Good afternoon all you wonderful people, and happy Wednesday. The new cycle has finally revved up for the week — and we’ve got all you need to know below.

THE BIG STORY TODAY-

United Bank set to raise EGP 4.6 bn in EGX share offering: United Bank is set to raise some EGP 4.6 bn from its 30% stake sale on the EGX after the private placement saw the bank’s final share price set at EGP 13.85, according to an EGX bulletin (pdf). The final share price is in the mid-range of the EGP 12.70-15.60 range set by the lender and values the bank at EGP 15.2 bn by our math.

High demand: The bank’s private placement — which included 313.5 mn of the 330 mn shares on offer — concluded on Monday, with the offering 6x oversubscribed. The bank’s public offering, which includes 16.5 mn shares, began today and will conclude on 3 December.

PLUS- El Sisi meets with Jordan’s King Abdullah to discuss regional developments: Jordan’s King Abdullah met with President Abdel Fattah El Sisi after arriving in Cairo this morning, with discussions between the two leaders centering around efforts to coordinate positions on ongoing developments in the Palestinian territories, according to an Ittihadiya statement. The meeting comes ahead of a Gaza humanitarian response conference set to be hosted in Cairo on 2 December.

El Sisi also held a separate meeting with Qatari PM Sheikh Mohammed bin Abdulrahman Al Thani, which saw the two statesmen discuss expanding political, economic, and investment ties, as well as ongoing efforts to provide humanitarian aid and negotiate a ceasefire in Gaza, according to a separate Ittihadiya statement.

THE BIG STORY ABROAD

Israel-Hezbollah ceasefire holds in first few hours: The US- and France-brokered ceasefire agreement between Israel and Lebanon’s Hezbollah that went into effect at 4am this morning local time has managed to hold through the afternoon, as displaced Lebanese citizens cautiously begin preparing to return to their homes. The Lebanese government, which is set to take control of the southern border areas vacated by Israeli troops over the next 60 days, has urged citizens to wait for official clearance before returning to bombed out towns. Israeli PM Benjamin Netanyahu warned that any Hezbollah violation would result in retaliation. (Reuters | Financial Times)

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

  • An EGP-denominated sovereign sukuk issuance is in the works: The government is planning to issue its first EGP-denominated sovereign sukuk in the domestic market in the next fiscal year.
  • China’s automotive footprint in the country continues to grow: Al Mansour Automotive is partnering with China’s state-owned SAIC and another unnamed partner to establish a factory for assembling both traditional and electric cars for SAIC-owned brand MG in Egypt.
  • The government is planning to localize 50% of all vaccineproduction by 2030. There will then be efforts to increase this to 75% by 2035 and full self-sufficiency by 2040.

☀️ TOMORROW’S WEATHER- The chilly temperatures continue, with tomorrow’s mercury reaching a high of 23°C and a chilly low of 14°C in the capital, according to our favorite weather app.

Tags: