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

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

When Egypt’s stock market starts trading on Sunday 8 October, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meeting to discuss different matters. Oriental Weavers’ extraordinary general meeting (EGM) will discuss lowering its capital of 6.59 million shares through cancelling treasury shares on 10 October. …


When Egypt’s stock market starts trading on Sunday 8 October, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meeting to discuss different matters.

Oriental Weavers’ extraordinary general meeting (EGM) will discuss lowering its capital of 6.59 million shares through cancelling treasury shares on 10 October.

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 million 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 11 October 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 of fiscal year 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.

Meanwhile, the record date to subscribe in the Export Development Bank of Egypt (EBE) capital increase will be on 11 October.

The Egyptian Exchange’s (EGX) Listing Committee approved raising the issued capital of the Export Development Bank of Egypt (EBE) to EGP 1.7 billion, from EGP 1.4 billion, funded by statutory reserves and retained earnings.

The capital increase is distributed over 28.8 million shares, with a par value of EGP 10 per each share, at one bonus share for each five shares before capital increase, according to statement to the EGX.

Middle East Glass Manufacturing Company’s extraordinary meeting will gather on 12 October to discuss splitting the stock.

Egypt Gas’ ordinary meeting will be held on 11 October to discuss different matters, according to a bourse filing.

The company’s stock prices hover around its highest level in nine years.

Prime Research said that the company is one of the firms that most benefits from the Egyptian government’s decision to expand the delivery of gas to homes.

Egypt Free Shop’s record date for dividend eligibility will be for the shareholders until 10 October.

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