IPO WATCH-

A fresh entry to the EGX: The EGX’s listing committee has approved the temporary listing of agriculture, construction, and mining machinery manufacturer Gogreen for Agricultural Investment and Development ahead of a potential IPO, the bourse said yesterday. Shares will be listed on the bourse starting today after which the company will have six months to meet listing requirements and obtain regulatory approvals.

The details: The company will list 1.4 bn shares — spread across five phases — on the bourse at a nominal value of EGP 0.10, giving it an issued capital of EGP 140 mn. Trading will take place under the ticker GGRN.CA.

What’s next? The company has tapped Odin Investments as lead financial advisor on the offering — it plans to offer no less than 20% of its shares on the bourse, Al Borsa reports citing unnamed sources. The advisor is currently preparing the fair value study of the company ahead of the offering, which will likely happen this quarter.

DEBT-

An EGP 4 bn loan for Saudi Egyptian Developers: Saudi Egyptian Developers will next week secure an EGP 4 bn loan from a syndicate of seven banks, led by FABMisr, the bank’s CEO Mohamed Fayed told Al Arabiya. The funds will allow the real estate developer to continue working on its EGP 18 bn project in New Cairo.

INFRASTRUCTURE-

#1- A local consortium to be awarded the El Dekheila dry bulk terminal contract: The Alexandria Port Authority is set to award the 30-year contract to build, manage, and operate a 300k square meter dry bulk terminal in El Dekheila Port to a consortium of three local firms, AlMal reports, citing unnamed sources. The consortium will invest some USD 50 mn in the first phase of the project. The contract is currently under review.

#2- Four electricity substations incoming: The Egyptian Electricity Transmission Company (EETC) has inked four contracts with XD-EGEMAC to build four substations with varying capacities, with investments totaling EGP 3.8 bn, writes Al Mal.

MANUFACTURING-

#1- Dairy giant Juhayna plans to invest EGP 309 mn in 2024 to build two new production lines, Al Borsa reports, citing Communications Director Passant Fouad. The dairy maker wants to add a milk cartons production line and a juice production line with the aim of meeting the increasing demand from export markets.

#2- An unnamed French company wants to start manufacturing air conditioner and refrigerator compressors locally, with initial investments of USD 50 mn, Al Borsa reports citing unnamed sources. The company is in talks with a consortium of local home appliance manufacturers as it weighs its options, between setting up its own factory or partnering up with the consortium.

HEALTHCARE-

EHA to implement AI medical solutions: The Egyptian Healthcare Authority (EHA) will partner with US-based Paxera Health to design and implement new medical imaging and AI diagnostics systems as part of the second phase of the state’s universal health ins. system, according to a statement from the authority.

FINANCE-

AFD to help promote sustainable finance in Egypt: The Central Bank of Egypt (CBE) signed an MoU with the French Development Agency (AFD) launching a new sustainable financing initiative, according to a pressrelease(pdf). Dubbed Finance in Common, the initiative aims to promote sustainable finance within Egypt’s financial and banking sector, in addition to developing sustainable financing for MSMEs.

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