Government set to finalize its post-IMF economic program before the end of September

Egypt will finalize its post-IMF economic program before the end of September, with the government hoping to avoid fresh loans or financing from the Fund once the current USD 8 bn program expires in December, according to Deputy Prime Minister for Economic Affairs Hussein Eissa. The comment adds a timeline to the government’s earlier signal that it does not plan to pursue a successor program.

Banque du Caire’s IPO is still on the table, as the government is waiting for a suitable market window that takes global and regional conditions into account, Eissa said. The listing has already moved from its initial June target toward year-end and remains part of the government’s wider divestment pipeline.

ALSO- The government is close to transferring six public-sector holding companies to line ministries or other state entities, while the second phase of restructuring 65 subsidiaries will begin at the end of 2026, according to Eissa.

Rameda’s next dose

EGX-listed pharma manufacturer Rameda is breaking into the Saudi market, it said in a bourse filing (pdf), confirming earlier media reports of a c.USD 70 mn pharma plant. The group will set up a factory in partnership with its largest shareholder LVP Pharma, which is owned and operated by homegrown healthcare investment firm LimeVest. No further details were given.

REFRESHER- LVP Pharma has been steadily increasing its position in Rameda this year, most recently snapping up an 8.3% stake for EGP 847 mn, effectively buying out Equinox Pharma, and coming away with 31.5% of the pharma giant.

Paper gains

Bonyan For Real Estate Investments is handing shareholders a 10% stock dividend — one bonus share for every ten held — after the real estate investment firm’s board finalized the distribution timeline last week, according to an EGX disclosure (pdf). The company tapped its own retained earnings for EGP 170.4 mn to fund the issue. The bonus shares are set to hit accounts and begin trading on 6 August.

More on our radar:

• Private equity firm B Investments is not selling its stake in El Ezaby, shooting down market chatter. The firm — which holds roughly 49% of the pharmacy chain, alongside the Sovereign Fund of Egypt, through their JV EZ International — was said to be prepping El Ezaby for an IPO. (Disclosure, pdf)
• Alexandria for Investment and Urban Development filed to list on the EGX’s main market. The company, a subsidiary of the state-owned Holding Company for Construction and Development, is looking to list an issued capital of EGP 1.47 bn, split across 293.08 mn shares at EGP 5 par value. (Disclosure)