Prime Morning News
January 17, 2018
Macro News Corporate News
Fitch revised Egypt’s outlook to positive, affirmed at “B”. MM Group for Industry and International Trade (MTIE.CA)
Fitch said revised outlook on Egypt’s long-term foreign cur- signed a distribution agreement with BSH group, sales are planned
rency issued default rating (IDR) to positive from stable and to start during February 2018 and are expected to add in-excess of
affirmed IDR at “B”. In the same vein, Moody’s predicts that EGP 200mn to the company’s 2018 revenues.
Egypt’s growth will accelerate to 5.0% in FY2018/19 and then to Source: Reuters, January 16th
5.5% by FY2020/21 — the strongest growth rate in the Levant and
North Africa region. Qatar National Bank Al Ahli (QNBA.CA) posted 31% increase in
Source: Reuters, Moody’s regional outlook, January 16th consolidated net profit for 2017, to reach EGP 5.525bn, compared to
EGP 4.2bn in 2016. The bank marked 23% in net interest income to
El Garhy said the state is looking to push its total debt level reach EGP 8.7bn in 2017, compared to EGP 7.06bn in 2016.
to less than 90% of GDP in FY2018/19, down from 108% Source: Bank’s Financials, January 16th
currently. He added that the discrepancy between the CBE and
Fitch’s figures for Egypt’s debt is because of how the ratings agency Amer Group (AMER.CA) (Sell |F.V: EGP 0.27/share), said
accounts for investment in treasury bills, which the CBE does not Lantess International Limited sold 6,000,000 shares from its shares.
include in its calculations since they are short-term instruments. Lantess International stake after deal execution has become 8.99%
Source: Enterprise, January 17th of the company’s capital from 9.83%. It is worth to mention the deal
amount is EGP 1.98mn at an average price of EGP 0.33 per share.
The IMF will issue a report on its second review of Egypt’s Source: Arab Finance, January 16th
economic reform program within the coming few
weeks, Egypt’s Mission Chief Subir Lall said. Linatel Telecommunications is days away from resuming talks
Source: Al Mal, January 16th with Telecom Egypt (TE) (ETEL.CA) (Hold |F.V: EGP 13.38/
share), over the establishment of the operator’s mobile network
The Capital Markets Act is expected to come out sometime infrastructure, CEO Hamdy El Leithy said. The company began nego-
in February, Financial Regulatory Authority (FRA) head Mohamed tiations with TE last year. TE has been using infrastructure belong-
ing to private-sector mobile network operators, under domestic
Omran said. The House’s Economics Committee had said in Decem-
roaming agreements, since it launched its mobile phone services last
ber that it was close to finalizing its review of the act — which
year.
should clear the way for a basket of new financial instruments to be
introduced, including futures trading, short-selling and a commodi-
Source: Daily News Egypt, January 16th
ties exchange, in addition to introducing penalties for financial
crimes and new rules governing taxes for the sector — and moving it The National Bank of Egypt is looking to divest its stake in assets
along to a plenary session vote. worth a total EGP 250mn during 2018, Vice Chairperson Yehia Aboul
Source: Al Mal, January 16th Fotouh said. Proceeds will be reallocated to more profitable invest-
ments, he added, noting that the bank is also in talks to launch a
leasing arm this year.
Source: Al Mal, January 16th
Key Dates
18 January 2018: Suez Canal Co for Technology Settling - Distri-
bution of cash dividends
18 January 2018: Pachin - Record date for dividend eligibility
20 January 2018: Suez Canal Co for Technology Settling - Legal
Disputes Relevant to the Company
23 January 2018: Pachin - Distribution of cash dividends
24 January 2018: Alexandria Cement -Legal Disputes Relevant to
the Company
Prime Research 1
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RIME SSçÙ®ã®Ý
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ESEARCH TÃ
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