Taqa Arabia's second EGX debut shows stability after initial chaos | Zilla Capital

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12 Jul 2023

Taqa Arabia’s second EGX debut shows stability after initial chaos

Taqa Arabia’s second EGX debut shows stability after initial chaos. Taqa Arabia’s second debut on the Egyptian Exchange (EGX) was significantly calmer, with shares experiencing fewer fluctuations compared to its initial listing. The company’s shares closed at EGP 20.00, marking a 125% increase from the initial valuation of EGP 8.90 per share. Trading volume was moderate, with 801.3k shares changing hands in 843 transactions. Circuit breakers, which suspend trading when shares rise or fall by 20%, were temporarily suspended for the first two days to allow shares to reach a realistic value. The first day of trading saw a surge of 83,000% due to mistaken trades. (Enterprise)

Annual core inflation skyrockets to 41% in June.
Egypt's inflation continues to surge as the General Urban Consumer Price Index for June 2023 soared to a monthly average of 2.1%, contrasting with a negative rate the previous year. The annual general inflation rate reached 35.7%, indicating a worrying increase from the previous month. The core consumer price index also experienced a notable rise, with a monthly average of 1.7% and an annual rate of 41.0%. (Arab Finance)
Egypt attracts 7 million tourists in the first half of 2023.
Egypt sets new tourism records as over 7 million tourists visit the country in the first half of 2023, surpassing last year's figures by more than 40%. The Tourism Ministry aims to achieve a record-breaking 15 million tourist arrivals this year. The Tourism Promotion Board chief expresses optimism for the full-year results, hoping to establish a new milestone for Egyptian tourism. (Enterprise)
Ezz Dekheila Steel takes a bold move with voluntarily delisting from stock exchange tables.
"Ezz Dekheila Steel" opts for voluntary delisting from Egypt's stock exchange, offering to buy out dissenting shareholders at a price of 1,250 Egyptian pounds per share. The company plans to finance the share repurchase through a long-term foreign loan. The move aims to maximize ownership for both "Ezz Steel" and existing shareholders, while the government's stake in the company is also expected to be acquired. (Asharq)
4 billion EUR European Investment fuels Novi projects until 2030.
Egypt and the European Investment Bank sign 4 billion EUR partnership for sustainable infrastructure and clean energy transition. Ongoing cooperation with Egypt amounts to 3.5 billion EUR, including recent 15 million USD agreement to support energy efficiency and renewable energy investments. (Arab Finance)
Ministry of Finance: 39 global companies embrace simplified VAT registration system.
Egypt's simplified VAT registration system attracts 39 international non-resident e-commerce companies, including Amazon, Google, Facebook, and Apple, among others. The system eliminates the need for physical entities in Egypt, allowing online platforms to register for VAT online and pay taxes on their sales to the end consumer. (Economy Plus)
46% surge in Egypt's iron and steel exports in just 5 months.
Egypt's cast iron and steel exports soar by 46% in the first 5 months of 2023, reaching approximately 943 million USD. Spain emerges as the top importer with 188 million USD, followed by the United States with 104 million USD. Romania records the highest growth rate of 354%, importing 101 million USD worth of Egyptian iron and steel. (Arab Finance)
House of Representatives approves disability fund, NGO development alliance and a World Bank loan for rail infrastructure.
On Monday, 10^th of July, Members of Parliament (MPs) voted on a 400 million USD loan from the World Bank to power rail infrastructure. MPs also voted on the establishment of a 1 billion EGP fund to support Disabled people. During to what could be one of the last sessions of 2022-2023 legislative sessions, MPs voted for a draft bill to set up an organization that will work on development projects in collaboration with civil society groups. (Enterprise)
Local gold prices edge up, 21-carat reaches 2,190 EGP.
Gold prices show modest gains in local markets as global stock exchange sees an increase in ounce value. Prices in local markets rose by 20 pounds at the beginning of trading, with 21-carat gold reaching 2,190 pounds per gram. However, gold prices had fallen by 5 pounds the previous day. (Hapi)
Actis emerges as top contender to acquire 580-MW wind farm in Egypt's Red Sea.
Al Actis is set to acquire the 580-MW Gabal El Zeit wind farm in Egypt, according to a government source. Actis was chosen based on its strong financial offer and technical expertise, after a review by an SFE-led committee. The next steps involve due diligence, inspection of the facilities, and consultation with experts before Actis makes a final offer. (Enterprise)