Markets Suez Canal Authority to offload 20% of subsidiary Egypt’s Suez Canal Authority (SCA) is offering a 20 percent stake in a subsidiary company in line with a government drive to boost the private sector, but selling or leasing the canal is “out of the question”, SCA head Osama Rabie said. Rabie said the sale of the 20 percent stake in the Canal Company […] June 22, 2023
Markets Egypt plans to divest stake in 250 state firms The Egyptian government intends to divest its stakes in 250 companies under its privatisation programme, according to assistant prime minister Osama El Gohary. “The committee supervising the privatisation programme has identified 800 companies with government stakes,” Ahram Online newspaper reported, citing the official’s comment during a meeting with a delegation from the US treasury department […] June 12, 2023
Analysis Markets Etisalat’s bet on Vodafone backfires as shares slump Etisalat has made a paper loss estimated at $2.1 billion on its stake in Vodafone due to a slump in the British company’s share price since mid-2022. Abu Dhabi-based Etisalat, a former monopoly now branded as e&, operates in 16 countries in the Middle East, Asia and Africa. Yet nearly two-thirds of its revenue is […] June 7, 2023
Markets Saudi’s Milling Company 3 mulls IPO in 2024 Saudi Arabia’s Milling Company 3 (MC3) is planning an initial public offering (IPO) next year and has invited banks to pitch for roles in the deal, two sources familiar with the matter said. MC3, which operates flour mills in the region of Khamis Mushait, Aljouf and Aljamoom, has appointed Moelis & Co as an adviser, […] June 4, 2023
Markets Indonesian copper miner plans $880m IPO by July Indonesian copper miner Amman Mineral Internasional aims to raise up to 12.94 trillion rupiah ($880.6 million) in an initial public offering scheduled for June 28 to July 3, according to the company’s prospectus published on Wednesday. Book building is set to start on Wednesday with an offering price in the range of 1,650 rupiah to […] May 31, 2023
Markets Saudi’s First Milling order book hits over $18bn Saudi Arabia’s First Milling Company has set the final offer price for its initial public offering (IPO) at SAR60 per share, implying a market capitalisation at listing of SAR3.33 billion ($888 million). The book-building process generated an order book of SAR68.81 billion ($18.35 billion) and resulted in a subscription coverage of 68.9 times of the […] May 31, 2023
Markets Olam unit’s dual IPO awaits nod from Saudi regulators Singapore’s Olam Group does not expect the $1 billion initial public offering of its agricultural unit, Olam Agri Holdings, to be completed in the first half of 2023. The company, which planned to launch a dual IPO of the unit in Singapore and Saudi Arabia, said that it is yet to receive regulatory approvals from […] May 30, 2023
Markets Qatar fund steps in to up trading on Doha bourse Qatar Investment Authority will provide up to QAR1 billion ($274.7 million) to fund a programme for the country’s stock exchange that it says will boost share trading, improve pricing and help attract more foreign investors. Such market making programmes are pivotal to the functioning of many stock markets by guaranteeing they will always buy or […] May 23, 2023
Markets Adnoc ups IPO of maritime logistics unit to 19% Abu Dhabi National Oil Company (Adnoc) has increased the stake size in its maritime logistics subsidiary’s initial public offering (IPO) following high investor demand. The oil company will now offer 19 percent of Adnoc Logistics & Services (Adnoc L&S) in the IPO, up from 15 percent, potentially raising $769 million based on the top end […] May 23, 2023
Markets Saudi aims for 24 IPOs on Tadawul by end of 2023 Saudi Arabia hopes to list more than 24 companies on its stock exchange this year, the Capital Market Authority has said. The Saudi regulator’s annual report, released on Sunday, said the kingdom also plans to increase foreign investments in the Tadawul. By the end of 2023, it wants foreign owned shares to make up 16.5 […] May 22, 2023
Markets Saudi’s First Milling sets price range for IPO Saudi Arabia’s First Milling Company has set the price range for its initial public offering at SAR55 to SAR60 ($14.67 to $16.00) per share, giving a market capitalisation between SAR3.05 billion and SAR3.3 billion at the time of listing. The IPO subscription, which started on May 18, will end on June 7, with the listing […] May 19, 2023
Markets Saudi’s first privatised mill to offer 30% stake in IPO First Milling Company, the first mill to be privatised in Saudi Arabia, is planning to launch an initial public offering (IPO) on the Saudi Exchange (Tadawul). The company will offload 16.65 million shares, resulting in a free float of 30 percent of the flour milling company’s share capital, it said in an IPO document. The […] May 18, 2023
Markets Adnoc seeks to raise $607m from maritime logistics unit UAE’s Abu Dhabi National Oil Company (Adnoc) has set a price range for an initial public offering of its maritime logistics subsidiary to raise up to $607 million. The price was set at AED1.99 ($0.5420) to AED2.01 per share, the company said in a statement on Tuesday. The price range will give Adnoc Logistics & […] May 16, 2023
Economy Uncertainty as Turkey prepares for runoff election Political uncertainty across Turkey is expected to be reflected on financial markets over the next two weeks as voters prepare for the second round of a presidential election. Neither incumbent President Tayyip Erdoğan and his ruling AK Party nor his opposition rival Kemal Kılıçdaroğlu, head of a six-party alliance, achieved an outright majority in Sunday’s […] May 15, 2023
Markets Morabaha Marina plans to raise up to $83.4m in IPO Non-bank finance institution Morabaha Marina Financing Company plans to raise up to SAR312.9 million ($83.43 million) in an initial public offering (IPO) on the Saudi Exchange (Tadawul). The Riyadh-headquartered company intends to sell a 30 percent stake, or 21.4 million shares, at a price range between SAR13 and SAR14.6 per share. The final offer price […] May 15, 2023
Markets MSCI removes two Adani companies from indexes Index provider MSCI said two Adani-group companies will not be eligible for its global indexes, while 86 securities will be added to and 39 deleted from its widely followed MSCI ACWI stock index, as part of its quarterly index review. MSCI said earlier this week it would apply a “special treatment” to Egyptian securities listed […] May 12, 2023
Markets Mena IPO pipeline ‘healthy’ after fall in Q1 listings A “healthy pipeline” of initial public offerings lies ahead for the remainder of this year, experts have told AGBI, despite a fall in Middle East and North African listings in the first quarter. According to the EY Mena IPO Eye Q1 2023 report, the quarter saw 10 stock market listings with combined proceeds of $3.4 […] May 10, 2023
Markets Adnoc to float 15% of its maritime logistics subsidiary UAE’s Abu Dhabi National Oil Company (Adnoc) will float a 15 percent minority stake in its maritime logistics subsidiary, as the Gulf state ramps up plans to list government-backed entities. The listing for Adnoc Logistics & Services (L&S) on the Abu Dhabi Securities Exchange is expected to open on May 16, the UAE state-owned Wam […] May 10, 2023
Markets Olam unit aims dual IPO in Saudi Arabia and Singapore Agri-food giant Olam Group aims to launch in June the dual initial public offering (IPO) of its agricultural unit that could raise up to $1 billion in Singapore and Saudi Arabia, two sources with knowledge of the matter said. The IPO, the first of such a dual listing in the world, is subject to regulatory […] May 10, 2023
Video length: 02:49 Video Red Sea Global considering public listing Red Sea Global, the developer behind one of Saudi Arabia’s biggest gigaprojects, is studying the possibility of a public market offering, a senior executive said. “There will be some kind of public market event, whether it’s an initial public offering, whether it’s an establishment of a REIT [real estate investment trust], those are things that […] May 8, 2023
Markets Egypt to press ahead with state asset sales Egypt will not retreat from its programme of selling state assets and will meet all of its debt repayment commitments, Prime Minister Moustafa Madbouly said. Delays in selling stakes in state companies have been caused by the government’s keenness to secure “the best return from the sale”, he told a news conference. “Egypt will continue […] April 30, 2023
Markets Oman hopes to emulate Gulf neighbours in IPO push Oman has belatedly launched a renewed part-privatisation drive and plans to float stakes in dozens of state-owned companies, following the success of similar programmes in Dubai and Abu Dhabi. The sales aim to boost Omani state coffers and diversify equity listings on the rebranded Muscat Stock Exchange (MSX) – until April 2021, the Muscat Securities […] April 24, 2023
