Act Financial kicks off IPO process tomorrow

Good afternoon, friends, and welcome back to the grind after a long weekend. We hope you had a restful break.

THE BIG STORY TODAY-

Act Financial is kicking off its IPO procedures tomorrow in an event held alongside IPO manager Zilla Capital, the investment management firm said in an announcement seen by Enterprise.

Remember: The company is offering some 32% of the company’s shares following a capital increase, with the subscription period for retail investors set to take place between 9-23 July, while institutional investors will get a chance to subscribe between 9-18 July.

The company has set the final IPO price at EGP 2.90 per share, it said in a statement (pdf). Financial Advice Corporate Transactions (FACT) — the independent financial advisor to the transaction — set the fair value price at EGP 3.63 per share, down from the EGP 4.54 previously set as the fair value price, the statement read.

THE BIG STORY ABROAD

French centrist and left-wing parties may band together to stop Le Pen’s rise to power. President Emmanuel Macron’s centrist Renaissance party and the left-wing New Popular Front are considering narrowing down their candidate pools to stifle far-right competition led by Marine Le Pen. The first round of voting wrapped up yesterday, showing Le Pen’s National Rally leading with 33.2%, followed by the New Popular Front and Renaissance parties with 28% and 20.8%. The final round of voting will take place on Sunday, 7 July. (Bloomberg)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• A flurry of fresh agreements with our EU partners: European firms inked a whole lotof agreements with their Egyptian counterparts during the two-day Egypt-EU Investment Conference that wrapped up yesterday.
• We’re getting EUR 1 bn from the EU before the end of the year: Egypt and the EU inked an agreement that will disperse EUR 1 bn in macro-financial assistance during the second half of 2024 — the first of two packages of concessional loans that will total some EUR 5 bn.
• Egypt’s net foreign assets recorded their first surplus in over two years, as the second and final tranche of the USD 35 bn Ras El Hekma agreement brought in some USD 14 bn of fresh inflows — USD 6 bn of which the central bank poured into the nation’s banking sector.

☀️ TOMORROW’S WEATHER- Another hot day with a high of 37°C and a low of 24°C in Cairo according to our favorite weather app.