Egypt's IMF loan review will come before the end of the year, Finance Minister said, without elaborating further.

Head of the House Planning and Budget Committee, said the EGP would be pegged to a basket of hard currencies including the USD, EUR, JPY, and GBP, as well as gold, adding that the authorities will likely reach an agreement with the IMF in 1Q2024 on a new currency regime.

The IMF calling on Egypt to rationalize tax exemptions and phase out fuel subsidies to improve public finance performance.

The government is trying to secure a USD150 mn loan as part of its NWFE program from the EBRD before the end of the year. The money would be used to replace aging gas-fired power stations with renewable energy.

The government has opened talks with international lenders for a USD2.1 bn soft loan to help fund the second phase of the 2k-km high-speed rail line between Sixth October and Abu Simbel.

Most Federal Reserve officials see one more increase in the target federal funds rate at a future meeting as appropriate.

Moody’s Investors Services has downgraded the long-term deposit ratings of 5 Egyptian banks including National Bank of Egypt, Banque du Caire, Banque Misr, COMI, and Alexandria Bank, amid a future stable vision.

BTFH is aiming to earn the FRA’s credit rating license with the support of Crif, an international credit rating agency.

Ekuity Holding, a subsidiary of Kuwait Investment Authority, increased its stake in RMDA to 10%. 

ORAS (FV: EGP181.70, OW) declared a cash dividend of USD0.2750/share for FY22 (DY 5.7% and DPO 28.2%). Distribution date is October 31, 2023. Record date is October 24, 2023. Shareholders on the EGX will be paid in EGP at the USD/EGP exchange rate announced by the CBE on October 11, 2023.

ORAS (FV: EGP181.70, OW) acquired approval to list its issued capital decrease from USD116.76 million to USD110.24 million though cancelling 6.52 million treasury shares, effective October 17, 2023. 

EFID announced a second dividends distribution of EGP0.428/share (DY 2.1% and DPO 30.2%). This brings the total dividends for 2022 to EGP0.98/share (DY 4.8% and DPO 69.2%). EFID is currently trading at a FY24 P/E of 6.7x and an EV/EBITDA of 4.9x.

MCQE (FV: EGP20.17, EW) declared 1:3 stock dividends. Record date is October 25, 2023. Distribution date is October 26, 2023.

Dubai-based National Paints Holding is moving forward with its plans to take PACH private. The company has submitted a request to the EGX to delist all 24 million of its shares from the exchange.