EFG is working on two IPOs in Saudi Arabia
Our friends at EFG Hermes are working on two IPOs in Saudi Arabia, Mostafa Gad, co-head of EFG’s investment banking division, told Al Arabiya (watch, runtime: 3:45). One company operates in the health sector and the other is a retail company, he said, without disclosing further information. EFG is also working on several acquisitions in the Kingdom, as well as other IPOs in Dubai still in the pipeline.
The Gulf markets have momentum and have continued to remain attractive to investors despite deteriorating global conditions, he said. Oil exporters in the region have benefited from the surge in oil prices triggered by the war in Ukraine and slowing demand in China.
But what about Egypt? Egypt’s IPO scene is weak in comparison to Saudi Arabia and the UAE — and won’t improve until the market rebounds, he said, adding that acquisitions remain attractive to investors due to appealing valuations. EFG Hermes is focusing on acquisitions in Egypt, with several transactions expected this year in the health and logistics sectors.
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EGX30 |
10,109 |
+0.2% (YTD: -15.4%) |
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USD (CBE) |
Buy 18.55 |
Sell 18.63 |
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USD at CIB |
Buy 18.57 |
Sell 18.63 |
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Interest rates CBE |
11.25% deposit |
12.25% lending |
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Tadawul |
12,907 |
+1.7% (YTD: +14.4%) |
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ADX |
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Gold |
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BTC |
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THE CLOSING BELL-
The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 724 mn (13.2% below the 90-day average). Local investors were net buyers. The index is down 15.4% YTD.
In the green: Madinet Nasr Housing (+3.5%), TMG Holding (+3.3%) and AMOC (+2.5%).
In the red: E-finance (-1.8%), EFG Hermes (-1.5%) and Ibnsina Pharma (-1.0%).