Another Saudi IPO in the cards: Saudi Arabian Airlines (aka Saudia) and Tarabot Air Cargo services will offer a 30% stake in air cargo handler Saudi Logistics Services(SAL) to the public in an IPO on the Tadawul, according to a press release. The two shareholders will offer 24 mn shares in their subsidiary. Saudia currently owns 70% of SAL while Tarabot owns 30%.

The timeline: The bookbuilding period for institutional investors will run from 25 September to 1 October while retail investors will have from 11 October to 13 October, according to the prospectus (pdf).

IPO season in Riyadh:

  • ADES Holding: Egypt-born regional oil and gas services driller ADES Holding is currently taking orders from institutional investors for its IPO, which is expected to raise around USD 1.2 bn.
  • Lumi: Saudi car rental firm Lumi opened its sale to retail investors yesterday and will announce the final allocation next week. It is hoping to raise around SAR 1.1 bn by selling a 30% stake, having priced its IPO at the top of the range.

^^ Read the full story in this morning’s Enterprise Logistics.

ALSO WORTH NOTING-

  • Dubai housing boom: Dubai apartment prices jumped 20% on average this year to August, the fastest growth since 2014. (Bloomberg)
  • US firms are starting eye falling interest rates: In anticipation of falling borrowing costs, US corporates are starting to turn to shorter-term debt issuances to avoid locking in higher yields over the long term. (Financial Times)

EGX30

19,144

-0.7% (YTD: +31.1%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,156

-0.7% (YTD: +6.5%)

ADX

9,749

+0.4% (YTD: -4.5%)

DFM

4,061

-0.2% (YTD: +21.7%)

S&P 500

4,462

-0.6% (YTD: +16.2%)

FTSE 100

7,528

+0.4% (YTD: +1.0%)

Euro Stoxx 50

4,242

-0.3% (YTD: +11.8%)

Brent crude

USD 92.03

+1.5%

Natural gas (Nymex)

USD 2.75

+5.3%

Gold

USD 1,935.70

-0.6%

BTC

USD 26,075

+4.0% (YTD: +57.8%)

THE CLOSING BELL-

The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 1.62 bn (24% below the 90-day average). Local investors were net sellers. The index is up 31.1% YTD.

In the green: Abu Dhabi Islamic Bank (+1.8%), Eastern Company (+1.5%) and Qalaa Holdings (+1.3%).

In the red: Telecom Egypt (-2.4%), E-Finance (-2.3%) and Heliopolis Housing (-2.0%).

Tags: