When Egypt’s stock market starts trading on Sunday, November 12, most investors should be watching certain factors in the week ahead, as some companies hold their ordinary general meetings (OGMs) to discuss other matters.
This week will also see dividends distribution due dates for some listed companies.
Trade on Misr Cement – Qena (MCQE)’s stock after the capital increase is set to start on November 12.
The OGM has approved a capital increase reaching EGP 600m from EGP 301.23m, according to a stock market filing.
The firm stated that the capital increase will be allocated in favour of the senior shareholders, granting them the initial public offering (IPO) rights separately from the original stock.
The company’s board approved its chairperson’s authorisation to set the opening and closing dates of the IPO, or extending the original period, in case of non-subscription, Misr Cement added.
The board had previously approved an IPO to increase capital for senior shareholders to EGP 301.2m, traded through 30.12 shares at a nominal value of EGP 10 with IPO priority rights.
Misr Cement’s capital reached EGP 298.7m, distributed over 29.8m shares.
Meanwhile, Ibn Sina has listed its shares on the Egyptian Exchange (EGX) ahead of its planned IPO of c. 37.5% of its total share capital, via a primary offering of newly issued shares, and a secondary offering of existing shares held by current shareholders, the company said in a statement.
Further, Pharos Holding has submitted its fair value report on Ibn Sina to the Financial Regulatory Authority for review and approval.
On another note, the private market operation for Dice Sport and Casual Wear is set to begin on November 14.
The company announced the indicative price range for an offering of up to 33,046,420 existing ordinary shares, representing 62.35% of the company’s outstanding share capital listed on the EGX.
This will include an offering to institutional investors and a retail offering to Egyptian retail investors.
The indicative price range of the offer price has been set between EGP 22.60 and EGP 27.10 per share.
Egypt Telecom is scheduled to announce its financials for Q3 on November 14.
The company reported a 22% year-on-year rise in profits to EGP 1.27 billion for the second quarter of 2017 on the back of an increase in revenues.
The telecom company’s revenues reached EGP 4.64 billion in the three months ended June 2017, up from EGP 3.29 billion in the prior-year period, according to a bourse filing.
The firm’s market share of high-speed internet rose to 77%, while the number of subscribers increased by 15%, Telecom Egypt said.
The company attributed the growth in profits to the strong demand for data services in the retail sector, where these services are the main controller of the telecommunications market.
The Egyptian landline operator had previously reported achieving EGP 1.34 billion in profits in the three months ended March 2017, versus EGP 1.27 billion in the same period of the year before.
Meanwhile, North Cairo Flour Mills due date for its EGP 2.35 coupon will be on November 13.
The company general assembly has approved EGP 25 million for the last fiscal year.
The financial indicators of showed a rise in profits by 163% year-on-year in fiscal year 2016/2017, according to a bourse filing.
The company said in a statement to the Egyptian Exchange (EGX) that profits amounted to EGP 66.7 million compared to EGP 25.4 million for the year before.
Sales volumes increased to EGP 1.6 billion between July 2016 and June 2017 compared to EGP 1.4 billion for the previous year.
The company targets a net profit of EGP 28.1 million for FY17/18, compared to an estimated budget of EGP 22.4 million for the current fiscal year.
Furthermore, the OGM has adopted an investment budget worth EGP 14 million for FY17/18.
The company also plans to increase sales in FY17/18 to EGP 2.1 billion, compared to expected sales worth EGP 1.8 billion in FY16/17.