Today’s Top News & Analysis
The third tranche is on the way; additional financing
Government to invest in auto-feeding industry
Egypt-Singapore fertilizer plant in Ain Sokhna
CBCO's investee acquired a Turkish fintech company
EAST's OGM approve the sell of land, buildings, and equipment
MACRO
The third tranche is on the way; additional financing
The International Monetary Fund’s (IMF) third review of Egypt’s loan is set to be today, opening the door for the third tranche of USD820mn. We note that the IMF’s loan currently amounts to USD8bn, and Egypt received two tranches totaling USD1.6bn. Whereas the third review will allow for applying to an additional USD1.2bn financing for climate, raising Egypt’s total loan to USD9.2bn. (Enterprise)
Government to invest in auto-feeding industry
Sources said the Egyptian government will invest USD1.4bn in auto-feeding industry, setting 3 factories for:
· interior parts and paint components,
· lithium and nickel-cadmium batteries,
· and steel structures, panels, and EV batteries. (Enterprise)
Egypt-Singapore fertilizer plant in Ain Sokhna
The Ministry of Petroleum & Mineral Resources said in a statement that the EgyptianPhosphate Misr partered up with the Singapore-based Indorama to set up a phosphate fertilizers plant in Ain Sokhna for USD400-500mn to start implementing in 2025. (Enterprise)
CORPORATE
CBCO's investee acquired a Turkish fintech company
GB Corp [GBCO] announced that its investee, MNT Halan, completed the acquisition of the Turkish Tam Finans. This increases MNT's presence to be in Egypt, Turkey, UAE, and Pakistan. GBCO's stake in MNT Halan will be diluted to 42.6% vs. 48.5% before the transaction. (Company disclosure)
EAST's OGM approve the sell of land, buildings, and equipment
Eastern Co.'s [EAST] OGM approved the sale of land, buildings, and equipment in the 6th of October industrial complex to United Tobacco Co. (UTC) for EGP1.6bn. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
29-Jul-24
IMF Review / IMF loan third review
EGBE: Stock dividend / Date for distributing a 0.021 for-1 stock dividend.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)
ACAMD: EGM / Amending Article No. 21 of the company's bylaws.
MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.
1-Aug-24
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
5-Aug-24
Egypt PMI / July 2024 reading.
MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
8-Aug-24
MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.
11-Aug-24
MCQE: EGM / Amending Article No. 3 of the company's bylaws.
12-Aug-24
MSCI / MSCI's August 2024 Quarterly Index Review Announcement.
14-Aug-24
ICLE: EGM / Amending Article No. 3 of the company's bylaws.
17-Aug-24
MFPC: OGM / Considering distributing cash dividends.
18-Aug-24
OFH: OGM / A board reshuffle.
20-Aug-24
ACGC: EGM / Amending some Articles of the company's bylaws.
29-Aug-24
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
29-Aug-24
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)