Morning Bulletin Feb 20 2017- Jazira Capital

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Feb 21, 2017 - I believe Alexandria is an untapped market with huge potential,” .... Egyptian Stock Market Broker, reg
THE MORNING BULLETIN

JAZIRA SECURITIES BROKERAGE

Tuesday, February 21, 2017

Corporate News

General News

Palm Hills enters Alexandria property market

CBE nods US$ debt restructuring

Palm Hills Developments (PHDC.CA) said that it has signed an agreement to develop an integrated community in Alexandria governorate on 567,000 square metres. The project, the first investment for Palm Hills outside the suburbs of Cairo and the North Coast, is located near Al Nozha International Airport. According to the agreement, the company will be responsible for all construction, development, infrastructure, marketing, and sales activities. “I am very pleased with this partnership. I believe Alexandria is an untapped market with huge potential,” Yasseen Mansour, Palm Hills’ chairman, said. (Mist News)

 

The Central Bank of Egypt-CBE has approved dollar debt restructuring for companies with an interest rate of 12%, with a time limit of two to seven years. The governor of CBE, Tarek Amer, said in a meeting with a number of investors who were affected by the pound flotation that no factories will be closed and that no companies will be sued due to freeing the exchange rates. The vice chairman of the Egyptian Union for Investors Associations, Moharam Helal, said that the meeting with the CBE reached an agreement to restructure obligations in US$. The meeting launched a committee of four consultants to review and solve the problems of the companies that were hurt by the flotation with the deputy governor of the central bank (Ahram Online)

 

ADI raises stake in Middle Egypt Flour Mills to 20% The Egyptian Exchange-EGX said that Al Ahly for Development and Investment-ADI increased its stake in Middle Egypt Flour Mills (CEFM.CA) from 19.86% to 20%. Al Ahly purchased about 21,690 shares for EGP549,830, with an average of EGP25.35 per share. (EGX)

Investments in Sadat City reach EGP4.4 bn  

The minister of housing, utilities, and urban development said on Monday that investments in Sadat City had reached EGP4.4 billion with around 142 current projects. Mostafa Madbouly added that his ministry is preparing to offer 124 new projects for investors in the upcoming period. An area of 2.4 million square metres has been designed in the city’s industrial zone, he   indicated, noting that it contains 296 factories in the small industries comGeneral Silos 2Q FY17 profits soar 42.5% General Company for Silos and Storage Company (GSSC.CA) said that plex, with around 100 feddans expected to be added due to the high deits profits for the second quarter of fiscal year 2016/2017 increased mand. 42.5% to EGP12.76 million, versus EGP8.96 million for 2Q FY16. (Mubasher) Profits for the 1H FY17 declined by 48.45% to EGP12.84 million from EGP24.91 million for 1H FY16. Foreign exchange losses amounted to EGP15.29 million in 1H FY17. (Mist News) 

  Egypt Poultry adopts fair value for Saqqara farms  

Egypt for Poultry’s (EPCO.CA) board of directors has adopted the fair value set by Professionals Financial Consultancy Company for its two farms in Saqqara - Giza at EGP8.2 million. Professionals Financial Consultancy set the fair value of Saqqara 1 farm at EGP3.7 million, while the fair value of Saqqara 2 farm was EGP4.5 million. (Mist News) 

  Egypt Free Shops 2Q FY17 profits up 227% Egypt Free Shops’ consolidated (MFSC.CA) profits for the second quarter of fiscal year 2017 rose by 227.4% to EGP49.48 million from EGP15.11 million for 2Q FY16. Foreign exchange earnings amounted to EGP40.36 million for 2Q FY17, compared to EGP1.7 million for 2Q FY16. Standalone profits increased in 2Q FY17 by 221.8% yoy. In the first half of FY16/17, consolidated profits reached EGP61.23 million, up 106.3% from EGP29.67 million for 1H FY16. (EGX)

  Egyptian Starch calls for OGM 12 March Egyptian Starch and Glucose (EGSI.CA) that its ordinary general meeting-OGM will be held on 12 March to discuss cash dividends recommended for fiscal year 2016. The OGM will also look into the board and auditor’s reports on the year. (EGX)

     

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THE MORNING BULLETIN

JAZIRA SECURITIES BROKERAGE

GDRs (Previous day close)

US$

% Change

COMIq.L

4.50

-

ETELq.L

2.41

-

HRHOq.L

2.60

-

OTMTq.L

0.28

-

Tuesday, February 21, 2017

Money Market (latest available)

Rate

Inflation Rate (Jan. 2017)

30.86%

Overnight deposit Rate

14.75%

Overnight lending Rate

15.75%

91 TB

18.493%

273 TB

18.721%

Overnight Interbank

11.82%

Corporate Calendar Company

RIC

Date

Event

Details

Cairo Educational Service

CAED

8/2/2017 (Rec. date)

Stock Dividend

1:1 stock dividend (Dis. Date 9/2/2017)

Al Baraka Bank

SAUD

15/2/2017 (Rec. date)

Stock Dividend

0.14999:1 stock dividend (Dis. Date 16/2/2017)

Alex Containers

ALCN

8/2/2017

OGM

Approve estimated budget.

Upper Egypt Contractor

UEGC

15/2/2017

EGM

Approve selling some equipment's.

QNB Ahli

QNBE

16/2/2017

AGM&EGM

Approve FY16 financial results & increase paid in & authorized capital.

Mohandas Insurance

MOIN

15/2/2017 (Dis. date)

Cash dividend

EGP1.5/share 31/10/2016)

second

Installment

(Rec.

was

Heliopolis Housing

HELI

23/3/2017 (Dis. date)

Cash dividend

EGP1.2/share 21/11/2016)

second

Installment

(Rec.

was

2

THE MORNING BULLETIN

JAZIRA SECURITIES BROKERAGE

Jazira Securities Brokerage 15 Shooting Club Street, Dokki, Giza, Egypt Tel: (+202) 3760 9915 - 37609941 Fax: (+202) 3760 9883 www.jaziracapital.com

Tuesday, February 21, 2017

Jazira Securities Online Trading You can trade online through Jazira Securities online trading portal ... Please contact our Marketing Department for further information..

JSB Contacts

Title

Tele.

Email

Hussein El Sawalhy, CFA

Managing Director

(+202) 3760 9915

[email protected]

Ahmed Helmy

Head of Sales & Trading

(+202) 37609941

[email protected]

Nada Safeer

Research Department

(+202) 37609883

[email protected]

Mohamed Mamdooh, CETA, CFTe Senior Technical Analyst

(+202) 3760 98 73

[email protected]

George Mansour

Customer Service

+20122 921 4069

[email protected]

Amr Abdo

Marketing Manager

+20109 166 1366

[email protected]

Disclaimer • • • • • • • • •

Jazira Securities Brokerage (JSB) is a licensed Egyptian Stock Market Broker, regulated by the Egyptian Financial Service Authority. Opinions, estimates and projections contained in the research reports or documents are of the author as of the date published and are subject to change without notice JSB research reports or documents are not, and are not to be construed as, an offer to sell or solicitation of an offer to buy any securities. Unless otherwise noted, all JSB research reports and documents provide information of a general nature and do not address the circumstances of any particular investor. Neither JSB nor its mother company (Jazira Capital), or any of its affiliates accept liability whatsoever for any investment loss arising from any use of the research reports or their contents. The information and opinions contained in JSB research reports or documents have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. JSB, Jazira Capital or any of its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. JSB research reports and all the information opinions and conclusions contained in them are protected by copyright. The research reports or documents may not be reproduced or distributed in whole or in part without express consent of JSB Research. JSB research reports or documents, recommendations and information are subject to change without further notice.

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