EFG Hermes to lead Misr Life Ins. 20% stake sale

Good afternoon, friends, and welcome to the start of a fresh, new, and shorter-than-usual workweek. In today’s issue, we speak with Amina El Gamal, founder of Bond & Bloom, a mission-driven baby brand built to create confident first-time parents. Tune in to a podcast you’ll want to save for a wealth of investment advice, break down the footie we’re watching tonight, and more.

Up first, the news…

THE BIG STORY TODAY-

📍 EFG Hermes has been tapped as the sole global coordinator and bookrunner for the upcoming IPO of Misr Life Ins. on the EGX, according to a press release. The offering will see up to 20% of the company’s share capital sold to the public and falls in line with the government’s broader privatization push. Misr Life Ins. is owned by Misr Ins. Holding Company, a subsidiary of the Sovereign Fund of Egypt.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

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THE BIG STORY ABROAD-

🌐 Still getting plenty of ink this afternoon is Tehran’s 14-point response to the US to end the war. US President Donald Trump said he would review the new proposal, noting that he “can’t imagine [the agreement] would be acceptable.”

MEANWHILE- Since losing its key member, the UAE, Opec+ agreed to raise oil output by 188k bbl / d in June. The agreement will likely remain on paper as the US-Iran war continues to disrupt oil supply in the Gulf.

^^Read more on: Bloomberg, CNBC, CNN, and Reuters.

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

• Moves by state-owned banks to absorb excess EGP liquidity in the market have prompted some private-sector actors to follow suit — CIB brought new savings certificates to market, including products with a variable monthly return reaching 19.5% annually;
• The Cairo Economic Court is backing EGX-listed Juhayna’s decision to block Qatari dairy rival Baladna from seeking board representation;
• Egypt’s competition rulebook just got its biggest rewrite in years. The new law — called “the economic constitution” by lawmakers — aims to foster a competitive and dynamic market and to improve the investment climate.

☀️ TOMORROW’S WEATHER- Temperatures are set to cool down this week, with breezy weather in tow — tomorrow will see a high of just 24°C and a low of 14°C, according to our favorite weather app.