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

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

When Egypt’s stock market starts trading on Sunday September 24, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meeting to discuss different matters. One such company is Oriental Weavers, whose extraordinary general meeting (EGM) will discuss lowering the company’s capital of 6.59 million shares …


When Egypt’s stock market starts trading on Sunday September 24, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meeting to discuss different matters.

One such company is Oriental Weavers, whose extraordinary general meeting (EGM) will discuss lowering the company’s capital of 6.59 million shares through cancelling treasury shares.

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 450m to EGP 442.4m through cancelling treasury shares, the Egyptian Stock Exchange (EGX) said.

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

The firm’s capital amounts to EGP 450m 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 later this week to discuss different matters.

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

It said in a statement to the EGX that the EGM approved raising the bank’s capital from $356.14m to $366.83m.

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

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

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

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

Elsewedy Electric’s general meeting will gather to discuss its dividends for H1 2017.

The board has recommended a cash dividend to shareholders of EGP 8 per share for H1 2017.

Distributions if approved will total EGP 1.747bn, the company’s financial statement published on the EGX showed.

Earlier last month, the electric equipment and components firm logged EGP 1.5bn in profits in the second quarter (Q2) of 2017, registering a 68% rise from EGP 893.04m in the corresponding period of 2016.

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

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

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

Middle East Glass Manufacturing Company’s EGM will gather this week to discuss splitting the stock.

Topics: stock market

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