{"id":557455,"date":"2021-09-20T04:00:56","date_gmt":"2021-09-20T04:00:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/20\/this-morning-egp-ekh-shares-hit-the-egx-property-ids-coming-later-this-year-el-sisi-to-address-un-tomorrow\/"},"modified":"2021-09-20T04:00:56","modified_gmt":"2021-09-20T04:00:56","slug":"this-morning-egp-ekh-shares-hit-the-egx-property-ids-coming-later-this-year-el-sisi-to-address-un-tomorrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/20\/this-morning-egp-ekh-shares-hit-the-egx-property-ids-coming-later-this-year-el-sisi-to-address-un-tomorrow\/","title":{"rendered":"THIS MORNING: EGP EKH shares hit the EGX; Property IDs coming later this year; El Sisi to address UN tomorrow?"},"content":{"rendered":"

Good morning, ladies and gents\u2014<\/strong> Before we get down to business, a reminder:<\/p>\n

EGP-denominated shares in Egypt-Kuwait Holding (EKH) <\/strong>began trading<\/a><\/strong> on the<\/strong> EGX <\/strong>yesterday<\/strong>, <\/strong>the company said in a press release (pdf)<\/a>. More than two-thirds (68%) of all investors holding EGX-listed shares opted to convert<\/a> their holdings from USD into EGP during a three-month window over the summer, meaning that their combined 461.3 mn shares, worth USD 540 mn (EGP 8.4 bn), will now trade in local currency. Dividends will continue to be paid out in USD, in a move that the company hopes will incentivize trading and widen its shareholder base.<\/p>\n

Strong demand a vote of confidence in EKH, says CEO:<\/strong> The strong take-up is \u201ca testament to the public\u2019s trust in EKH\u201d and its share performance, and reflects \u201cgrowing confidence\u201d in the Egyptian economy, EKH CEO Sherif El Zayat said. EKH\u2019s share price has risen almost 250% over the past five years, easily outperforming the EGX which has risen almost 36% over the same period. EKH is looking to build on its success in recent years, with a planned USD 300 mn in investments<\/a> in the pipeline for this year and next.<\/p>\n

Property ID numbers will make their debut before the end of this year<\/strong>, according to Communications Minister Amr Talaat, who told Al Arabiya<\/a> that some properties in Port Said will have the numbers attached to their electricity bills later this year before a nationwide rollout in 2022.<\/p>\n

Why am I getting a property ID?<\/strong> The identification system is being introduced as part of recent building code reforms<\/a> designed to crack down on wildcat construction and the buying and selling of illegal property.<\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

EFG Hermes\u2019 fourth Virtual Investor Conference continues today<\/strong>, running through to 21 September with the theme of \u201cAfter Reflation \u2014 FEMs in 2022.\u201d<\/p>\n

Foreign Minister Sameh Shoukry is in New York for the UN General Assembly\u2019s <\/strong>general debate<\/strong>, which kicks off tomorrow<\/a> and finishes on 27 September. Shoukry will attend<\/a> the assembly, and hold talks with other foreign ministers and UN officials.<\/p>\n

It\u2019s looking like President Abdel Fattah El Sisi will address the assembly on Tuesday <\/strong>afternoon<\/strong>, according to a tentative schedule being carried by the National<\/a> and WIO News<\/a>, though there\u2019s still no word on whether he is heading to New York for the event<\/strong>. At least 83 world leaders are expected<\/a> to attend in person, despite being encouraged by the UN to send in pre-recorded videos of their speeches instead.<\/p>\n

THE BIG STORIES ABROAD- The diplomatic spat between France and the so-called <\/strong>Aukus axis is still front page news in the global press this morning.<\/strong> French officials are lashing out with barbed comments against longtime allies the US, Australia and the UK, after being incensed by Australia\u2019s move to renege on a 2016 promise to buy USD 50 bn worth of French-made submarines in favor of a new trilateral pact for nuclear-powered subs with its Anglophone friends. Reuters<\/a> and the BBC<\/a> both report that France has pulled out of upcoming defence talks with the UK, while US media<\/a> say that the Biden administration is keen to talk to French President Emmanuel Macron to defuse the crisis, which yesterday saw France\u2019s foreign minister accuse the three countries of \u201cduplicity\u201d and \u201ccontempt.\u201d<\/p>\n

There\u2019s plenty of talk about soaring natural gas prices in the front pages of the global <\/strong>business press this morning:<\/strong> The Financial Times<\/a> is warning of the implications for European inflation, the Wall Street Journal<\/a> is getting concerned about what will happen in the US this winter, while an imminent demise of many small British gas suppliers is headline news in the UK<\/a>.<\/p>\n

The 2021 Emmys was still underway in LA as of dispatch<\/strong>. Stay tuned for this afternoon\u2019s EnterprisePM for coverage.<\/p>\n

*** IN CASE YOU MISSED IT-<\/strong><\/p>\n