Mubadala to kick off US listing of GlobalFoundries: Abu Dhabi sovereign fund Mubadala Investment is looking to raise nearly USD 2.6 bn from a US listing of portfolio company GlobalFoundries, according to a filing with the SEC yesterday. GlobalFoundries, a chipmaker whose major shareholder is Mubadala, is looking to market 33 mn shares, with Mubadala selling 22 mn. The USD 42-47 per share guiding range would value the company at nearly USD 25 bn. The IPO comes as chip manufacturers are becoming increasingly appealing to investors amid the global chip shortage. Bloomberg also has the story.

Teetering property giant China Evergrande has postponed plans to sell a 51% stake in its property management arm to a smaller competitor after failing to get approval from the Guangdong provincial government overseeing its restructuring, reports Reuters. The sale would’ve seen the company — whose USD 300 bn debt crisis caused global markets to sink for a time in September and threatened to spark a meltdown in the Chinese property market — bring in some USD 2.6 bn as it scrambles to raise funds to pay its creditors and suppliers.

THE CLOSING BELL-

The EGX30 fell 0.72% yesterday on turnover of EGP 1.24 bn (16.8% below the 90-day average). Local investors were net sellers. The index is up 3.2% YTD.

In the green: Egypt Kuwait Holding (EGP, +3.5%), Egypt Kuwait Holding (USD, +2.7%) and AMOC (+1.25%).

In the red: Aspire Capital (-9.4%), Raya Holding (-7.7%) and Speed Medical (-6.0%).

Asian markets are mixed at dispatch time this morning, with the Nikkei and Hang Seng in the green and benchmarks in Shanghai and Seoul slightly in the red. Futures suggest that shares in Europe and on Wall Street will face selling pressure at the opening bell later today.