Good afternoon, everyone, and congratulations on making it halfway through a shorter-than-usual work week. While the regional and international news cycles remain focused on the latest developments between Iran and Israel, at home, we’re celebrating Valu’s trading debut on the EGX.

THE BIG STORY TODAY-

#1- Valu shares are now being publicly traded on the EGX: U Consumer Finance — which owns and operates the Valu brand — rang the opening bell on the EGX this morning, after listing its shares on the bourse late last month. The stock jumped the maximum 852.4% intraday, before closing up 852.4% to EGP 7.4 with no circuit breakers in place. Valu shares began trading at a reference price of EGP 0.777 under the ticker VALU.CA.

ICYMI- The long-awaited debut is a bellwether for Egypt’s capital markets, showcasing a newpath to public ownership outside traditional IPOs. EFG Holding — Valu’s corporate parent — distributed roughly 20.5% of Valu’s shares to its own shareholders as an in-kind dividend. Valu’s debut valuation stood at EGP 15.6 bn (USD 310 mn), implying a total windfall of c.EGP 3.2 bn for EFG shareholders. EFG Holding tapped its own coffers for EGP 335 mn to fund the distribution, according to a press release (pdf).

What they said: “Valu’s listing on the Egyptian Exchange is a proud and defining milestone for EFG Holding. It reflects the culmination of years of strategic investment, innovation, and unwavering belief in the power of financial technology to transform lives,” EFG Holding Group CEO Karim Awad said.

#2- Remittances from Egyptians abroad continued to rise on an annual basis in April, increasing 39% y-o-y to around USD 3 bn, according to a statement (pdf) from the Central Bank of Egypt. This marks fourteen consecutive months of y-o-y remittance growth.

Remittances also soared to new heights in the first ten months of the current fiscal year, with Egyptians abroad sending in some USD 29.4 bn during the period, up 77.1% on an annual basis.

[wwtt4] Sahel – what was once Egypt's summer escape has become an economic hub, social ecosystem, and regional travel hotspot. And we’re going to help you decode its rapid evolution with EnterpriseAM Destination Sahel.

In a special four-part summer series we’re taking the insights you’ve come to expect of us seaside. Think everything from Ras El Hekma's impact and investment opportunities to exclusive interviews with key players. And it wouldn’t be Sahel season without a sprinkling of what’s shaking up socially.

Expect us in your inbox tomorrow.

See you, Sahel-side.

THE BIG STORY ABROAD-

No end in sight to the Israel-Iran war: Tensions are on the rise as Iran vowed retaliation and continued launching missile attacks on Israel in response to earlier US strikes on its nuclear sites. Meanwhile, Israel has continued targeting Iranian military infrastructure, with Prime Minister Benjamin Netanyahu pledging to proceed with operations in both Iran and Gaza.

What are Trump’s plans for Iran? US President Donald Trump floated the idea of a regime change in Iran, saying “If the current Iranian regime is unable to make Iran great again, why wouldn’t there be a regime change?” (Bloomberg | Reuters | CNN | AP | New York Times | The Guardian)

☀️ TOMORROW’S WEATHER- Cairo is in for a sunny day tomorrow, with the mercury set to peak at 35°C throughout the day before cooling down to 20°C at night. Cooler weather is expected across the North Coast, with temperatures peaking at 26°C before dropping to 23°C at night, according to our favorite weather app.

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