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
Taaleem CEO plans UAE schools expansion after $204m IPO Taaleem, the first education company to be listed on the Dubai Financial Market (DFM), is planning to launch new premium school projects in the UAE “in the near future” following its successful initial public offering (IPO). The company is also on a global search for the world’s best teachers as it announced net profit increased […] January 10, 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
London-listed Centamin reports higher gold reserves in Egypt London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […] December 15, 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
Markets Saudi stock exchange launches market-making framework Saudi Arabia’s stock exchange said on Sunday it was launching a market-making framework for its stock and derivatives markets to help ensure liquidity and raise price-determination efficiency. Entities must be exchange members, derivatives exchange members or their clients to be market makers. “Market makers have to ensure the availability of liquidity for a listed security […] December 5, 2022
Markets KFC Mena franchisee generates $105bn in orders for dual IPO Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, has set the final offer price for its upcoming initial public offering at $0.71 per share in the UAE and Saudi Arabia, the UAE state-owned WAM news agency reported. The dual listing on the Abu Dhabi Securities Exchange (ADX) and the […] November 29, 2022
Markets Saudi eyecare group Magrabi plans IPO of hospitals business Saudi eyecare group Magrabi, which runs one of the largest chains of optical retail stores and eye clinics in the Middle East, is considering a flotation of its hospitals business next year and has hired banks for the deal, two sources familiar with the matter said. Magrabi has mandated Rothschild & Co as financial advisor […] November 25, 2022
Markets UAE’s deal-hungry IHC plans health and IT business IPOs International Holding Company (IHC) plans to sell 20 percent of its technology unit in an initial public offering (IPO) next year, its CEO told Reuters, adding that the UAE’s IHC is aiming for a first quarter IPO of Pure Health to raise more than $1 billion. IHC, which rose from relative obscurity to become the […] November 25, 2022
Markets Saudi’s PIF hires banks for $1bn IPO of oil and gas drilling firm Saudi Arabia’s sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public. The Public Investment Fund (PIF) has selected JPMorgan , […] November 22, 2022
Markets KFC Mena franchisee Americana doubles UAE retail size of IPO Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, has doubled the UAE retail offer for its initial public offering (IPO) from five percent to 10 percent of the total offering. The move makes the UAE retail offer equivalent to Saudi Arabia, the company said in a statement. […] November 18, 2022
