Today’s Top News & Analysis
EGX studies listing of 11 companies temporarily
Government to partner up with private sector for hydroelectric projects
SPMD Q1 2024: Net losses expanded on revenue decline and aggressive GL increase
JUFO denies receiving acquisition offers
MACRO
EGX studies listing of 11 companies temporarily
EGX's head said there are current studies to list 11 companies temporarily, expecting the conclusion of 2-3 companies during 2024. He added that the 11 companies are divided as:
· 8 companies in the primary market.
· 3 companies in the SMEs market.
Additionally, he announced the intention to set up an index for companies under registration. (Mubasher)
Government to partner up with private sector for hydroelectric projects
Sources said the Ministry of Electricity & Energy is studying to partner up with the private sector to set up hydroelectric projects worth USD4bn. For the implementation of the projects, the Ministry will arrange with global hydropower companies and financers. Sources added the Ministry is planning to set up a water pumping and storage station with a capacity of 2.4 GW. (Enterprise)
CORPORATE
SPMD Q1 2024: Net losses expanded on revenue decline and aggressive GL increase
Speed Medical [SPMD] net losses expanded by 5% y/y to EGP25mn in Q1 2024 due to a 29% y/y decline in revenue to EGP11mn, however, this expansion was mainly driven by a 102% y/y expansion in gross losses to EGP10mn. (Company disclosure)
JUFO denies receiving acquisition offers
Juhayna Food Industries [JUFO] announced in a statement that it did not receive any official acquisition offers from any entity, denying some trending news. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
1-Aug-24
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
5-Aug-24
EGTS: BoD meeting / Discussing financial results.
CIRA: Conference Call / Discussing Q3 2023/2024 financial results.
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.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.
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.
21-Aug-24
ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.
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)