Latest news with #EgyptianStockExchange
CairoScene
01-05-2025
- Business
- CairoScene
Egyptian Fintech Bokra Issues $58.9M Sukuk to Boost Islamic Fintech
The 84-month Mudaraba sukuk, structured and managed by Bokra, is listed on the Egyptian Stock Exchange. May 01, 2025 Egyptian fintech startup Bokra has issued its first Sharia-compliant sukuk (Islamic bond), raising EGP 3 billion (approximately $58.9 million) to support small and medium-sized enterprises (SMEs) through Aman Project Finance, a subsidiary of Aman Holding. The 84-month Mudaraba sukuk, structured and managed entirely by Bokra, has been rated BBB+ by MERIS and is listed on the Egyptian Stock Exchange. Institutional investors such as Suez Canal Bank, Arab African International Bank, and Al Baraka Bank participated in the issuance, with Al Ahly Pharos acting as lead arranger. This marks Bokra's entry into the project finance space and expands its asset-backed product offerings aimed at providing inflation-hedged investment options. Aman Holding CEO Hazem Moghazi stated that the funds will be used to diversify the company's Islamic lending portfolio, with a particular focus on Egypt's underserved SME segment. Bokra received its fintech license from Egypt's Financial Regulatory Authority (FRA) in 2024, enabling fully digital onboarding and electronic contracting. This development follows its $4.6 million pre-seed round in 2023, led by DisrupTech Ventures and SS Capital, which financed the launch of its app and early-stage expansion into the MENA region. Founded in 2023, Bokra offers fractional investment opportunities tailored to users' risk profiles, aiming to reach Egypt's unbanked majority, an estimated 63% of adults. The sukuk also introduces a new pricing model designed to offer SMEs a viable financing alternative amid Egypt's high-interest rate environment.
Zawya
01-05-2025
- Business
- Zawya
Egypt's Korra Energi to boost capital through IPO: Chairman
Egypt's energy solutions firm Korra Energi aims to use nearly 70% of the proceeds from its upcoming initial public offering (IPO) on the Egyptian Stock Exchange this year to boost capital and fund expansions, the company's Chairman Ayman Korra told Zawya. The company had planned to offer 20% of its shares in the first half of 2025 and the IPO was provisionally listed on the Egyptian bourse for issuance last December. However, Korra now expects the process to be delayed until the beginning of the second half of this year to complete the necessary procedures. '70% (of the IPO's proceeds) will go towards increasing the capital, including financing expansions. The remaining portion will likely go to the shareholders,' Korra said. The chairman said he expects private placement to account for 80% of the offered shares, while 20% to be in public offering. Korra Energi has selected Professionals for Investment Banking company as the advisor for the planned IPO. Korra said the company plans to expand locally and internationally and is currently working to open branches in Saudi Arabia and Iraq this year. This will be followed by a study of available projects, he added. Founded in 1997, Korra Energi specializes in providing energy efficiency solutions and contracting services. Its issued capital is around EGP450 million ($8.8 million).
Iraq Business
01-05-2025
- Business
- Iraq Business
"Advanced Talks" on $17bn Mega-Project in Iraq
By John Lee. Talaat Moustafa Group Holding (TMG Holding) has confirmed that it is in advanced negotiations with Iraq's National Investment Commission (NIC) to develop a large-scale mixed-use project southwest of Baghdad, marking a major step in its regional expansion. The project, spanning approximately 14 million square metres [14,000 donums; 1,400 hectares], is expected to comprise around 45,000 mixed-use residential and commercial units. The company says the project aims to replicate TMG's integrated city model successfully implemented in Egypt and Saudi Arabia, incorporating sustainability, smart technologies, and comprehensive infrastructure. In a statement to the Egyptian Stock Exchange, TMG said it estimates the project will generate total sales of around $17 billion, with annual recurring revenues exceeding $1.5 billion once fully operational. The group anticipates receiving the land allocation from the Iraqi authorities by year-end. This initiative, to be developed through TMG Saudi, aligns with the company's strategy to boost foreign exchange earnings, hedge against local currency volatility, and reinforce its leadership in exporting real estate and tourism models to regional markets. TMG Holding stated that it will continue to update shareholders on any material progress regarding the Iraq project, in line with Egyptian Stock Exchange disclosure requirements. (Source: TMG Holding)
Egypt Today
10-03-2025
- Business
- Egypt Today
EGX sees main indices barely holding onto the green zone amid Foreign selling
Cairo – March 10, 2025: The Egyptian Stock Exchange ended today's trading session on Monday with a collective rise in the indices. Benchmark index EGX 30 closed with an increase of 0.02 percent, at a level of 31,125.5 points, with the Shariah index slipping 0.19 percent to reach 3,317.09 points. EGX 70 inched upwards by 0.03 percent to reach 8,620.32 points, EGX 100 climbing up 0.11 percent to end the session with 11,969.41 points. Monday trading reported over 1.181 billion shares exchanged with a turnover of LE 3.332 billion. Market capitalization was recorded at LE 2.2891 trillion. Trading on securities saw Egyptian and Arab investors as net buyers with LE 1.3 million and LE 137.2 million, respectively. Foreign traders were net sellers with LE 138.5 million. Individual investors accounted for 68.75 percent of total market trading, while institutional investors made up 31.24 percent. The top gains of the session were by Minapharm Pharmaceuticals which surged by 14.45 percent, Acrow Misr by 10.35 percent, and Upper Egypt Flour Mills by 6.48 percent. The largest losses were by Asek Company for Mining – Ascom which fell by 5.52 percent, and El Ahram Co. For Printing And Packing by 3.7 percent.
Egypt Today
06-03-2025
- Business
- Egypt Today
EGX closes higher on Thursday, led by local and Arab buyers
CAIRO – 6 March 2025: The Egyptian Stock Exchange (EGX) ended Thursday's trading session in positive territory, with its major indices recording gains. The benchmark EGX 30 index rose by 0.23 percent to close at 30,947.44 points. Similarly, the EGX 70 index increased by 0.19 percent, ending the session at 8,549.66 points, while the EGX 100 index gained 0.23 percent to reach 11,867.56 points. The total value of trades for the session amounted to LE 4.292 billion, with 74,909 transactions executed. By the end of the session, the market capitalization stood at LE 2.283 trillion, reflecting investor confidence in the market. Egyptian and Arab investors were net buyers, with net purchases of LE 858.497 million and LE 10.614 million, respectively. Foreign investors, on the other hand, were net sellers, offloading shares worth LE 869.112 million. Market participation was largely dominated by Egyptian investors, who accounted for 80.3 percent of total transactions. Foreign investors represented 12.84 percent of the market activity, while Arab investors contributed 6.87 percent.
