{"id":544067,"date":"2022-02-07T14:02:18","date_gmt":"2022-02-07T14:02:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/07\/tonight-no-wheat-hedging-in-the-cards-so-far-maait-says-macro-closes-its-retail-offering-102x-oversubscribed-plus-macron-begins-shuttle-diplomacy-with-russia\/"},"modified":"2022-02-07T14:02:18","modified_gmt":"2022-02-07T14:02:18","slug":"tonight-no-wheat-hedging-in-the-cards-so-far-maait-says-macro-closes-its-retail-offering-102x-oversubscribed-plus-macron-begins-shuttle-diplomacy-with-russia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/07\/tonight-no-wheat-hedging-in-the-cards-so-far-maait-says-macro-closes-its-retail-offering-102x-oversubscribed-plus-macron-begins-shuttle-diplomacy-with-russia\/","title":{"rendered":"TONIGHT: No wheat hedging in the cards so far, Maait says + Macro closes its retail offering 102x oversubscribed. Plus: Macron begins shuttle diplomacy with Russia"},"content":{"rendered":"<p><strong>It\u2019s a relatively calm Monday afternoon<\/strong>, ladies and gentlemen, with no massive story here at home dominating the news cycle today.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORIES TODAY<\/strong><strong> SO FAR-<\/strong><\/p>\n<p><strong>#1- The retail component of Macro Group\u2019s IPO closed today 102x oversubscribed<\/strong>, the EGX <a href=\"https:\/\/ent.news\/2022\/2\/macro-retail-subscription.jpg\">said in a bulletin<\/a> at the end of today\u2019s trading session. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18e68f20-0bbf-4f69-afae-028e84e5bb77\">wrapped up<\/a> its private placement to institutional investors, which was 1.8x oversubscribed, last Wednesday, and is expected to start trading shares <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd9f812d-ac62-41f1-956a-9674969d26cd\">\u201con or around\u201d this Thursday<\/a> under the stock ticker MCRO.CA.<\/p>\n<p><strong>#2- We\u2019re not hedging against rising wheat prices (for now):<\/strong> Egypt isn\u2019t looking at entering a contract to hedge against wheat prices, which are expected to cost us an additional EGP 12 bn this fiscal year alone, Finance Minister Mohamed Maait told Enterprise. The wheat hedging contracts are now priced too high considering the ongoing threat of conflict in Ukraine and Russia considering <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5dd013dd-9edc-45ef-8356-3bd39e44c03f\">higher export tariffs<\/a> on the grain.<\/p>\n<p><strong>^^We\u2019ll have more<\/strong> on these stories and others in tomorrow\u2019s <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Redcon revives IPO plans:<\/strong> Redcon Construction is looking to make its EGX debut in 4Q2023 or 1Q2024, Vice Chairman Ahmed Abdallah <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/930abec9-33a1-450f-9998-a15a6a33cdb5\">told Enterprise<\/a>. The company had been <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/04\/redcon-eyes-2q2019-ipo-to-finance-future-expansion-plans\/\">eyeing an IPO<\/a> in 2019.<\/li>\n<li><strong>Water treatment company Metito <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eec2ed7-9c61-4e93-b1b0-fef6ddde4d2b\">wants to build<\/a><\/strong><strong> floating desalination plants in<\/strong> <strong>Egypt<\/strong>, <a href=\"https:\/\/www.metito.com\/\">Metito Africa<\/a> Karim Madwar said. The Emirati company is currently in talks with the Housing Ministry and has submitted its proposal.<\/li>\n<li><strong>You can now short, buy on margin and day trade these EGX stocks:<\/strong> The EGX has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be83c970-7c24-403b-9a3b-0fbfc8e87c20\">shuffled its list<\/a> of securities eligible for same-day trading, margin trading and short selling as part of its twice-yearly rebalancing.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>THE BIG STORY ABROAD- It\u2019s another afternoon of Ukraine updates, as French<\/strong><strong> President Emmanuel Macron heads to Moscow<\/strong> in a bid to defuse tensions between Russia and Ukraine that are increasingly threatening to spill over into open conflict. Macron\u2019s shuttle diplomacy efforts are also taking center stage as part of France\u2019s push to give itself a bigger diplomatic role on the global stage, with the president looking to recalibrate Russia\u2019s political alignment away from being purely with China, the <a href=\"https:\/\/www.nytimes.com\/2022\/02\/06\/world\/europe\/ukraine-russia-macron.html\">New York Times<\/a> notes. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-07\/macron-set-to-meet-putin-as-eu-focuses-on-energy-ukraine-update?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/europe\/frances-macron-flies-moscow-high-risk-diplomatic-mission-2022-02-06\/\">Reuters<\/a> also have the story.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>TOMORROW is your last day to apply-<\/strong> Women can now apply to join <a href=\"https:\/\/eg.usembassy.gov\/education-culture\/exchange-opportunities\/\">Fortune Global<\/a><a href=\"https:\/\/eg.usembassy.gov\/education-culture\/exchange-opportunities\/\"><\/a><a href=\"https:\/\/eg.usembassy.gov\/education-culture\/exchange-opportunities\/\">Women's Mentoring Program<\/a> which will take place from 8-28 May 2022. The program aims to bring emerging women leaders from around the world to the US to meet and learn from the Fortune Most Powerful Women community, which includes executive women mentors from companies such as Accenture, Johnson & Johnson, and Aetna. The deadline to apply for the program is 8 February. You can begin your application by <a href=\"https:\/\/usembassycairo.submittable.com\/submit\/1048ec7c-7e08-4d86-b814-f54772c6910b\/2022-fortune-global-womens-mentoring-program-deadline-tuesday-february-8-at\">signing up here<\/a> via our friends at the US Embassy in Egypt.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Inflation figures are due out this Thursday, 10 February.<\/strong> Annual urban inflation rose to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8bb1d8d-f765-4ef6-bccb-73f889b098b1\">5.9%<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8bb1d8d-f765-4ef6-bccb-73f889b098b1\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8bb1d8d-f765-4ef6-bccb-73f889b098b1\">in December<\/a> from 5.6% in November. Prices are expected to continue to rise in the short term due to an unfavorable base effect along with a global increase in consumer prices \u2014 but look set to stay within the central bank\u2019s target range of 7% (\u00b12%) by 4Q2022. The Central Bank of Egypt expects price stability in the medium term, it said last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2842659-e6ac-47ab-ba44-3132fd174c2a\">following its monetary policy committee meeting<\/a>. The government\u2019s fuel pricing committee\u2019s decision to raise fuel prices over the weekend is expected to have only a limited impact on inflation, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee97989-84a3-4a9c-9ceb-ed67e0f1d174\">analysts said<\/a>.<\/p>\n<p><strong>The Finance Ministry has begun holding a public consultations on <\/strong><strong>the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">draft budget<\/a><\/strong><strong> for next fiscal year<\/strong> with the next round due to take place on <strong>Thursday, 10 February at 5pm<\/strong><strong> CLT<\/strong>, <a href=\"https:\/\/bit.ly\/3rtXaan\">Al Mal<\/a> quoted Finance Minister Mohamed Maait as saying. Eight groups representing a cross-section of society are set to weigh in on the FY2022-23 budget, while the ministry is also calling on business associations to participate in the dialogue. The draft bill will go to the House of Representatives for discussion and approval following the public consultations.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER-<\/strong> It\u2019s going to be another nice, sunny day tomorrow, with a high of 24\u00b0C and a low of 10\u00b0C, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a relatively calm Monday afternoon, ladies and gentlemen, with no massive story here at home dominating the news cycle today. THE BIG STORIES TODAY SO FAR- #1- The retail component of Macro Group\u2019s IPO closed today 102x oversubscribed, the EGX said in a bulletin at the end of today\u2019s trading session. The company wrapped [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[116,168,898,633,491,270,304,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544067","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-china","tag-diplomacy","tag-emmanuel-macron","tag-enterprisepm","tag-france","tag-russia","tag-ukraine","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"9ab7ae42-c6bb-432f-b092-99fe1ecf890a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[544065],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TONIGHT: No wheat hedging in the cards so far, Maait says + Macro closes its retail offering 102x oversubscribed. Plus: Macron begins shuttle diplomacy with Russia - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/07\/tonight-no-wheat-hedging-in-the-cards-so-far-maait-says-macro-closes-its-retail-offering-102x-oversubscribed-plus-macron-begins-shuttle-diplomacy-with-russia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TONIGHT: No wheat hedging in the cards so far, Maait says + Macro closes its retail offering 102x oversubscribed. Plus: Macron begins shuttle diplomacy with Russia\" \/>\n<meta property=\"og:description\" content=\"It\u2019s a relatively calm Monday afternoon, ladies and gentlemen, with no massive story here at home dominating the news cycle today. 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Macro raised EGP 1.3 bn in the IPO, which saw it sell 264.5 mn\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/117.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544086,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/tonight-macros-egx-debut-confirmed-for-this-thursday-world-bank-is-releasing-its-egypt-outlook-its-a-busy-day-at-the-house\/","url_meta":{"origin":544067,"position":1},"title":"TONIGHT: Macro\u2019s EGX debut confirmed for this Thursday + World Bank is releasing its Egypt outlook + it\u2019s a busy day at the House","author":"enterpriseam admin","date":"8 February 2022","format":false,"excerpt":"Happy Tuesday afternoon, ladies and gentlemen. The news is back in full swing on this hump day, with big news and interesting stories to keep us busy.We\u2019re taking the pickup in pace as the news cycle\u2019s birthday present to us, as we celebrate EnterprisePM\u2019s first full year around the sun.\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543540,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/07\/this-morning-afcon-final-sees-pharaohs-lose-to-senegal-retail-portion-of-macro-groups-ipo-32x-oversubscribed-so-far\/","url_meta":{"origin":544067,"position":2},"title":"THIS MORNING: AFCON final sees Pharaohs lose to Senegal + Retail portion of Macro Group\u2019s IPO 32x oversubscribed so far","author":"enterpriseam admin","date":"7 February 2022","format":false,"excerpt":"Good morning, nice people. We\u2019re still licking our wounds after the national team\u2019s loss in last night\u2019s Afcon final, so let\u2019s just get that out of the way up top, shall we? 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The company previously announced that its institutional offering of 25.5% of the company\u2019s shares at price of EGP 5.96 per share was 9x oversubscribed, the newspaper reports citing company sources. 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