OQ receives green light for what could be Oman’s biggest-ever IPO: Omani state-owned energy giant OQ has set the price range for the upcoming IPO of its gas pipelines business, which could raise OMR 297 mn (USD 771 mn). The company priced OQ Gas Networks’ shares at a range of 131-140 baisas apiece, according to a statement on Sunday from the company’s capital markets regulator, which approved the IPO prospectus. OQ will sell some 2.12 bn shares to investors in the IPO, equivalent to 49% of the company.

What’s next: The subscription is set to commence on 26 September for institutional and retail investors.

Background: The company announced its intention to list on the Muscat Stock Exchange earlier this month. Our friends at EFG UAE are acting as joint global coordinators along with Bank Muscat and BofA Securities. Bank Muscat is the issue manager.

ALSO GETTING COVERAGE-

#1- Tesla to build EV factory in Saudi? Saudi Arabia is reportedly in early stage talks with EV giant Tesla to build a factory in the country, the Wall Street Journal reported on Monday, citing sources close to the matter. The newspaper claims that the kingdom is trying to attract the company by offering access to metals and minerals.

Don’t expect much to come of this: “Yet another utterly false article from WSJ,” Tesla boss Elon Musk wrote on X(formerly known as Twitter).

It’s looking more likely that Turkey could get a Tesla factory: Turkish president Recep Tayyip Erdogan is also trying to court the tech bn’aire, and asked him to set up a Tesla factory in Turkey during talks in New York, Reuters reported yesterday, citing the country’s communications directorate.

#2- Evergrande shares plunge 25% after detention of wealth management staff: Shares in defaulted Chinese real-estate developer Evergrande tumbled as much as 25% yesterday after Chinese police detained some staff of the company’s wealth management unit. The company has been at the epicenter of a growing crisis in the country’s property sector, sparked in 2021 when it defaulted on more than USD 300 bn of debt. The police have not yet announced what the detained staff are charged with. (Reuters | Bloomberg)

EGX30

19,752

+0.4% (YTD: +35.3%)

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

11,036

-0.6% (YTD: +5.3%)

ADX

9,817

-0.6% (YTD: -3.9%)

DFM

4,048

+0.1% (YTD: +21.4%)

S&P 500

4,454

+0.1% (YTD: +16.0%)

FTSE 100

7,653

-0.8% (YTD: +2.7%)

Euro Stoxx 50

4,246

-1.1% (YTD: +12.9%)

Brent crude

USD 94.71

+0.8%

Natural gas (Nymex)

USD 2.72

+3.0%

Gold

USD 1,955.00

+0.5%

BTC

USD 26,768

+1.2% (YTD: +62.0%)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 2.5 bn (17.8% above the 90-day average). Foreign investors were net buyers. The index is up 35.3% YTD.

In the green: Mopco (+6.1%), Orascom Development Egypt (+2.5%) and Alexandria Containers and Cargo Handling (+2.3%).

In the red: Qalaa Holding (-2.1%), Talaat Moustafa Group (-1.8%) and Sidi Kerir Petrochemicals (-1.5%).

Markets across Asia are in the red this morning, while stocks in the US and Europe are on course to fall later today, according to equity futures.

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