PRIVATIZATION-

Al Ezz Dekheila buyback + delisting in motion:The extraordinary general assembly of Al Ezz Dekheila Steel approved the voluntary delisting of the steel manufacturer from the EGX, Asharq Business said in a tweet yesterday. The assembly also reportedly approved Ezz Dekheila’s plan to buy the 31% stake in the company previously owned by government entities, Al Borsa reports. The government is offloading its stake as part of its privatization plans. Parent company Ezz Steel on Wednesday approved to extend a payment guarantee worth up to USD 250 mn to finance the voluntary delisting of its subsidiary, according to a statement to the bourse (p df).

REMEMBER- Al Ezz Dekheila plans to retire all of the freefloat shares acquired from the government. This will leave Ezz Steel with almost full ownership of the now-private company — and potentially 100% control depending on how many minority shareholders decide to sell their shares.

FINTECH-

Our first digital bank is set to launch in 1Q 2024: Banque Misr plans to launch the country’s first digital bank in the first quarter of next year, Al Mal reported on Thursday citing sources familiar with the matter.

REMEMBER- Several Gulf investment funds are eyeing a minority stake in Misr Digital Innovation (MDI), the company set up by Banque Misr to launch its digital banking arm, the newspaper reported last month. New regulations stipulate that digital banks need at least EGP 2 bn in capital to receive a license, and EGP 4 bn to be able to finance large companies.

DEBT-

EBRD money for new cities: The European Bank for Reconstruction and Development (EBRD) is investing EGP 927 mn (c. EUR 27 mn) in a securitized local currency bond issued by the New Urban Communities Authority’s (NUCA) special purpose vehicle, Al Taamir Securitization, the lender’s website said. The funds will support the development and sustainable management of water and power infrastructure projects in the new cities administered by NUCA, as well as helping the authority prepare for a potential green bond issuance.

Part of last year’s blockbuster securitization: The investment is part of an EGP 20 bn securitized bond issuance from Al Taamir to finance the development of new urban areas including the new capital and New Alamein. Al Taamir closed the issuance in September 2022, making it the market’s largest securitization to date.

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