Today’s Top News & Analysis
Egypt's current account deficit declined by 23% in Q1 2024
Second high in NIR with a marginal increase in June 2024
FRA approved extending SWDY's offer one day
MACRO
Egypt's current account deficit declined by 23% in Q1 2024
Egypt's Balance of Payments (BoP) has shown a 23% decline in the current account deficit in Q1 2024 to USD6.4bn. This comes on the back of a growth in non-petroleum exports and the decline of non-petroleum imports. The non-petroleum exports increased to USD9.7bn in Q1 2024 vs. USD8.8bn a year earlier. (Economy Plus)
Second high in NIR with a marginal increase in June 2024
Net Foreign Reserves (NIR) in the Central Bank of Egypt (CBE) marginally increased in June 2024 to USD46.4bn (provisional) vs. USD46.1bn a month earlier. (CBE)
CORPORATE
FRA approved extending SWDY's offer one day
The Financial Regulatory Authority(FRA) approved the extension of the tender offer by Electra Investment Holding for Elsewedy Electric [SWDY] for an additional day, extending the tender’s duration to 21 working days ending today, 8 July 2024. We note that until now 375mn shares have been offered through the OPR system, which is 71% of the maximum required number of shares. (FRA disclosure)
MARKETS PERFORMANCE
Key Dates
10-Jul-24
ADIB: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
EFIH: Stock dividend / Last date for eligibility for a 0.249-for-1 stock dividend.
11-Jul-24
ADIB: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
EFIH: Stock dividend / Date for distributing a 0.249 for-1 stock dividend.
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
BIOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.75/Share.
18-Jul-24
MICH: Stock dividend / Date for distributing a 0.5 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
IDHC: EGM / Discussing Articles No 3 & 57 of the company's bylaws.
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.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)