Energy Adnoc Gas IPO tipped to break record for Abu Dhabi exchange Adnoc’s listing of its gas business could take place as soon as this month – and become the largest IPO on the Abu Dhabi Securities Exchange, according to reports. The state-owned oil giant is looking at a valuation of at least $50 billion for Adnoc Gas, two sources close to the matter have told Reuters. […] February 3, 2023
Markets Saudi tops emerging markets with $10bn bond issuances A roaring start to the year for debt issuance has helped lift sovereign emerging market bond sales to a record $44 billion peak in January with investors keen to deploy piles of cash. So far investment-grade-rated Saudi Arabia is the largest borrower, having sold $10 billion of dollar bonds this year. Nearly $40 billion of […] February 3, 2023
Markets Egypt to unveil plan to offload stakes in 20 state entities shortly Egypt’s government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year, Prime Minister Moustafa Madbouly said after a cabinet meeting on Wednesday. An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since […] February 2, 2023
Analysis Banking & Finance Middle East stock markets set to continue strong run of IPOs The stock markets in the Middle East and North Africa are preparing for a strong pipeline of initial public offerings (IPOs) in the coming months. Bourses across the region are looking to build on the success of 2022 when it saw a record number of 51 IPOs and combined proceeds of $22 billion. Abu Dhabi […] February 1, 2023
Markets DFM operator net profit surges 42% to $40m in 2022 Dubai Financial Market Company reported net profit of AED147.1 million ($40.05 million) for 2022, a year-on-year increase of 41.7 percent. Total revenue reached AED351.2 million, a year-on-year increase of 19 percent. The board of directors recommended a cash dividend of AED134.7 million, equivalent to 1.68 percent of the capital and 100 percent of the total […] February 1, 2023
Markets Egypt to announce listing of state-owned companies shortly Egypt’s cabinet will announce the country’s plans to list state-owned companies on the Egyptian Exchange (EGX) during 2023, Ahram Online reported, citing Prime Minister Mostafa Madbouly. “In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023,” he stated. The step follows the recently […] January 29, 2023
Markets Management consultancy for PIF said to list on Saudi market Saudi-based management consultancy TAM Development Co. is planning an initial public offering (IPO) in the first half of the year, Bloomberg reported, citing CEO Abdullah Yousef. TAM is planning to list on the kingdom’s small-cap market, he added, with plans to move to the main exchange within two years. The consultancy derives most of its […] January 23, 2023
Markets Oman’s drilling services firm plans March listing on Muscat exchange Oman’s oil and gas drilling services firm Abraj Energy Services plans to list up to 49 percent of its shares on the Muscat stock exchange in March through an initial public offering (IPO), a company statement said. The IPO forms part of an exit plan recently announced by sovereign wealth fund, the Oman Investment Authority […] January 23, 2023
Markets Foreign investors pour $925m into Egypt in just three days Foreign investors transferred more than $925 million into the Egyptian foreign exchange market in the three days since its currency sharply depreciated last week, Egypt’s central bank said in a statement. The Egyptian pound weakened to about 32 to the dollar from 27.60 at the open on Wednesday before rebounding to 29.61 pounds by end-Monday. […] January 17, 2023
Markets Petromin reported to launch $1bn public offering Saudi Arabia’s lubricants firm Petromin is planning for its initial public offering (IPO) to raise as much as $1 billion, Bloomberg reported, citing informed sources. The company has engaged Saudi National Bank and Moelis & Co. on the planned IPO. More banks may also be added to the syndicate, they said, adding details of the […] January 16, 2023
Markets Singapore firm plans dual listing on Saudi bourse by H1 2023 Singapore commodity trader Olam Group on Tuesday said it plans to conduct an initial public offering (IPO) for majority-owned Olam Agri Holdings as early as the first half of this year, listing the unit domestically and concurrently in Saudi Arabia. A concurrent listing on the Saudi Exchange would make Olam Agri the first company to […] January 10, 2023
Banking & Finance Mena to host first IPO summit with listings in high demand The Middle East’s first IPO-focused summit will take place in Dubai later this month after recent listings in the emirate proved a huge draw for international investors. Dubai Financial Market and the Dubai World Trade Centre (DWTC) have partnered to host the Mena IPO Summit – Dubai, which aims to unite the entire IPO value […] January 9, 2023
Markets Luberef falls nearly 7% below IPO price in market debut Shares in Saudi Aramco’s base oil subsidiary Luberef fell as much as 6.6 percent below its listing price in its Riyadh market debut on Wednesday. Formally known as Saudi Aramco Base Oil Company, Luberef raised SAR4.95 billion ($1.32 billion) earlier this month through the sale of 30 percent of the company to investors in an […] December 29, 2022
Markets Elon Musk to pause Tesla share sale for about two years Tesla chief executive officer Elon Musk has said he will not sell any more Tesla stock for about two years. While speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a “serious recession” in 2023 and demand for big-ticket items will be lower. His comments came after a […] December 23, 2022
Markets Bankers expect tough 2023 as IPO volumes at lowest since 2008 Investment bankers are bracing for another tough year ahead after losing out on lucrative fees from arranging stock sales, as the market for initial public offerings (IPOs) plummeted to its lowest level since the financial crisis of 2008. With questions swirling around monetary policy and the prospect of a looming recession, IPO advisers are not […] December 21, 2022
Markets Elon Musk sells 22m shares worth $3.58bn of Tesla Tesla Inc chief executive officer Elon Musk has sold 22 million shares worth $3.58 billion in the electric-vehicle maker this week, a US securities filing showed on Wednesday. The latest sale, Musk’s second since his $44 billion purchase of Twitter in October, brings the total Tesla stocks sold by the billionaire to nearly $40 billion over the past […] December 15, 2022
Markets Adnoc invites banks to pitch for planned gas business IPO Abu Dhabi National Oil Company (Adnoc) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Bankers familiar with the matter said a request was sent to a select number of banks last week for proposals to […] December 14, 2022
Markets Luberef’s market cap at $4.4bn after final offer price Oil giant Saudi Aramco’s base oil subsidiary Luberef has set the final offer price for its upcoming initial public offering (IPO) at SAR 99 ($26.33) a share, at the top end of the price range amid strong demand. The pricing implies a market capitalisation of SAR 16.7 billion ($4.44 billion), the company said in a […] December 13, 2022
Markets Americana shares surge in market debut after $1.8bn IPO The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut surged in its stock market debut on Monday, after raising $1.8 billion in an initial public offering and a subsequent dual listing in Abu Dhabi and Riyadh. Americana Restaurants’ shares jumped 12.6 percent to AED 2.95 at the open on the […] December 13, 2022
Markets KFC Mena franchisee set for first GCC dual listing next week Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, will list on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul) next Monday, the two bourses said in statements on Friday. According to a circular issued by ADX, the shares will be listed on the exchange under the […] December 9, 2022
Markets Seven African stock exchanges launch integration project Seven African stock exchanges launched an integration project in Ivory Coast on Wednesday to facilitate cross-border trading of securities on the continent. The initiative, called the African Exchanges Linkage project, includes the stock exchanges of Nigeria, Mauritius, Morocco, South Africa, Kenya, Egypt, and West Africa. Ghana’s and Botswana’s will join in a later phase. The […] December 8, 2022
Markets Turkey’s MNG Airlines to list on New York Stock Exchange Turkey’s MNG Airlines will list on the New York Stock Exchange through a merger with Golden Falcon Acquisition Corp, a special purpose acquisition company (SPAC), the Turkish cargo carrier said on Wednesday. The merger has a pro-forma enterprise value of $676 million, and has been approved by the boards of both the companies, MNG said […] December 8, 2022
