Factors to watch in Egypt’s stock market in the week ahead

Daily News Egypt
4 Min Read

When Egypt’s stock market starts trading on Sunday 27August, most investors should be watching the following factors in the week ahead, with some companies holding ordinary general meetings to discuss different matters.

Starting with Oriental Weavers’ extraordinary general meeting (EGM), the company will discuss lowering its capital of 6.59 million shares through cancelling treasury shares on 10 September.

The EGM will study the adjustment of articles 6 and 7 of the company’s statute.

The Egyptian firm submitted documents to decrease the issued and paid up capital from EGP 450 million to EGP 442.4 million through cancelling treasury shares, the Egyptian Exchange (EGX) said.

Oriental Weavers’ board approved to lessen the issued share capital from EGP 450 to EGP 443.4 million through cancelling treasury shares, which have been kept for more than a year at the value of EGP 6.59 million.

The firm’s capital amounts to EGP 450 million distributed through 450 million shares with a par value of EGP 1 per share.

Oriental Weavers’ stock closed at EGP 17.5 last week.

Meanwhile, the board of Faisal Islamic Bank of Egypt will meet on 10 September to discuss different matters.

The bank has approved raising its capital to $366.83 million last July.

The bank said in a statement to the Egyptian Exchange (EGX) that the EGM approved raising the bank’s capital from $356.14 million to $366.83 million.

The bank earlier reported that its standalone profits rose in the first half (H1) of fiscal year (FY) 2017 by 67.3% to EGP 714.63 million, compared to EGP 427.03 million for H1 2016.

Revenues increased in H1 2017 to EGP 3.2 billion from EGP 2.54 billion for H1 2016, a bourse filing said on Sunday.

The bank’s business volume grew in H1 2017 by 5.8% to EGP 81.05 billion, versus EGP 76.59 billion in H1 2016.

Total assets increased by the end of June 2017 by 6.8% to EGP 79.85 billion from EGP 74.79 billion by the end of June 2016.

Elsewedy Electric’s general meeting will be held on 11 September to discuss its dividends for the first half of 2017.

The board has recommended a cash dividend to shareholders of EGP 8 per share for the first half of 2017.

Distributions if approved will total EGP 1.747 billion, the company’s financial statement published on the Egyptian Exchange (EGX) showed.

Earlier last month, the electric equipment and components firm logged EGP 1.5 billion ($80 million) in profits in Q2 2017, registering a 68% rise from EGP 893.04 million ($50.3 million) in the corresponding period of 2016.

Between January and June 2017, Elsewedy posted EGP 3.05 billion in profits compared to EGP 1.66 billion in H1 2016.

The company had previously reported a profit of EGP 1.54 billion in the first three months of the year, up from EGP 768.7 million, including minority rights, a year ago.

Elsewedy’s stock price hovered around EGP 92 by the end of last week.

Middle East Glass Manufacturing Company’s extra ordinary meeting will be held on 14 September to discuss splitting the stock.

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