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Wednesday, 15 March 2023

THIS EVENING: Will Misr Ins. Holding sell a 20% stake? PLUS: Credit Suisse shares hit a new low

Happy almost-THURSDAY, wonderful people. We’re nearly at the end of what has shaped up to be a rather busy week.

THE BIG STORIES TODAY

#1- The EGX30 extended its slide today, closing 4.15% down to bring the index’s year-to-date return to a slim 0.9%. Qalaa Holdings, Sidi Kerir Petrochemicals, and Heliopolis Housing and Development led the index’s decline today, while banking stocks also closed in the red.

#2- Misr Ins. Holding gearing up for 20% stake sale? The Sovereign Fund of Egypt (SFE) is reportedly planning to offer 10-20% of state-owned Misr Ins. Holding after the company was transferred in its entirety to the SFE, Al Borsa reports, citing an unnamed source it says has knowledge of the matter.

THE BIG STORY ABROAD

Credit Suisse’s shares tanked today, closing down nearly 29% after the Saudi National Bank — its biggest investor — said yesterday it would not provide the Swiss bank with any further financial assistance. The story is leading the conversation in the international business press this afternoon, with front-page coverage on the Financial Times, the Wall Street Journal, Reuters, Bloomberg, and CNBC.


** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • CI Capital offering at least 10% of Safi, Wataniya to strategics? The Madbouly government has reportedly tapped CI Capital to market stakes of at least 10% in military-owned bottled drinks firm Safi and fuel retailer Wataniya to strategic investors.
  • Local startups are regaining access to their SVB deposits: At least five local and regional startups have regained access to their deposits at the collapsed Silicon Valley Bank (SVB).
  • Egypt’s economy grew 3.9% y-o-y in 2Q FY 2022-2023, according to preliminary data from the Planning Ministry.

FOR TOMORROW-

RiseUp 2023: This year’s RiseUp Summit will take place at the Grand Egyptian Museum from tomorrow through to this Saturday, 18 March.

???? CIRCLE YOUR CALENDAR-

Egypt is playing host to PPP MENA Forum: The two-day Public-Private Partnership MENA Forum kicks off at the Nile-Ritz Carlton in Cairo on 19 March, bringing together over 300 regional and international PPP players to discuss new partnership models and projects to advance the region’s socio-economic growth. Discussions held under the patronage of Prime Minister Moustafa Madbouly will include policies for infrastructure projects, private funding for national projects, governance, and best practices.

☀️ TOMORROW’S WEATHER- After a cooler few days, the weather is set to warm up again tomorrow to peak at 26°C during the day, with a nighttime low of 13°C, our favorite weather app says.

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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