{"id":563016,"date":"2021-06-15T03:56:43","date_gmt":"2021-06-15T03:56:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/an-egp-share-with-usd-dividends\/"},"modified":"2021-06-15T03:56:43","modified_gmt":"2021-06-15T03:56:43","slug":"an-egp-share-with-usd-dividends","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/an-egp-share-with-usd-dividends\/","title":{"rendered":"An EGP share with USD dividends?"},"content":{"rendered":"

<\/a> Egypt Kuwait Holding (<\/strong>EKH<\/a><\/strong>) stockholders can now apply to convert the trading <\/strong>currency of their shares to EGP from USD<\/strong>, the company announced in a bourse disclosure (pdf)<\/a> yesterday. The window is open for the next three months and could be interesting to folks who have followed the compelling turnaround at EKH in recent years, but who have been turned off by the logistics of trading a stock that right now only changes hands in USD.<\/p>\n

What\u2019s EKH? <\/strong>As an investment company with holdings spanning from fertilizers and petrochemicals to natural gas distribution, manufacturing and electricity generation, the company plans to invest USD 300 mn<\/a> during 2021 and 2022, USD 100 mn of which will be spent purchasing minority stakes in subsidiaries it thinks have room to grow.<\/p>\n

How do I buy EKH today? <\/strong>Convince your bank to make a transfer from your USD account to your trading account at your broker. Don\u2019t have USD? Go buy on the open market, head over to your broker, fund your account, and then start talking about the price at which you want to buy.<\/p>\n

So, what\u2019s happening, exactly? <\/strong>From today through to 14 September, EKH shareholders will be allowed to apply through their custodians to switch the currency of their shares from USD to EGP. The EGX will announce after 14 September the EGP rate at which the shares will be converted (based on the market price at the time) and set a date for the shares to start trading in the two currencies. Shares not converted into EGP will continue to trade in USD after that deadline just as they are today. You can check out EKH\u2019s accompanying FAQ (pdf)<\/a> if you want to dive into the details of how this will all work.<\/p>\n

The idea is that making the share convertible will boost trading<\/strong>, making the stock \u2014 undervalued, some market observers believe, in view of the sell-side consensus \u2014 more liquid and giving EKH the chance to expand its shareholder base.<\/p>\n

The best part, if you like the EKH story? Holders of EGP-denominated shares will still get their dividends paid in USD <\/strong>as they do today. EKH has distributed a dividend every year since 2007<\/a>, with 10 of those dividends being in cash.<\/p>\n

EKH has made a solid start to 2021<\/strong>, reporting 32% bottom line growth during 1Q, according to its earnings release (pdf)<\/a> last month. The company achieved net income of USD 53 mn during the three-month period, driven by a 17% rise in revenues. EKH proved resilient through the pandemic last year, reporting a slight increase in net income to USD 153 mn in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt Kuwait Holding (EKH) stockholders can now apply to convert the trading currency of their shares to EGP from USD, the company announced in a bourse disclosure (pdf) yesterday. The window is open for the next three months and could be interesting to folks who have followed the compelling turnaround at EKH in recent years, […]<\/p>\n","protected":false},"author":1,"featured_media":563017,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[102,68,1668,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-egypt-kuwait-holding","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"c98a074a-4eca-44c7-9524-feb16a03d1da","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/202.jpg","photo_position":"above","related_issue":[563008],"teaser":"","voice_url":""},"yoast_head":"\nAn EGP share with USD dividends? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/an-egp-share-with-usd-dividends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An EGP share with USD dividends?\" \/>\n<meta property=\"og:description\" content=\"Egypt Kuwait Holding (EKH) stockholders can now apply to convert the trading currency of their shares to EGP from USD, the company announced in a bourse disclosure (pdf) yesterday. 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The company last summer offered shareholders the chance to convert holdings of EKH shares denominated in USD into newly created EGP shares.How much is the divy?\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/ekh-plans-five-year-usd-500-mn-investment-drive\/","url_meta":{"origin":563016,"position":1},"title":"EKH plans five year, USD 500 mn investment drive","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Egypt Kuwait Holding (EKH) plans to invest a total of USD 500 mn over the next five years. The investment company \u2014 which is dual-listed on the Egyptian and Kuwaiti stock exchanges \u2014 is looking to deploy USD 100 mn annually starting 2022 across at least six verticals, CEO Sherif\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/242.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557993,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/trading-on-ekh-shares-converted-to-egp-from-usd-to-begin-on-sunday\/","url_meta":{"origin":563016,"position":2},"title":"Trading on EKH shares converted to EGP from USD to begin on Sunday","author":"enterpriseam admin","date":"16 September 2021","format":false,"excerpt":"Trading on EKH shares converted to EGP from USD to begin on Sunday: EK Holding shareholders who converted the trading currency of their shares to EGP from USD (while still being allowed to collect their dividends in USD) can begin trading on these converted shares on the EGX starting on\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549819,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/","url_meta":{"origin":563016,"position":3},"title":"EKH announces USD 20 mn share buyback + EFG Hermes tops the brokerage league table in September","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"Egyptian Kuwait Holding (EKH) will spend USD 20 mn buying back around 1.5% of the company (16.9 mn shares) over the next year in a bid to buoy its share price, the company said in disclosures to the EGX (here, pdf and here, pdf) on Wednesday. The company\u2019s share price\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581812,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/ekh-to-invest-usd-170-mn-in-egypt-this-year-reports-record-sales-in-2022\/","url_meta":{"origin":563016,"position":4},"title":"EKH to invest USD 170 mn in Egypt this year + reports record sales in 2022","author":"enterpriseam admin","date":"26 February 2023","format":false,"excerpt":"More than half of the amount will be allocated to capital expenditure","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/EKH-2.25.23-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610037,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/","url_meta":{"origin":563016,"position":5},"title":"Orascom Development Egypt and EKH release 3Q figures","author":"enterpriseam admin","date":"14 November 2023","format":false,"excerpt":"ODE had a strong quarter, backed by record sales: EGX-listed Orascom Development Egypt (ODE) saw its net income rise 53% from the year before in 3Q 2023, reporting a top line of more than EGP 1 bn, according to an earnings release (pdf) out yesterday. 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