IPO WATCH-

Bonyan taps financial advisor ahead of planned IPO: Real estate investment firm Bonyan appointed Baker Tilly as its independent financial advisor to determine the fair value of its shares ahead of its planned IPO, Hapi Journal reports. Last week, Bonyan secured approval from the EGX’s listing committee to list its shares on the EGX ahead of the Compass subsidiary gearing up for its EGX debut in the first half of 2025.

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MANUFACTURING-

BP and Metallurgical Industries Holding to revive the Egyptian Anode Blocks Company: Global oil and gas giant BP and the state-owned Metallurgical Industries Holding inked a five-year agreement to restart production the Egyptian Anode Blocks Company after a two-year production hiatus, according to a cabinet statement. The agreement will see BP invest USD 20 mn into maintenance and upping annual production capacity to 250k tons of calcined petroleum coke, bringing in USD 24.3 mn a year by our math.

The factory in Ain Sokhna will also help reduce the country’s import bill, with the manufacturing input being of great importance for many industries, particularly aluminum, Public Business Sector Minister Mohamed Shimy.

AVIATION-

The Finance Ministry is providing EGP 20 bn to Egypt Air Holding Company to help expand the state-owned airline’s fleet and reduce its debts, Asharq Business reported, citing unnamed government officials. The national flag carrier received the funds last month, one of the sources told the news outlet. The airline is planning to expand its fleet to 125 aircraft over the next five years, up from 65 now, while also using the funds to try to reduce its debts.

EgyptAir has been on a shopping spree recently: The airline is currently waiting to receive the first batch of 18 Boeing 737 Max 8 aircraft, which the company purchased in 2023 on lease and are scheduled for delivery this year or the next. EgyptAir also purchased and is awaiting the delivery of ten Airbus A350-900 wide-body aircraft.

EARNINGS-

AMOC sees revenues rise and net income fell in 1H FY 2024-25: Alexandria Mineral Oils Company (AMOC) saw its net income dip 3% y-o-y during the first half of the fiscal year 2024-2025 to record EGP 641.6 mn, according to the company’s latest financials (pdf). Revenues during the period rose 28% y-o-y to reach EGP 18.2 bn.

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