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Monday, 28 November 2022

Aramco’s Luberef to make its Tadawul debut in transaction worth as much as USD 1 bn

Saudi Aramco subsidiary Luberef plans to go public by selling a c.30% stake on the Tadawul, according to the company’s intention to float (pdf). Jadwa Industrial Investment Company is the selling shareholder, while Saudi Aramco will retain its 70% stake in the company, the ITF reads. Luberef plans to announce the indicative price range for its shares and will carry out the bookbuilding process from 4-9 December, according to its IPO website. The final share price will be announced alongside the final prospectus on 11 December, followed by the retail subscription period from 14-15 December. The company has yet to determine its planned first day of trading.

Advisors: SNB Capital Company is the lead manager on the transaction, and is joined by HSBC Saudi Arabia, Citigroup Saudi Arabia, and Morgan Stanley Saudi Arabia as joint financial advisors, bookrunners, global coordinators, and underwriters. Moelis & Company UK is an independent advisor to Saudi Aramco.

EU wants to double its sin tax on smokes: The EU will propose more intense tobacco taxes in an effort to reduce smoking rates in the bloc, according to a draft European Commision document seen by the Financial Times. The amendments include doubling the EU minimum excise duty on cigarettes to EUR 3.60 from EUR 1.80 per cigarette pack, and introducing duties ranging from 20-40% on vapes.

Up

EGX30

13,009

+1.8% (YTD: +8.9%)

Up

USD (CBE)

Buy 24.51

Sell 24.60

None

USD at CIB

Buy 24.52

Sell 24.58

None

Interest rates CBE

13.25% deposit

14.25% lending

Down

Tadawul

10,796

-1.3% (YTD: -4.3%)

Down

ADX

10,528

-0.1% (YTD: +24.0%)

Down

DFM

3,305

-0.6% (YTD: +3.4%)

Down

S&P 500

4,026

-0.0% (YTD: -15.5%)

Up

FTSE 100

7,487

+0.3% (YTD: +1.4%)

Up

Euro Stoxx 50

3,962

+0.0% (YTD: -7.8%)

Up

Brent crude

USD 83.74

+0.1%

Down

Natural gas (Nymex)

USD 6.98

-0.6%

Down

Gold

USD 1,768.30

-0.0%

Up

BTC

USD 16,471

+0.1% (YTD: -64.1%)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 1.93 bn (36.2% above the 90-day average). Regional investors were net sellers. The index is up 8.9% YTD.

In the green: AMOC (+9.3%), Ibnsina Pharma (+7.8%) and Alexandria Containers and Cargo Handling (+7.4%).

In the red: Credit Agricole (-1.1%), GB Auto (-0.8%) and Fawry (-0.8%).

It’s red as far as the eye can see in Asia as traders worry that the most significant protests we’ve seen in China in more than a decade could spread. Unrest in the world’s second-largest economy has also helped send oil prices to their lowest level this year. Futures suggest markets in Western Europe, the US, and Canada will open under selling pressure later today, with Paris’ CAC 40 the sole exception.

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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