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Sunday, 6 November 2022

Empower expands IPO on high demand (again)

Emirates Central Cooling Systems (Empower) has for the second time bumped up the number of shares on offer in its IPO due to high demand. It will now offer a 20% stake in the company, up from 15%, raising as much as AED 2.7 bn (USD 724 mn), according to Bloomberg.

MBC Group could IPO in 2023: The largest broadcaster in the Middle East could list on the Saudi stock exchange as early as next year, Bloomberg reports, citing sources with knowledge of the matter. MBC has reportedly tapped JPMorgan Chase and our friends at HSBC as initial advisors, the people said, without disclosing the planned date, size, or value of the IPO. The Saudi government owns 60% of MBC, with the remaining 40% controlled by founder and chairman Waleed Al Ibrahim.

A quarter of Credit Suisse could be owned by Middle East investors once the struggling bank is through with its USD 4 bn capital increase, as Qatar’s sovereign fund looks to up its existing 5% stake in the Swiss lender, the Financial Times reports, citing sources close to the transaction. Saudi National Bank, the Qatar Investment Authority, and Saudi-owned investment group Olayan could together own some 20-25% of Credit Suisse as a result of its share sale.

Investors have punished Saudi National Bank since it announced its plans to become Credit Suisse’s single biggest shareholder by acquiring a 9.9% stake worth USD 1.16 bn, Bloomberg reports. The bank has seen some USD 7 bn wiped off its market value since the transaction was announced last week, after analysts cast doubt on the benefits to SNB.

Also worth mentioning this morning:

  • M&A Watch: AD Ports Group is acquiring 80% of Dubai-based Global Feeder Shipping for AED 2.9 bn (USD 800 mn) in efforts to expand its global operations. (Statement, pdf)
  • A record-breaking recession in the UK? The Bank of England said it expects the UK economy to suffer its longest-ever recession as it raised interest rates by 75 bps on Thursday. (BBC)




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Interest rates CBE

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12.25% lending




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S&P 500


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FTSE 100


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Brent crude

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Natural gas (Nymex)

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The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 880.5 mn (18.3% below the 90-day average). Local investors were net buyers. The index is down 5.8% YTD.

In the green: Telecom Egypt (+4.3%), Egypt Kuwait Holding-EGP (+3.9%) and CIB (+1.2%).

In the red: Juhayna Food Industries (-3.5%), Alexandria Containers and Cargo Handling (-2.3%) and Cleopatra Hospitals (-1.9%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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