{"id":556825,"date":"2021-10-20T13:07:47","date_gmt":"2021-10-20T13:07:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/20\/tonight-e-finances-shares-soar-in-egx-debut-were-still-reproducing-like-rabbits\/"},"modified":"2021-10-20T13:07:47","modified_gmt":"2021-10-20T13:07:47","slug":"tonight-e-finances-shares-soar-in-egx-debut-were-still-reproducing-like-rabbits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/20\/tonight-e-finances-shares-soar-in-egx-debut-were-still-reproducing-like-rabbits\/","title":{"rendered":"TONIGHT: e-Finance\u2019s shares soar in EGX debut + we\u2019re still reproducing like rabbits"},"content":{"rendered":"

Well, friends, we made it through another workweek together<\/strong>, and our reward is a huge first-day pop for the IPO of e-Finance and an otherwise quiet news day to send us off into a three-day weekend. We hope you have a wonderful time with family and (for the sociable among you) friends.<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

<\/a> e-Finance shares pop 50% in EGX debut:<\/strong> State-owned fintech platform and payments infrastructure provider e-Finance saw its shares rise 50.2% in their first day of trading on the EGX, closing at EGP 21 after opening at EGP 13.98. Shares were up c. 80% at their peak. The company sold 26.1% of its shares \u2014 which are now trading under the ticker EFIH \u2014 in the first activity in the state\u2019s privatization program since tobacco maker Eastern Company\u2019s secondary stake sale in March 2019<\/a>. At some EGP 5.8 bn (nearly USD 370 mn) it\u2019s the EGX\u2019s biggest IPO since 2015. Reuters<\/a> and Bloomberg<\/a> both have the story, and you can check out their investor relations microsite here<\/a>.<\/p>\n

ALSO- Renaissance Capital still sees Egypt\u2019s GDP growing 4.2-5% in 2021 and 2022<\/strong>, but is now penciling in higher inflation in FY2021-2022, the investment bank said in a research note yesterday.<\/p>\n

^^ We\u2019ll have more in Sunday\u2019s edition of EnterpriseAM. <\/strong><\/p>\n

SOME MORE GOOD NEWS as we slide into the long weekend-<\/strong> We now officially have 98 women judges at the Council of State (Maglis El Dawla) after they were sworn in earlier this week, according to Al Masry Al Youm<\/a>. This marks the first time the council has ever had women judges \u2014 a move that was put in motion after President Abdel Fattah El Sisi issued orders back in March<\/a> to bring women into Maglis El Dawla and the Supreme Judicial Council. The judges were transferred from other judicial bodies, including the State Lawsuits Authority and the Administrative Prosecution.<\/p>\n

SOUND SMART- These councils are important because of their purviews.<\/strong> Maglis El Dawla is the country\u2019s administrative court system and is mandated with judicial matters related to the government \u2014 and its approval is oftentimes required for legislation before the House of Representatives passes it. The Supreme Judicial Council\u2019s mandate covers administrative issues of the judiciary and is responsible for selecting the country\u2019s Prosecutor General.<\/p>\n

<\/a> LESS GOOD NEWS- There\u2019s going to be lots more of us by 2032<\/strong> \u2014 like a total of 123 mn of us. And that\u2019s a best-case scenario: If we don\u2019t start learning to fill those quiet evenings with something else, state statistics agency Capmas reportedly thinks there could be 130 mn of us<\/a> by then.<\/p>\n

THE BIG STORY ABROAD?<\/strong> It\u2019s still a pretty \u201cmeh\u201d day in the global press so far, with no single story leading the conversation. Alibaba founder Jack Ma\u2019s first trip outside China since regulators in Beijing blocked Ant Group\u2019s IPO late last year is getting play in the Financial Times<\/a> and the Wall Street Journal<\/a>. The Journal also notes that Wall Street stock futures are \u201cwobbly\u201d<\/a> ahead of the market open as the street looks forward to results today from Tesla, IBM and telco Verizon.<\/p>\n

This isn\u2019t even slightly creepy\u2026 <\/strong>Fund managers are using AI to \u201clearn and analyse\u201d your<\/a><\/strong>CEO\u2019s \u201clanguage patterns and tone\u201d<\/a><\/strong> to help them get better insight into how \u201ctruthy\u201d s\/he is being.<\/p>\n

ALSO- <\/strong>Paint prices are going way up next year<\/a> (you may wish to take that into account if you\u2019re procrastinating on renovations or finishing up the new place you just bought) and Bundesbank boss Jens Weidmann has stepped down<\/a>.<\/p>\n

For photo nerds: Nikon\u2019s latest teaser for the Z 9 is out<\/strong> and it seems the camera company is signalling that it\u2019s finally brought its auto-focus capabilities up to par with Sony A1 and Canon\u2019s R 3 \/ 5 \/ 6. Judge for yourselves (watch, runtime: 0:29<\/a>).<\/p>\n

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<\/a> HERE IN THE NEIGHBORHOOD- Is our selling electricity to the EU in partnership with <\/strong>Greece and Cyprus going to get in the way of<\/strong> mending fences with Turkey?<\/strong> Ankara doesn\u2019t seem to love our plans to link electricity grids with Greece and Cyprus, with the Turkish Foreign Ministry saying in a statement<\/a> that the MoUs signed earlier this week<\/a> to construct a subsea cable for the USD 4 bn EuroAfrica Interconnector project are \u201ca new manifestation of the hostile policies of the Greek\/Greek Cypriot duo towards Turkey<\/strong>.\u201d Granted, the statement only covers the Turkish government\u2019s disapproval of Greece and Cyprus\u2019 maritime border claims, calling them \u201cmaximalist and unlawful.\u201d The statement comes one day after Greek Prime Minister Kyriakos Mitsotakis said<\/a> that Greece will act as the link between Egypt and Europe, opening up a crucial window for us to exchange electricity with the continent.<\/p>\n

Mitsotakis in a live-streamed discussion earlier today has already come out with a response <\/strong>saying Greece does \u201cnot need to ask anyone to interconnect our grid with Egypt,\u201d because of the borders demarcated by EastMed Economic Zone established last year<\/a> (watch runtime, 33:37<\/a>). Mitsotakis also reiterated how critical Egypt-generated power will be to the \u201cthe stability of the European grid,\u201d saying that it \u201cneeds to find its way into the European grid.\u201d<\/p>\n

Fertiglobe has raised some USD 795 mn through its IPO on the ADX<\/strong> this week after the company listed a total 13.8% stake on the exchange at AED 2.55 a piece, according to a statement (pdf)<\/a>. This comes after the company hadpreviously said<\/a> it would price its shares at AED 2.45-2.65 apiece, potentially paving the way for Fertiglobe to raise up to USD 830 mn from the offering. The nitrogen fertilizer producer\u2019s listing was still 22x oversubscribed and has become the third largest IPO on the ADX, valuing the company at USD 5.8 bn. Nassef Sawiris\u2019 OCI remains the majority shareholder of the company, while ADNOC now indirectly owns some 36.2%. EFG Hermes<\/strong>, HSBC and Goldman Sachs were among the bookrunners on the transaction.<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n