Today’s Top News & Analysis
CBE keeps key policy rates unchanged
Historic Egyptian Hotels deal is near its finalization
MACRO
CBE keeps key policy rates unchanged
On Thursday, the Central Bank of Egypt's Monetary Policy Committee (MPC) decided in its eighth meeting of the year to maintain the overnight deposit rate, the overnight lending rate, and the rate of the main operation at 19.25%, 20.25%, and 19.75%, respectively. (CBE)
CORPORATE
Historic Egyptian Hotels deal is near its finalization
The Prime Minister said that Talaat Moustafa Holding [TMGH] subsidiary Icon Investments, signed an agreement with The Sovereign Fund of Egypt (TSFE) to acquire a 39% stake in the Historic Egyptian Hotels along with having the full management of the hotels. Later on, Icon Investments will have a 51% stake in the hotels making the total investment of the deal at USD800mn and it will be financed through Icon's internal sources and a capital increase. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).
4-Jan-24
9-Jan-24
BINV: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
11-Jan-24
HELI: OGM / Approving amending the date for distributing the third installment of the coupon & discussing bonus for employees for 2023