFIH: Cash dividend / Payment date for a dividend of EGP0.177/share
DOMT: OGM / Approving the proposed dividends.