Feb 21, 2017 - I believe Alexandria is an untapped market with huge potential,â .... 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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7,300
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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
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THE MORNING BULLETIN
JAZIRA SECURITIES BROKERAGE
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Tuesday, February 21, 2017
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