{"id":622916,"date":"2018-10-16T04:36:34","date_gmt":"2018-10-16T04:36:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/16\/sarwa-capital-shares-closed-down-more-than-11-in-their-egx-debut-raising-questions-about-the-outlook-for-the-fall-equity-raisin-season\/"},"modified":"2018-10-16T04:36:34","modified_gmt":"2018-10-16T04:36:34","slug":"sarwa-capital-shares-closed-down-more-than-11-in-their-egx-debut-raising-questions-about-the-outlook-for-the-fall-equity-raisin-season","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/16\/sarwa-capital-shares-closed-down-more-than-11-in-their-egx-debut-raising-questions-about-the-outlook-for-the-fall-equity-raisin-season\/","title":{"rendered":"Sarwa Capital shares closed down more than 11% in their EGX debut, raising questions about the outlook for the fall equity raisin season"},"content":{"rendered":"

<\/a> ** #2 Sarwa Capital shares closed down more than 11% in their EGX debut, raising questions about the outlook for the fall equity raisin season:<\/strong> Consumer and structured finance player Sarwa Capital saw its shares dip 11.14% on its first day of trading on the EGX amid concerns over a stock market slump, according to EGX data<\/a>. The drop came as the EGX30 closed the day essentially flat, off 0.1% on moderate volumes. Sarwa\u2019s shares opened at EGP 7.36 and were down as much as 18.5% before clawing back to close at EGP 6.54. The company\u2019s first-day performance comes despite strong appetite for its shares during the bookbuilding process, with the institutional offering more than 10x oversubscribed and the retail component of the IPO even more in demand. The debut came as the EGX remains under pressure from a global sell off of emerging markets assets that saw the EGX30 fall to its lowest level in over a year<\/a> last week.<\/p>\n

Did Sarwa\u2019s first day signal the fall IPO window may be closing? <\/strong>That\u2019s the blunt headline from Bloomberg, which declared that \u201cIPO flop sounds alarm for Egypt before USD 6 bn selling spree<\/a>,\u201d a reference to the state\u2019s ambitious program to IPO state companies and offer for sale stakes in some already listed entities.<\/p>\n

Catch 22 for the state: <\/strong>Analysts quoted by the business information service don\u2019t think the government should be selling with the EM Zombie Apocalypse apparently still upon us \u2014 but say the state loses credibility if it is seen as pulling back from the IPO program for ideological second-thoughts. \u201cIt is likely that the government is only trying to sell the stakes because it wants to save its reputation, regardless of the cost,\u201d said Naeem Aslam, chief market analyst at Think Markets U.K. in London. \u201cWe do not think it is the right time for the government to sell them, and launching them now could actually create some panic in the market.\u201d Stephen Bailey-Smith, senior economist and investment strategist at Global Evolution Funds AG in Denmark, tells Bloomberg that, \u201cIf they postpone because they have second ideological thoughts, that would be taken badly.\u201d<\/p>\n

<\/a> ** #3 Is the Eastern stake sale about to be postponed?<\/strong> Against this backdrop, Public Enterprises Minister Hisham Tawfik is meeting today with members of the committee overseeing the state privatization program, as well as execs from state-owned investment bank NI Capital, EFG Hermes, and the Chemical Industries Holding Company. On the agenda: Setting a date for the sale of a 4.5% stake<\/a> in cigarette maker Eastern Company. EFG Hermes \u2014 which is quarterbacking the transaction \u2014 called for the meeting to discuss dates in light of the recent drop in the EGX\u2019s performance and tumble in Eastern\u2019s stock price by more than 11%, sources told a local newspaper<\/a> yesterday. They added that they expect EFG to try and push officials to postpone the sale beyond the 21-25 October slot, allowing Eastern\u2019s share price to recover as market conditions become clearer. Tawfik had <\/strong>said last week<\/strong><\/a> that the sale would go on as intended despite conditions<\/strong> potentially cutting into proceeds. NI Capital had said it expects to raise as much as EGP 2 bn from the transaction.<\/p>\n

All of this comes as capital raising in emerging markets has fallen to a seven-year low<\/strong> in the three months to September, the Financial Times reports, saying that market turbulence has prompted a slide in bond, equity and loan issuances. \u201cThe figures come amid a broad sell-off in emerging markets with the JPMorgan EMBI dollar bond index down 4.8% this year and the MSCI equity index tumbling 15.4%.\u201d Read <\/strong>Emerging market capital raising falls to seven-year low<\/strong><\/a>for plenty more.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #2 Sarwa Capital shares closed down more than 11% in their EGX debut, raising questions about the outlook for the fall equity raisin season: Consumer and structured finance player Sarwa Capital saw its shares dip 11.14% on its first day of trading on the EGX amid concerns over a stock market slump, according to […]<\/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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622916","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7238a260-6295-4571-bc28-8c9eaf98ab06","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[622909],"teaser":"","voice_url":""},"yoast_head":"\nSarwa Capital shares closed down more than 11% in their EGX debut, raising questions about the outlook for the fall equity raisin season - 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\/2018\/10\/16\/sarwa-capital-shares-closed-down-more-than-11-in-their-egx-debut-raising-questions-about-the-outlook-for-the-fall-equity-raisin-season\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sarwa Capital shares closed down more than 11% in their EGX debut, raising questions about the outlook for the fall equity raisin season\" \/>\n<meta property=\"og:description\" content=\"** #2 Sarwa Capital shares closed down more than 11% in their EGX debut, raising questions about the outlook for the fall equity raisin season: Consumer and structured 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said in a bourse statement (pdf).\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604816,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/sawiris-oih-to-acquire-30-of-sarwa-in-5-business-days-after-egx-tender\/","url_meta":{"origin":622916,"position":1},"title":"Sawiris\u2019 OIH to acquire 30% of Sarwa in 5 business days after EGX tender","author":"enterpriseam admin","date":"13 December 2018","format":false,"excerpt":"M&A WATCH- OIH set to acquire 30% of Sarwa: Naguib Sawiris\u2019 Orascom Investment Holding (OIH) is set to acquire 30% of Sarwa Capital in a EGP 1.59 bn transaction that values the structured- and consumer-finance player at EGP 7.36 per share, according to reports in Al Mal and Al Borsa.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/NaguibSawiris-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605128,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/23\/sarwa-shares-down-7-on-the-egx-on-second-day-after-oih-acquisition\/","url_meta":{"origin":622916,"position":2},"title":"Sarwa shares down 7% on the EGX on second day after OIH acquisition","author":"enterpriseam admin","date":"23 December 2018","format":false,"excerpt":"M&A WATCH- Sarwa shares down 7% in day two after OIH acquisition: Sarwa Capital\u2019s share price fell just over 7% by the closing bell on Thursday, wrapping the day at EGP 5.98 per share from its opening price of EGP 6.52. That brings Sarwa shares down just over 17% in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622110,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/27\/regulator-green-lights-orascoms-bid-for-large-minority-stake-in-sarwa\/","url_meta":{"origin":622916,"position":3},"title":"Regulator green-lights Orascom\u2019s bid for large minority stake in Sarwa","author":"enterpriseam admin","date":"27 November 2018","format":false,"excerpt":"M&A WATCH- Regulator green-lights Orascom\u2019s bid for large minority stake in Sarwa: The Financial Regulatory Authority (FRA) has approved Orascom Investment Holding\u2019s (OIH) offer to purchase a non-controlling stake in structured- and consumer-finance player Sarwa Capital, it said in a disclosure to the EGX (pdf). OIH, controlled by celebrity investor\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/NaguibSawiris-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621271,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo\/","url_meta":{"origin":622916,"position":4},"title":"Egypt\u2019s FRA says suspended Beltone\u2019s investment banking arm due to irregularities in Sarwa IPO","author":"enterpriseam admin","date":"5 November 2018","format":false,"excerpt":"** #1 FRA says Beltone suspension was due to \u201cirregularities\u201d in Sarwa IPO: The Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking unit for six months after an investigation allegedly found the initial public offering of structured and consumer finance player Sarwa Capital last month was \u201cmarred by some\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":625174,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/30\/sarwa-prices-ipo-at-egp-7-04-8-00-per-share-trading-to-start-on-15-october\/","url_meta":{"origin":622916,"position":5},"title":"Sarwa prices IPO at EGP 7.04-8.00 per share, trading to start on 15 October","author":"enterpriseam admin","date":"30 September 2018","format":false,"excerpt":"IPO WATCH- Sarwa prices IPO at EGP 7.04 to EGP 8.00 per share, trading to start on 15 October: Consumer and structured finance player Sarwa Capital announced yesterday that it expects to price its initial public offering at EGP 7.04 to EGP 8.0 per share. Our friends at Sarwa are\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=622916"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622916\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622909"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622916"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622916"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}