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Avanz’s low-carbon fund is coming next year: An Africa-focused low-carboninvestment fund planned by private equity outfit Avanz Capital Management and MGM Financial & Banking Consultants will launch at the beginning of 2024, Al Mal reports, citing Avanz co-founder and chief portfolio risk officer Hany Assaad. The fund will have an initial capital of USD 200 mn and will start by targeting low-carbon projects in Ghana, Nigeria, and Morocco.
Avanz is no stranger to low-carbon funds: It is managing the Planning Ministry’s EGP 1 bn EgyCOP fund, that will invest in low-carbon projects that issue carbon credits.
CIB TRADE INVESTIGATED-
The Financial Regulatory Authority (FRA) is looking into irregularities relating to the trading of CIB shares during a session three weeks ago, EGX boss Ramy El Dokany reportedly said yesterday, according to AlBorsa. At the end of the trading session on Thursday, 13 April the bank’s share price surged 14.5% to EGP 58.50 on the strength of a single, 2-mn-share block trade at the closing bell, sending the benchmark EGX30 index up 5.5%. Shares opened sharply lower at EGP 53.70 the following session.The EGX doesn’t think this is a case of market manipulation and saw no irregularities in the session, but it is possible the FRA “may have a different opinion,” El Dokany said.
Our take: This is simply the case of a trader having botched an execution order, as we noted at the time last month.
ALSO- EGX tests update: The EGX on Monday put to the test its updated trading platform, which includes changes to the way stock’s daily closing price is calculated and approved, it said in a statement (pdf).
A NEW ADVISOR ON THE BLOCK-
Regional fintech investment platform Exits will advise clients looking to list on the EGX after it obtained a securities promotion and underwriting license from the Financial Regulatory Authority (FRA), it said in a press release (pdf). The license will allow the company to help startups meet listing procedures to IPO on the bourse, adding to its existing investment banking and M&A services for startups and SMEs across MENA.
