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Wednesday, 1 June 2022

Ghazl El Mahalla to publish PSN Thursday

Ghazl El Mahalla FC will publish the public subscription notice (PSN) for its upcoming IPO this Thursday, Hassan Samir, the managing director of capital markets at bookrunner Prime Holding, told Hapi Journal. The EGP 98 mn retail offering has been approved by the Financial Regulatory Authority, paving the way for the football club to go ahead with the sale later this month. The club has already completed the private placement component of the offering, raising EGP 37 mn from institutional investors back in November.

Other things we’re keeping an eye on this morning:

  • EGX-listed snackmaker Edita has signed an agreement with TotalEnergies to use its fuel cards for its fleet trucks to help track expenses and improve fleet management. (Statement, pdf)
  • The government is cutting electricity and water supplies to 27 tourist resorts on the north coast for failing to pay their utility bills. (Statement)
  • The Local Development Ministry signed protocols with Kafr El Sheikh, Dakahlia and Gharbia governorates to start the EBRD-funded project to clean the Kitchener Drain of pollution. (Statement)
  • Abu Dhabi Commercial Bank Egypt is expanding its partnership with banking software firm Temenos to introduce instant and cross-border payment services. (Statement)
  • The Egyptian Space Agency will open the first facility at its “Space City” — a satellite assembly and testing center — by the end of the year, and expects the complex to be fully operational by 2027, agency head Mohamed El Qousy told ETC TV (watch, runtime: 5:39).

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