Today’s Top News & Analysis
A surplus in Net Foreign Assets for the second month
Egypt to operate two renewable energy projects in October
ACTF closes its IPO at extraordinary subscriptions
MACRO
A surplus in Net Foreign Assets for the second month
The Central Bank of Egypt's (CBE) net foreign assets recorded the second surplus for two months in a row coming at USD10.3bn in June. (Al-Mal)
Egypt to operate two renewable energy projects in October
Sources said the Egyptian government is currently seeking to operate two renewable energy projects (750 megawatts) with a total investment of USD700mn in October. Sources added that the project's first phase is a wind energy project to start operations in August with a capacity of 250 megawatts. An alliance that includes Orascom Construction [ORAS] will be responsible for the construction. (Asharq Business)
CORPORATE
ACTF closes its IPO at extraordinary subscriptions
Act Financials' [ACTF] public offering closed yesterday at 54.8x oversubscriptions compared to the required, taking the same path as the private offering that closes at 20x oversubscriptions. We note that ACTF offered 360mn shares at EGP2.9/share. The investors started subscriptions for both the private (300mn shares) and public (60mn shares) offerings on 9 July with the private offering ending on 18 July and the public on 23 July. (Enterprise)
MARKETS PERFORMANCE
Key Dates
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.
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.