{"id":639581,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/egx30-recoups-last-weeks-losses\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"egx30-recoups-last-weeks-losses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/egx30-recoups-last-weeks-losses\/","title":{"rendered":"EGX30 recoups last week\u2019s losses"},"content":{"rendered":"

Good morning, everyone. <\/strong>After a particularly busy start to the week, we have a brisk issue for you this morning. <\/p>\n

WATCH THIS SPACE- <\/p>\n

#1- Could we finally see Giza Spinning & Weaving make its long-awaited EGX <\/strong>debut? <\/strong>Giza Spinning & Weaving<\/a> plans to list 25-40% of its shares on the EGX before the end of the year, Al Borsa<\/a> reports, citing sources it says have knowledge of the matter. The company is set to file a listing request with the bourse before the end of the month. The company has reportedly tapped Beltone Holding as its financial advisor and transaction manager and Matouk Bassiouny & Hennawy as legal counsel.<\/p>\n

Gulf money on the cards?<\/strong> Beltone Holding will reportedly hold roadshows in the Gulf and other foreign markets to promote the offering after it hits the EGX.<\/p>\n

It\u2019s been a long time coming: <\/strong>The company had initially planned<\/a> to float as much as 40% of its shares on the EGX in an IPO in November 2018 before plans got pushed back to 3Q 2019<\/a> and 2020<\/a> due to poor market conditions, then again to 2022<\/a> in the wake of covid-induced market turmoil.<\/p>\n

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#2- Shutting down industrial factories now requires El Wazir\u2019s approval: <\/strong>President Abdel Fattah El Sisi issued a directive forbidding the closure of any industrial facility without the greenlight from Transport and Industry Minister Kamel El Wazir, according to a ministry statement<\/a>.<\/p>\n

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<\/a> #3- FRA extends SIC\u2019s MTO deadline for CIRA: <\/strong>The Financial Regulatory Authority (FRA) granted Social Impact Capital (SIC) a 60-day extension on its mandatory tender offer (MTO) for up to 100% of CIRA Education, according to a statement (pdf)<\/a> from the authority. The MTO period \u2014 which expired yesterday \u2014 is getting a 60-working-day extension as of Sunday, 11 August.<\/p>\n

Remember:<\/strong> The Saudi Egyptian Investment Company \u2014 a wholly-owned subsidiary of the Public Investment Fund \u2014 said in May<\/a> that it will buy into SIC, the vehicle through which the founding El Kalla family holds a controlling stake in EGX-listed CIRA Education. SIC used the cash injection to launch a mandatory tender offer to buy CIRA shares at a price of EGP 14 each to up its stake in the company to 75-100%.<\/p>\n

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#4- Africa\u2019s first carbon market is ready for liftoff:<\/strong> The FRA has wrapped up all the necessary requirements and procedures to register carbon emissions-reducing projects and kick start Africa\u2019s first regulated carbon market, allowing companies to issue and trade voluntary carbon certificates in Egypt and Africa, according to a FRA statement (pdf)<\/a>.<\/p>\n

Remember:<\/strong>The FRA rolled out the requirements<\/a> for carbon trading last month in preparation for the market\u2019s launch. We took a deep dive into what we can expect for the market in the coming period in a Going Green<\/a> published earlier this month. <\/p>\n

EGX WATCH-<\/p>\n

<\/a> EGX rallies following global market meltdown:<\/strong> The <\/a>benchmark EGX30 index<\/a> climbed 2.7% yesterday to close at 29.5k, recouping losses incurred last week amid the recent global market meltdown<\/a>. Market cap hit EGP 1.4 tn at yesterday\u2019s close, according to market data<\/a>. <\/p>\n

ICYMI: <\/strong>The EGX30 dropped a total of 5.2% early last week while the EGP fell to its lowest level against the greenback in nearly six months on the back of rising geopolitical risk across the region and a global equity sell-off triggered by fears of a US recession.<\/p>\n

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FACT CHECK-<\/p>\n

Elsewedy Electric is not leaving the EGX anytime soon:<\/strong> Elsewedy Electric denied rumors that the company has plans to delist its shares from the bourse, the company said in an EGX disclosure (pdf)<\/a>. <\/p>\n

Remember:<\/strong>Last month, Abu Dhabi-based Electra Investment Holding acquired 20%<\/a> of Elsewedy Electric in a USD 449.1 mn transaction<\/a>. <\/p>\n

<\/a> <\/p>\n

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? <\/strong>Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.<\/p>\n

Why attend? <\/strong>We\u2019re in the early days of a generational realignment of power in our industry \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in our country and the wider region. Among the questions we\u2019ll be asking:<\/p>\n