MANUFACTURING-

#1- Elmarakby Steel is planning to invest EGP 500 mn to upgrade its high-carbon wire production lines over the next two years to boost local content and export competitiveness, Chairman Hassan Elmarakby told Al Borsa. The company is also implementing solar energy projects and upgrading production systems to reduce energy consumption and emissions, as well as raise total investments to EGP 6.5 bn by 2030, from EGP 5 bn today.

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#2- Local ice cream maker Friday plans to invest over EUR 15 mn into expanding production capacity, Chairman Mohamed Gomaa told Al Borsa. The investment will raise output from 24 tons to 36 tons per hour by adding new lines and upgrading existing machinery.

REAL ESTATE-

SED taps CCC to build EGP 12 bn mixed-use project in New Cairo: Saudi Egyptian Developers (SED) signed a construction contract with Consolidated Contractors Company (CCC) to develop its flagship EGP 12 bn mixed-use project Central in New Cairo, according to a company statement (pdf). CCC will handle full construction works under the four-year contract, covering civil, architectural, landscape, and interior finishes. Construction kicks off this month.

CAPITAL MARKETS-

#1- Misr Fertilizers Production Company (Mopco) has completed a EGP 2.5 bn accelerated bookbuild sale of 87 mn shares, sole financial advisor and bookrunner EFG Hermes said in a statement (pdf). The transaction is among the largest secondary equity sales in Egypt this year.

What they said: “This transaction exemplifies our broader efforts to deepen and grow access to liquidity in the region’s capital markets. It stands among a series of offerings that have reignited investor appetite for equities, a continuation of the momentum for new listings and follow-on offerings,” EFG Hermes Co-Head of Investment Banking Maged El Ayouti said.

#2- Real estate developer Uptown 6 October Developments is eyeing an IPO on the EGX in around three years to fund expansion plans, Chairman Ahmed Abou Zaid told Hapi Journal. The developer plans to offer 10-15% of its shares once ongoing projects are completed, which will likely be around 2028.

AUTOMOTIVE-

EIM to locally manufacture BAIC U5 PLUS: Egyptian International Motors’ (EIM) Alkan Auto is planning to invest USD 123 mn to start local production of the BAIC U5 PLUS next year, CEO Taher Shaheen told Al Borsa. The plan covers both ICE and EV models and targets a local component rate of about 45%.

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