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Even more IPOs on the horizon
Energy solutions firm Korra Energi is currently looking for a financial advisor ahead of its plan to publicly list 20% of its shares on the EGX in 1H 2025, the company’s chairman told Asharq yesterday. |
The details:
The Egyptian Stock Exchange last week approved the temporary listing of 2.3 billion shares at EGP 00.20 apiece of Korra ahead of its public debut.
About the company:
Korra has over twenty years of experience in the fields of contracting and green energy solutions & industrial trading. The company offers a ‘one-stop-shop’ service for all commercial and energy requirements.
This includes initially surveying energy demands, executing solutions on a turnkey basis, and offering operation & maintenance services
Another player will also make its entrance next year:
M.O. Group for Food Industries’ Chairman told Hapi Journal he plans to convert his firm into a joint-stock company by next March prior to an anticipated IPO where it will list a 35% stake on the EGX. The firm plans to later increase the listed share to 60% over the following three years.
Where’s the money going?
The firm — which last year saw its confectionery, chocolate, and candy exports reach USD 8 million — plans to earmark USD 10 million to establish new production lines in a bid to double its monthly production capacity to 6,000 tons by 2025.
This is in line with a target to raise its exports to USD 20 million next year. |
Major plan to boost domestic gas production
BP and Shell are set to increase Egypt’s daily gas production by 125 million cubic feet starting in 2026, thanks to a USD 370 million investment project they signed with the Egyptian Natural Gas Holding Company, Asharq reported yesterday. |
The details:
The project — expected to be completed before the end of next year – will increase output from the Harmattan gas field in the Mediterranean by the first quarter of 2026. The Pharaonic Petroleum Company, a joint venture between BP and EGAS, will spearhead the project.
It will involve drilling three wells and construction of an offshore rig. Additionally, the project will see construction of a 50-kilometer-long gas pipeline to an onshore processing station.
Remember:
This comes as the country wrestles with LNG shortages after becoming a net importer. Egypt’s demand for the resource totals some 6.2 billion cubic feet a day, while it only produces 4.3 billion.
Egypt is looking to up gas production to about 5 billion cubic feet a day in a bid to meet local demand.
Recent moves:
Last week, the government greenlit two draft oil and gas exploration agreements with the Egyptian Natural Gas Holding Company and the Egyptian General Petroleum Corporation that will have a collective investment of approximately USD 133.8 million.
The first agreement pertains to gas and crude oil drilling in the Mediterranean Sea, while the other relates to oil exploration East of El Obeid area in the Western Desert. |
What else is clapping?
Egypt’s Investment Minister yesterday told parliament that the government has set a target to increase national exports from USD 35 billion to USD 145 billion. This comes in line with a target to increase GDP growth from current levels of 2.4% to 6.7%, he said.
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