{"id":586011,"date":"2023-05-03T00:00:00","date_gmt":"2023-05-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/avanz-to-launch-low-carbon-fund-in-2024-plus-cib-share-trade-under-review-exits-gets-ib-license\/"},"modified":"2023-05-03T00:00:00","modified_gmt":"2023-05-03T00:00:00","slug":"avanz-to-launch-low-carbon-fund-in-2024-plus-cib-share-trade-under-review-exits-gets-ib-license","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/avanz-to-launch-low-carbon-fund-in-2024-plus-cib-share-trade-under-review-exits-gets-ib-license\/","title":{"rendered":"Avanz to launch low-carbon fund in 2024. PLUS: CIB share trade under review, Exits gets IB license"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Avanz\u2019s low-carbon fund is coming next year:<\/span><span style=\"\"> An <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e71b9923-9a7c-448c-b995-ac034cfe96d2\" style=\"\">Africa-focused low-carbon<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e71b9923-9a7c-448c-b995-ac034cfe96d2\" style=\"\">investment fund<\/a><\/span><span> planned by private equity outfit Avanz Capital Management and MGM Financial & Banking Consultants<\/span><span style=\"\"> will launch at the beginning of 2024, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3HwgQCn\" style=\"\">Al Mal<\/a><\/span><span style=\"\"> reports, citing <\/span><span style=\"\">Avanz co-founder and chief portfolio risk officer Hany Assaad<\/span><span style=\"font-weight:400;\">. The fund will have an initial capital of USD 200 mn and will start by targeting low-carbon projects in Ghana, Nigeria, and Morocco.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Avanz is no stranger to low-carbon funds:<\/span><span style=\"font-weight:400;\"> It is managing the Planning Ministry\u2019s EGP 1 bn EgyCOP fund, that will invest in low-carbon projects that issue carbon credits.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CIB TRADE INVESTIGATED-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Financial Regulatory Authority (FRA) is looking into irregularities relating to the <\/span><span style=\"font-weight:700\">trading of CIB shares<\/span><span style=\"\"> during a session three weeks ago, EGX boss Ramy El Dokany reportedly said yesterday, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/02\/1662097\" style=\"\">Al<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/02\/1662097\" style=\"\">Borsa<\/a><\/span><span style=\"\">. At the end of the trading session on <\/span><span style=\"\">Thursday<\/span><span style=\"\">, 13 April the bank\u2019s share price <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/694.png\" style=\"\">surged 14.5%<\/a><\/span><span style=\"\"> to EGP 58.50 on the strength of a single, <\/span><span style=\"\">2-mn-share block trade at the closing bell, sending the benchmark EGX30 index up 5.5%. Shares opened sharply lower at EGP 53.70 the following session.<\/span><span style=\"\">The EGX doesn\u2019t think this is a case of market manipulation and saw no irregularities in the session, but <\/span><span style=\"font-weight:400;\">it is possible the FRA \u201cmay have a different opinion,\u201d El Dokany said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Our take: This is simply the case of a trader having botched an execution order<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89c01c23-4c2f-4b2c-849a-a05f7b5df844\" style=\"\">as we noted at the time last month<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO- EGX tests update: <\/span><span style=\"\">The EGX on Monday put to the test its updated trading platform, which includes changes to the way stock\u2019s daily closing price is calculated and approved, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/153.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">A NEW ADVISOR ON THE BLOCK-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Regional fintech investment platform <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/exits.me\/\" style=\"\">Exits<\/a><\/span><span style=\"font-weight:700\"> will advise clients looking to list o<\/span><span style=\"font-weight:700\">n <\/span><span style=\"font-weight:700\">the EGX <\/span><span>after it obtained a securities promotion and underwriting license from the Financial Regulatory Authority (FRA), it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/135.pdf\" style=\"\">press release (pdf)<\/a><\/span><span>. The license will allow the company to help startups meet listing procedures to IPO on the bourse, adding to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0836b85-c8b1-49a5-81aa-e21a85793c75\" style=\"\">existing investment banking and M&A services<\/a><\/span><span style=\"font-weight:400;\"> for startups and SMEs across MENA. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Avanz Capital Management will launch an EGP 1 bn Egypt-focused fund within two months<\/p>\n","protected":false},"author":1,"featured_media":586012,"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":[7303],"tags":[7324,102,240,68,72,7034,76,758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-avanz-capital-management","tag-capital-markets","tag-cib","tag-egx","tag-enterpriseam","tag-exits","tag-financial-regulatory-authority","tag-private-equity","wpautop","entry"],"acf":{"mongo_id":"b029fc67-91e8-4bb8-a985-5c05cd30da00","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/154.jpg","photo_position":"above","homepage_title":"Avanz to launch Africa-focused low-carbon investment fund in 2024","full_issue_title":"Avanz to launch Africa-focused low-carbon investment fund in 2024. PLUS: CIB share trade under review, Exits gets IB license","related_issue":[585999],"teaser":"Avanz Capital Management will launch an EGP 1 bn Egypt-focused fund within two months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.d585bb24-1a07-4c80-8b48-f7cd95e8a18f.mp3"},"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>Avanz to launch low-carbon fund in 2024. 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