Egypt’s stock market starts trading on Sunday 11 June, investors should watch the following factors in the week ahead, with some companies holding their ordinary general meeting to discuss their financials for the first quarter (Q1) of 2017.
The first company to watch is the Egyptian Chemical Industries Company (Kima), who will hold their general meeting (EGM) on June 12th to discuss raising the capital to EGP 2.9bn through distribution of bonus shares.
The EGM will also look into amending Article 6 of the company’s statute.
The company’s board had earlier approved to raise the issued capital from EGP 2.8bn to EGP 2.9bn through distributing bonus shares worth EGP 76.6m.
Golden Pyramids Plaza is set to hold its general meeting to discuss some judicial disputes, and additionally discussing suspending the trading of the stock.
The Egyptian exchange decided to suspend trading on the stock effective June 4th of this year, until the company sends its financial statements consolidated for the financial year that ended last December.
Ezz Steel will hold an ordinary general meeting (OGM) on June to discuss the financial statements for the year ending 31 December 2016.
The company’s consolidated a net profit for fiscal year (FY) 2016 reached EGP 560.15m, against losses worth EGP 603.3m for FY15.
Citadel Capital will hold its ordinary meeting on June 14th to discuss its financials for the last FY.
The company posted a net increase of 355% on its consolidated net loss for FY 2016 to EGP 5.58bn, compared to EGP 1.22bn for FY 2015.
Expenses decreased in FY 2016 to EGP 797m from EGP 1.76bn in FY 2015, according to a bourse filing.
Consolidated foreign exchange losses reached EGP 2.25bn in FY 2016.
Faisal Islamic Bank will hold its meeting to discuss a possible capital hike on June 15th.
The Islamic lender reported earlier its consolidated results for the first quarter of 2017, registering a year-on-year (y-o-y) increase in profits of 52% on the back of higher returns and sales.
The bank logged EGP 469.3m in profits in the first three months of the year, up from EGP 309.8m for Q1 2016, including minor shareholders’ rights, according to a filing to the Egyptian Exchange (EGX).
Net income from revenues rose to EGP 1.2bn in Q1-17, from EGP 772.2m in the same period last year, Faisal Islamic Bank said in a statement.