SCA’s rapid-response PR masks a quiet day for Suez traffic

The Suez Canal Authority (SCA) moved quickly yesterday to reassure markets following the precautionary grounding of a cargo vessel. A cargo carrier named the Fener was “grounded … outside the Canal’s navigation channel” in a waiting area after taking on cargo at East Port Saido port. The SCA said the ship’s captain sought permission to ground the vessel after it developed a hole in one of its compartments and started taking on water. The SCA is understandably sensitive to minor maritime glitches after the Ever Given fiasco in 2021.

Acrow Misr moves forward with its voluntary EGX delisting

Scaffolding and formwork manufacturer Acrow Misr has filed for approval to delist its shares from the EGX after getting the green light from the company’s general assembly, according to a statement from the EGX. The company’s board first approved the voluntary delisting in December, giving shareholders who choose to exit after the company’s delisting the option to have their shares repurchased at EGP 129.29 each — higher than the EGP 100 per share maximum price it previously set to finance the buyout.

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