Taqa Arabia intends to offer its shares on the Egyptian Stock Exchange in 2023

Newsletter

16 Feb 2023

Taqa Arabia intends to offer its shares on the Egyptian Stock Exchange in 2023. The company expects to invest about 32 billion pounds during the period from 2023 to 2027. Khaled Abu Bakr, Chairman of the Board of Directors of “Taqa Arabia”, revealed that his company intends to offer its shares on the Egyptian Stock Exchange during the current year. Abu Bakr’s statements come at a time when the government is seeking to offer and sell parts of about 32 companies owned by it on the Egyptian Stock Exchange and to strategic investors within a year until March 2024. (Bloomberg Asharq)

Adnoc Distribution now owns half of one of Egypt’s largest fuel retailers
Adnoc Distribution, the distribution arm of UAE’s state oil company Abu Dhabi National Oil Company, has completed its acquisition of a 50% stake in fuel retailer TotalEnergies Egypt. The acquisition marks Adnoc’s entry into the Egyptian market. The transaction has been in the works since last July. Despite being a private company, it aims to take advantage of the momentum that the Egyptian market may witness after resuming the government IPO program. (Al Mal)
Egypt’s gas production is expected to remain flat this year but a raft of new exploration projects the government is planning in the next two years should raise output going forward
Production in the current fiscal year is likely to be around 6.4 bn cubic feet per day but plans to drill around 30 new wells this fiscal year and next should increase this. Adding five new liquefaction units to the Idku and Damietta plants could boost the country’s export capacity from 13 mn tons annually to 30 mn tons, Galal said. Expanding the terminals would take several years and require sizable investment, the newswire says. (Reuters)
Energean to inject 350 million USD into Egypt’s Abu Qir concession in 2023
London-based Energean PLC is planning to invest 350 million USD in the Abu Qir concession during 2023. The international company’s total investments in Egypt amount to 2 billion USD. He also added that Energean operates assets for exploration and production across nine countries in the Mediterranean and the North Sea. In December 2020, Energean had acquired the oil and natural gas concessions affiliated to Italy’s Edison in 2019, including assets in Egypt. (Bloomberg Asharq)
EFG Hermes’ second-largest shareholder, Tim Collins’ Ripplewood, has sold two thirds of its position in a series of block transactions on the EGX on Monday
Units of the US-based investment firm sold almost 92 mn shares at an average price of EGP 19.32 per share, taking home EGP 1.77 bn, EFG Hermes said in a disclosure (pdf). This reduced Ripplewood’s holdings from 11.7% to 3.9%. Collins and Ripplewood are long-time investors in Egypt and hold or have previously held shares in blue chip names including SOIDC, PHD, CIB and Edita alongside EFG Hermes. (EGX)
Abu Dhabi-based investment firm Chimera purchased a 2.62% stake in EFG Hermes via its newly-acquired local financial services firm, Beltone Financial
The firm purchased more than 30.5 mn shares for 590.6 million EGP. The latest addition to Chimera’s growing Egypt portfolio: Chimera, part of Sheikh Tahnoon bin Zayed’s Royal Group, has made a string of investments in Egypt over the past 12 months, most recently investing 200 million USD in local super-app MNT-Halan. It also acquired 45% of NBFS outfit GB Lease. (EGX)
El Sewedy Electric and Emirati firm Gulf Data Hub plan to invest 2.1 billion USD to build three data center complexes here
The firms signed an MoU on the sidelines of the World Government Summit in Dubai to build the three complexes, which together would form the African continent’s largest data hub. The project will be built out in three phases over 5-7 years, with each of the three data center complexes comprising four separate data centers. (EGX)
Mastercard, Copal to launch Egypt’s first family payments mobile app
MasterCard has inked a partnership agreement with Copal to launch Egypt’s first family digital payment and expenses management mobile application. The newly launched app aims to spread e-banking services by integrating youth into the banking system and the formal economy in a way that achieve Egypt’s financial inclusion goals. The solution will provide an innovative and more flexible cashless experience for all family members. (Arab Finance)
ODE seals deal with Egyptian authorities to untap additional value from El Gouna
Orascom Development Egypt (ODE) has signed an agreement with the Egyptian authorities to further support its long-term strategy to drive growth. The agreement builds on the government’s efforts to encourage private-sector investments. Moreover, the company has obtained the right to link its lagoon system to the sea via two new water canals to enhance water quality in existing and future projects. (Hapi Journal)
Egypt’s external debt slips 0.5% in Q1 FY 2022/2023
Egypt’s external debt inched down by 0.46% quarter-on-quarter (QoQ) during the first quarter (Q1) of fiscal year (FY) 2022/2023. The country’s external debt reached 154.98 billion USD at the end of Q1 FY 2022/2023, versus 155.708 billion USD at the end of Q4 FY 2021/2022. Total long-term debt of the North African nation stood at 127.572 billion USD in the first three months of the current fiscal year, while total short-term debt recorded 27.408 billion USD. (CBE)
Egypt, China consider enhancing cooperation in agricultural sector
Egyptian Minister of Agriculture and Land Reclamation Al-Sayed El-Quseir held a session of talks with Chinese Ambassador to Cairo Liao Liqiang to discuss ways of boosting joint cooperation between the two countries in the agricultural sector. The top officials voiced their countries’ aspiration to increase the exchange of agricultural commodities, as well as strengthen cooperation frameworks in developing high-productivity varieties that are tolerant of salinity. (Hapi Journal)