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Good morning, lovely people: we have updates on the stock market, macro front, and more today.
But before we start:
Contrary to media whispers last week, it’s now confirmed: former Suez governor General Abdel Maguid Sakr has been selected to lead the Defense Ministry. Former Damietta governor Manal Awad will also replace Hisham Amna as the local development minister.
More about Act Financial’s plans post- EGX debut
The Clap:
Act Financial intends to channel the EGP 1 billion from its IPO proceeds to invest in three companies listed on the EGX this year, the firm’s Managing Partner Mostafa Abdel Aziz told Enterprise.
Remember:
The firm — which raked in EGP 138.41 million in revenues for the first five months of the year while bringing in EGP 24.35 million in net income for the period— has set July 23rd as the targeted date for its debut on the EGX. Abdel Aziz now says the company’s market value will exceed EGP 3 billion after the IPO, with an increase in capital to around EGP 3.4 billion.
The specifics:
Act is showing interest in non-listed companies and has narrowed down potential investments to non- EGX firms to six firms after holding meetings with more than 100 companies.
Abdel Aziz noted that the investments could be significant, varying between 5-30% based on the company’s size.
Egypt's cabinet reshuffle drives the largest bond gains in a while
The Clap:
According to Bloomberg, the value of government bonds in USD increased after it was announced that Ahmed Kouchouk would lead the Finance Ministry with support of business executives and former bankers in important ministries.
Statistics:
Egypt’s USD-denominated bonds set for maturity in 2049 reached their highest level since the EGP was floated in March, with Egyptian securities making up 14 of the top 20 performers on the Bloomberg Emerging Markets Sovereign Total Return Index. Contracts denominated in EGP for 12 months also performed well, registering their largest increases since the end of April.
The Clap:
City Lab’s board has approved the due diligence process and hired Financial Advice Corporate Transactions as an impartial financial advisor to give a second assessment on the company’s worth. The board mandated that the valuation analysis must be finished by the end of July to ensure the transaction proceeds as planned.
Remember:
Premium Diagnostics UAE increased its stake in City Lab to 25.0% last month.
The Clap:
Orascom Investment Holdings’ profits increased 222.6% YoY during Q1 2024 to reach EGP 351.4 million.
Revenues:
Operating revenues rose 168.8%, reaching EGP 102.17 million during the first three months of this year.
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