Two Eastern Desert explorers eye TSX listings

It’s a very listings-centric day, which is a breath of fresh air in an otherwise rather dry phase for ECM in the region. Egypt’s junior miners are moving past angel money and going to Toronto for the next round. Two Eastern Desert explorers are heading for the TSX before either has proven reserves, which would be the first time the junior model in Egypt reaches public markets. Elsewhere, a Tunisian battery maker wants its Algerian arm on the Algiers exchange, and Adia is helping take a Toronto-listed REIT the other way, into private hands.

Two Egyptian explorers are taking their Eastern Desert gold and copper to the Toronto Stock Exchange. Ankh Resources is preparing for a possible IPO in 2H 2027, CEO Mostafa Talaat told us on the sidelines of the Egypt Mining Forum yesterday. Red Sea Resources, a Canadian company focused on Egypt, is aiming for January: Chairman Al Fabbro tells us it will sell 20% to strategic investors and through a TSX listing, raising up to CAD 25 mn (c. USD 17.6 mn), with a prospectus and an NI 43-101 certified technical report on current drilling ready beforehand. Toronto came first, Talaat says, as “the largest global centre for attracting mining exploration investment.”

What they have spent, and what is coming: Ankh has put more than EGP 500 mn into Egypt and expects over EGP 1 bn across 2027 and 2028 on the drilling and evaluation needed to prove up reserves. Some 70% of its shareholders put in more once phase-one results came in, Talaat tells us, and phase two started three weeks ago in Area B. Red Sea has spent c. USD 10 mn on drilling and geophysical survey, with another USD 10 mn pencilled in for 2027 pending board sign-off. An early find at one concession holds 300-400k oz of gold on its own estimate, and it won’t commission feasibility studies for two years, “until the full size of the find is established.”

Why it matters: This would be the first time Egypt’s juniors graduate from angel money to capital markets. Both are years from proven reserves, so a TSX listing would put tradable numbers on operations while the resource is still being built — a signal to other juniors weighing Egypt. Both are also bidding for ground next to their concessions, which is what the open bid rounds were meant to do: Keep exploration capital in the country.

What’s next: Ankh files for new blocks within two weeks and Red Sea spuds its southern concession in November. Both boards sign off on final 2027 exploration budgets over October and November.

Zambia’s state partner says Abu Dhabi’s IRH has not delivered at Mopani. ZCCM-IH accuses International Resources Holding of a USD 61 mn funding shortfall, capital spending below plan, and copper output more than 50% below target at Mopani Copper Mines, Bloomberg and Miningmx report. IRH says the relationship remains strong and constructive. It bought into Mopani in 2023 on a USD 1.1 bn commitment.

Why it matters: This is the first public challenge we can point to from a state partner inside one of the Gulf’s African mining acquisitions, and how it resolves will shape the terms the next set of African governments write into these contracts.

Adia is taking a slice of a USD 2.34 bn US shopping center takeover. A wholly owned Abu Dhabi Investment Authority subsidiary will invest as a strategic investor alongside private investment firm Everview Partners as Everview and NYSE-listed Brixmor Property Group acquire Slate Grocery REIT, according to a statement from the buyers. Adia’s investment size and stake weren’t disclosed.

What it is buying into: Slate is a Toronto-listed REIT that owns grocery-anchored shopping centres across major US metro markets, and the deal takes it private and off the TSX. The buyers see headroom. In-place rents average 32% below Brixmor’s existing portfolio, and Brixmor has identified c. USD 100 mn of redevelopment and outparcel prospects across the 23 centres it is buying directly. Everview’s wager is that grocery-anchored, open-air retail keeps benefiting from limited new supply and durable tenant demand.

A Tunisian battery maker wants its Algerian arm on the Algiers exchange. Assad Group has applied to list Assad Batteries Algeria, according to a statement from market regulator COSOB. Proceeds will go to production lines and a plant to recycle batteries and recover raw materials, lifting capacity beyond 1 mn a year from c. 400k in 2025, when turnover topped DZD 2.8 bn (USD 21 mn).

The set-up: Founded in 2005 under Algerian law, it makes lead-acid batteries for light, heavy, and utility vehicles at a 22.5k sqm Bouira plant with 200-plus staff. It targets 20% of the Algerian market by 2027 on DZD 1.7 bn (USD 13 mn) of total investment. Assad bought the remaining 4% from Algerian investors in July to take the unit to 100%, saying it would raise c. DZD 1 bn for a 25-30% stake. It would be the third Algiers listing this year, after CRAPC Expertise and tech firm Ayrade in July.

L’imad Holding could start raising outside money next year. It is laying the groundwork to raise third-party capital through investment arm L’imad Capital as early as 2027, Bloomberg reports, citing people it says are familiar with the matter. The plan is to build L’imad Capital into a global platform that can back private equity and other funds, invest directly, and co-invest alongside partners, once it has a track record. No final decision has been taken.

The arm is still taking shape. L’imad Capital is looking for a CEO with private equity, infrastructure, or private credit experience and is making other senior hires. Under the proposed structure, L’imad Holding sits on top as the holding company while L’imad Capital pursues returns and gives portfolio companies strategic support.

Emirates NBD is testing demand for a five-year CHF-denominated green bond. The bank is sounding out investors ahead of an issuance expected to follow soon, according to IFR data cited by Zawya. The senior notes are expected to carry A1 from Moody’s and A+ from Fitch. BNP Paribas, Emirates NBD Capital, and UBS Investment Bank are arranging the outreach.

Another currency, same green push: Emirates NBD has already tapped USD and EUR green markets this year, raising USD 1 bn through blue and green bonds in January including a USD 700 mn five-year green tranche, then pricing a EUR 500 mn five-year green bond in February. A CHF issuance would make three currencies in a year.

Arabian Cement has raised its holding in Jordan’s Qatrana Cement to 96.14%. The Saudi producer closed a set of linked Jordanian transactions. Its subsidiary sold 7.3 mn shares in Ready-Mix Concrete and Construction Supplies to Al Hejaz Company for Cement at JOD 1.3, for JOD 9.5 mn (c. SAR 50.3 mn), booking an SAR 18.9 mn capital gain. It bought 6.25 mn Qatrana shares from RMCC at JOD 1, for JOD 6.2 mn (c. SAR 33.1 mn), and swapped 1.85 mn shares for 2.27 mn with Al Rawsha Company, according to Argaam.

The effect: Qatrana ownership rose from 86.74%, lifting equity attributable to parent shareholders by SAR 40.2 mn and cutting non-controlling interest by SAR 70.3 mn.

A Dubai medical company is putting nearly USD 10 mn into Oman in its first year there. GenomaLab Medical is expanding from Sohar Port and Freezone into the mainland, CEO Ahmed Shaki told the Oman Observer. The spend covers glucose monitors, home-care products, stem-cell banking, gene therapy, and next-generation sequencing tests, though the advanced services still need local licences. It has signed two unnamed clinics for diabetes services and will hire 30-50 people, at least 10 of them Omani.

The Commerce Ministry put an OMR 16 mn package of healthcare projects to private investors in July, including an OMR 7.5 mn early-detection centre. A USD 20 mn pharma plant is also slated for SOHAR Freezone, and the Finance Ministry plans more than 20 PPP and offset projects this year with healthcare among them.

Turkey lifted the asset freeze on the companies in its fund probe after a day. Istanbul prosecutors removed restrictions on the companies and funds on Sunday, a day after imposing them, following a new assessment from the Capital Markets Board (SPK), the prosecutor’s office said. Measures against individuals stay in place. Finance Minister Mehmet Simsek said protecting investment, jobs, and exports was the priority, and that cases against those who distorted the market would proceed.

Sovereign risk hasn’t eased. Turkey’s five-year CDS rose to c. 254bp on Monday, its highest since May, Reuters reports. Almost 500k investors hold stakes in the funds, worth USD 18 bn, that the SPK ordered liquidated this month. AK Party deputy chair Fatma Betul Sayan Kaya resigned over the weekend over allegations that she and her husband profited from trading Ozata Denizcilik shares before the selloff.

ALSO WORTH KNOWING

Abu Dhabi-based investment firm Shorooq and G42-owned Presight have invested in Santa Clara-based Maven Robotics, according to a statement (pdf). The investment was made through two Shorooq-managed vehicles: The Presight-Shorooq AI and Bedaya funds. The size of their ticket wasn’t disclosed.

Dubai-based Amaani, the company behind beauty brand AÏZA, raised a USD 5 mn series A led by Beco Capital, with Homegrown Ventures and Peak XV’s Surge also taking part, according to a statement. The round brings the firm’s total funding to USD 8 mn. The new capital will fund expansion into Saudi Arabia, where it launches at Ulta Beauty stores in Jeddah and Riyadh at the end of September, followed by Kuwait and Qatar in 4Q.

Riyadh-based SME financing platform Erad has raised a USD 22 mn series A, led by Middle East Venture Partners, the company said in a press release. New backers SVC, 500 Global, S60 Ventures, ANB Capital, Conjunction Capital, and Araya Ventures came in, with existing investors including Khwarizmi, Nuwa Capital, and Aljazira Capital.

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