The CBE's net foreign liabilities' position shrank in March by about 84% to be limited to USD1.38 billion, compared to USD8.7 billion in February, the lowest since March 2022.
The IMF revealed that the government is developing an electronic system for government procurement and studying the strengths and weaknesses of the public procurement system to improve the management of public investments.
Saudi Arabia’s Ajlan & Bros Holding has filed an offer to the government to secure a land plot in Sharm El Sheikh’s Ras Gamila for the establishment of ten hotels. The first phase will see Ajlan commit USD1.5 billion for the development of the hotels, excluding the price of the plot.
Egypt has reportedly received the second USD820 million tranche under the IMF’s USD8 billion loan program.
The Oil Ministry is reportedly stopping all LNG exports to European markets starting next month.
The private sector is expected to pour close to EGP10 billion into setting up projects in former HQs of government ministries that are currently being offered up as part of the state’s privatization efforts, move to the new administrative capital, and plan to develop the downtown area, Planning Minister said.
The disruptions in the Red Sea prompted the CBE to expect weak purchases of foreign currency revenues from the Suez Canal during the year starting from March 2024 until February 2025. The bank expected to buy about USD3.4 billion from the Suez Canal, which is a limited value compared to previous expectations of purchases.
SWDY's general assembly approved a cash dividend distribution of EGP0.50/share for FY23, implying a payout ratio of 45.5% and a DY of 1.4%.
SWDY's general assembly approved decreasing the company's issued and paid-in capital from EGP2.17 billion to EGP2.14 billion through redeeming 30 million treasury shares with a value of EGP30 million.
The Madbouly government plans to launch tenders for an unspecified number of water desalination projects in the Mediterranean Sea, Red Sea, and the Suez Canal within weeks.
MASR (FV: EGP5.24, OW) AGM approved the distribution of EGP0.20/share cash dividends (DY of 5.1%) over two tranches: EGP0.10/share in May 2024 and EGP010/share in October 2024.
OLFI is distributing cash dividends of EGP0.95/share, implying a payout ratio of 81% and a DY of 8.4%. Record date is 2 May 2024 and distribution date is 5 May 2024.
DSCW shareholders approved the distribution of cash dividends of EGP0.17/share, implying a payout ratio of 66.6% and a DY of 11.2%.
According to local press, EDA approved increasing the prices of some drugs in light of the increase in production costs attributed to the EGP devaluation. Sourced added that price increases of some drugs reached 50%. The implementation of price increases will occur gradually over stages.
BINV has finalized acquiring 68.9% of OFH (3.31 billion shares at an average price of EGP0.44/share). According to BINV’s CEO, the Sawiris family now owns around 20% in BINV after the transaction.
Sohoula consumer finance, Banque Misr’s arm, aims for securitization issuances worth more than EGP1 billion divided into two issues each worth EGP500 million, one to be finalized in 1H24 and the second towards the end of the year.
Shell Egypt will begin the 11th development phase of the West Delta Deep Marine offshore concession in 3Q24.
Weekly Commodities Update