Sovereign Fund taps EFG Hermes for the 20% Misr Life float

Good morning, friends. Topping our coverage this morning: Investors in our friends at GlobalCorp, the homegrown non-bank financial services outfit, plan to exit in a private placement that could value the firm at roughly USD 200 mn. The transaction could see up to 100% of the company change hands within the next two to four months as it opens its virtual data room for bidders this week.

We’re also tracking a wave of fresh FDI heading toward our blue economy, as Greece and Algeria pitch new aquaculture investments following the EU’s green light for our farmed fish.

Also on our radar this morning: The government is gearing up to fold the automotive industry into its export subsidy program, earmarking EGP 5.5 bn for the upcoming FY to support local automakers.

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WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.***

EFG Hermes gets Misr Life IPO nod

Our friends at EFG Hermes are set to quarterback the upcoming IPO of Misr Life Ins. as sole global coordinators and bookrunners after being tapped by the Sovereign Fund of Egypt (SFE), according to a statement (pdf). A 20% stake in the state ins. firm should soon be up for grabs on the EGX as part of a broader state privatization push. The IPO-hopeful, owned by SFE subsidiary Misr Ins. Holding, is temporarily listed but not yet trading.

REMEMBER- SFE opened the bidding in early March, with EFG Hermes said to be among four investment banks — including CI Capital, Al Ahly Pharos, and Arqaam Capital — vying for the mandate to lead the government’s latest wave of offerings. The bidding for phase four of the government’s privatization drive fell far short of its USD 1.9 bn target at only USD 142 mn, but expect a roadshow to shore up more interest by the end of June, if things stay on track.

Higher gas prices for industry

The Madbouly government has hiked natural gas prices for energy-intensive sectors by USD 2 per mn British thermal unit (BTU), according to a prime ministerial decree published in the Official Gazette. The hike excludes industrial consumers with existing contracts including predefined pricing formulas.

We were expecting a different turn of events after sources told us that the government had been mulling a flexible, phased pricing structure for natural gas across several sectors in a bid to cushion the state from rising energy import bills while maintaining viable margins for the industrial sector. By opting for a fixed hike instead, the state appears to be prioritizing immediate fiscal relief under its IMF program.

REMEMBER- We saw domestic fuel prices rise in early March, which the government attributed to the war-triggered jump in global energy prices.

PSA-

WEATHER- It’s another chilly, windy day in Cairo, with a high of 24°C and a low of 14°C, according to our favorite weather app.

It’s even chillier in Alexandria, with a high of 20°C and a low of 13°C.

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.

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The big story abroad

US forces will begin guiding vessels stranded in the Gulf through the Strait of Hormuz today, President Donald Trump said. With many of these ships running low on provisions, Trump characterized the effort, which he is calling “Project Freedom,” as a “humanitarian gesture,” but offered few concrete details on what this would entail.

Where do US-Iran peace talks stand? Tehran is currently reviewing Washington’s response to its latest peace proposal, a 14-point framework reportedly designed to end hostilities and lift the naval blockade on the Islamic Republic.

Making waves in the business press is US retailer Gamestop, whose CEO Ryan Cohen aims to make an unsolicited bid to acquire eBay for some USD 56 bn. Cohen revealed that GameStop has acquired around 5% of the e-commerce player and is proposing a buyout at USD 125 per share. The proposal, consisting of stock and liquid funds, represents a 20% premium over eBay’s Friday closing price.

Also, are blockbuster comedies back? The Devil Wears Prada 2 raked in USD 233 mn at the box office over its opening weekend, the highest figure for a traditional comedy in 11 years.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We’re asking if Egypt’s new AI tutor Sia is going to democratize learning across the country, or just dumb down the next generation.