Today’s Top News & Analysis
CBE keeps key policy rates unchanged again
Egypt to import 740 thousand tons of petroleum materials in August
An Emirati Sustainability firm to invest USD136mn in Egypt
ACTF's private offering is 20x oversubscribed
MACRO
CBE keeps key policy rates unchanged again
On Thursday, the Central Bank of Egypt's Monetary Policy Committee (MPC) decided in its tenth meeting of the year to maintain the overnight deposit rate, the overnight lending rate, and the main operation rate at the highest rates of 27,25%, 28.25%, and 27.75%, respectively. (CBE)
Egypt to import 740 thousand tons of petroleum materials in August
Sources said the Egyptian government will import 740 thousand tons of petroleum materials in August through a global offering to cover the increasing demand for electricity in summer months. The offering will include 400 thousand tons of diesel, 170 thousand tons of gasoline, and 170 thousand tons of butane. (Asharq Business)
An Emirati Sustainability firm to invest USD136mn in Egypt
An Emirati Sustainability firm, Beeah, plans to invest USD136mn in Egypt after discussing with the Minister of Environment the potential investments in the local market managing medical waste and recycling agricultural waste. Beeah plans to build multilateral partnerships with local and foreign partners in addition to investment funds to reduce the risks. (Enterprise)
CORPORATE
ACTF's private offering is 20x oversubscribed
Sources said that Act Financials' [ACTF] private offering closing day concluded at 20x oversubscription. We note that ACTF offered 300mn shares in the private offering for EGP2.9/share, where the opening date was 9 July and the closing date was 18 July. (Asharq Business)
MARKETS PERFORMANCE
Key Dates
22-Jul-24
BIOC: Cash dividend / Payment date for a dividend of EGP0.75/Share.
24-Jul-24
IFAP: EGM / Amending Articles No. 3, 4 & 6 of the company's bylaws.
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
28-Jul-24
EGBE: Stock dividend / Last date for eligibility for a 0.021-for-1 stock dividend.
29-Jul-24
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.