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The news flow is drying up as we get ready for another long weekend this Thursday, but we bring you an update on Egypt’s external debt level, one on GoGreen’s latest IPO moves, and more.
Before we start, a quick programming note: we will be off tomorrow in observance of the anniversary of the 23 July Revolution, and will be back in your inboxes on Sunday.
Egypt’s external debt sees historic fall in May
The Clap:
Egypt’s external debt levels fell at a historic pace in May, recording an 8.4% plunge to USD 153 billion compared to levels recorded at December 2023’s end, the State Information Service noted.
Remember:
Egypt’s net international reserves rose over 0.55% last month to approximately USD 46.383 billion, growing by USD 258 million from May’s record high of USD 46.126 billion.
And FX inflows triple:
The state service quotes a Central Bank source as saying it saw a 200% increase in foreign currency entering the local market, with Egyptian remittances from abroad doubling from pre-devaluation levels.
So what:
Current net foreign reserves balance can now cover about 7.9 months of the country’s imports, a “period that greatly exceeds internationally adopted standards as safe levels,” the source added.
GoGreen appoints fair value evaluator ahead of IPO
The Clap
Equipment manufacturer GoGreen has tapped Professionals For Investment Banking to conduct the fair value evaluation of the company ahead as part of its plan to IPO this quarter.
Remember:
The company began trading on the EGX last week after getting approval for a temporary listing of 1.4 billion shares. The stocks, selling at an EGP 0.10 nominal value, will be traded over five phases with a total issued capital of EGP 140 million.
What’s next:
The company has a six-month window to fulfill listing criteria and gain regulatory approval, and has picked Odin Investments as primary financial advisor for the company’s upcoming offering, with intentions to sell at least 20% of its shares on the stock market.
What else is clapping?
Act Financial’s pre-IPO retail offering was covered 54.76 times, according to numbers by Thndr. Retail investors, whose subscription period ended yesterday, were offered 60 million shares at EGP 2.90 apiece.
Lotus for Development and Agricultural Investment has transitioned from the EGX’s SME market to the main stock exchange. Two more companies may be making the shift in coming months, EGX Executive Chairman Ahmed El Sheikh told CNBC Arabia.
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