Today: Nassef Sawiris announced a final bid for OCI Global that could help revive the company's proposed merger with Orascom Construction. We also have news that a subsidiary of Orascom Investment is planning a multi-billion investment at Giza Plateau + news that Korra Energi secured a new project and reported its financial results for Q1.

🔔 EGX30 ended -2.1% by market close at 50,344 points, the EGX70 fell 2.9% to 15,069 points, and the EGX100 decreased 2.7% to reach 20,615 points.

💸 The number of transactions reached 202,122 spread across 2,118,463,754 stocks leading to a turnover of EGP 7.407 billion.

🏷️Local investors were the only net buyers. 

📈 Top gainers for the market as a whole included Tycoon Holding (+20.0%), Rubex International for Plastic and Acrylic Manufacturing (+11.3%), Catalyst Partners Middle East (+4.6%).

📉 Top losers for the market included Subscription Rights Of Aspire Capital (-9.7%), Lecico Egypt (-8.7%), and Egyptian Arabian(Themar)Comp. For Securities&Bonds Brok (-7.4%).

⬆️ Top gainers for EGX30 were ADIB (+0.8%) and Misr Cement (+0.3%).

⬇️ Top losers for EGX30 included Ibnsina Pharma (-6.2%), Orascom Construction (-6.0%), and Kima (-5.5%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,504 per gram, up 1.4% day-on-day but down 15.9% month-on-month.

💲 The USD reached EGP 49.37 at the National Bank of Egypt.

The long-running battle over the future of OCI Global may be approaching a turning point after Nassef Sawiris' investment vehicle, NNS Holding, confirmed that its EUR 4.10-per-share offer for the company is final, potentially paving the way for a resolution to the deadlock surrounding OCI's proposed merger with Orascom Construction (ORAS).

Merger remains at the heart of the proposal

While OCI's board has backed the offer, its support comes with an important condition: the cash bid must proceed alongside the planned merger with Orascom Construction rather than replace it. Directors said minority shareholders should retain the ability to participate in the combined infrastructure company instead of being forced to accept cash and exit their investment.

The two independent directors appointed by a Dutch court earlier this year, who currently hold veto powers over the merger process, have yet to disclose their position on the latest proposal.

Bid values OCI at nearly EUR 867 million

NNS Holding, the Cyprus-based investment vehicle that manages Sawiris' private family wealth, filed the proposed all-cash offer with Euronext Amsterdam on 24 June before clarifying two days later that the EUR 4.10 per share price would not be increased.

The company added, however, that it would be prepared to sell its own shares should another bidder emerge with a superior proposal that delivers greater value to all shareholders.

Based on OCI's closing price of EUR 4.02 prior to the announcement, the offer represents a premium of just under 2% and implies an equity valuation of approximately EUR 866.6 million, according to EnterpriseAM.

Family already controls majority stake

As of mid-April, Nassef Sawiris owned 49.21% of OCI Global, while other members of the Sawiris family held an additional 9.07%, giving the family a combined stake of 58.28%.

As a result, the offer effectively targets the approximately 41.72% of shares held by other investors, including Morgan Stanley, and the company's public shareholders.

Dispute dates back to planned infrastructure combination

OCI and Orascom Construction first announced plans in September 2025 to combine their operations and create an Abu Dhabi-based infrastructure group. Although both companies approved the transaction by December, a Dutch court intervened in January following concerns raised by minority shareholders over potential conflicts of interest.

The court subsequently appointed two independent directors and granted them powers to oversee the process and protect minority investors. Shortly afterward, Sawiris stepped down as OCI's executive chairman, a move widely viewed as an effort to address governance concerns.

Separately, Sawiris increased his stake in Orascom Construction in April through NNS City, raising his ownership to 43.39%.

Next steps

NNS expects to submit its formal offer memorandum to Dutch regulators in the coming days, with the tender offer expected to launch once regulatory approval is secured.

Market reaction

Orascom Construction shares fell 6% yesterday after declining 7% during Thursday's session. Despite the recent pullback, the stock remains up 59.4% since the start of 2026 and has gained 117.5% over the past twelve months.

Orascom Pyramids for Entertainment Projects, a subsidiary of Orascom Investment (OIH), plans to raise its total investment at the Grand Egyptian Museum and Giza Pyramids area to roughly EGP 2 billion by 2027, adding EGP 500 million next year alone, CEO Amr Gazarin told Al Arabiya Business. The company has invested about EGP 1.5 billion to date, entirely self-funded.

Strong revenue growth

Revenue from the Pyramids area is projected to land between EGP 3 billion and EGP 3.5 billion this year, growing annually at 20% to 25%, driven by rising visitor numbers and improved services.

Visitor targets

The company aims to welcome around 5 million visitors to the Pyramids area next year and roughly 6 million at the museum, up from current levels, with Gazarin stressing the focus is on maximizing the value of each visit rather than just visitor counts.

No room to expand

Gazarin said the site's archaeological sensitivity and ongoing excavation work rule out any geographic expansion, so development plans rely entirely on improving service quality and operational efficiency within the existing footprint, in coordination with authorities and under UNESCO World Heritage oversight.

Dining over retail

Rather than expanding into conventional retail, the company is focused on premium dining as a key revenue driver, citing its Khufu and 9 Pyramids Lounge restaurants. Monthly operating expenses currently stand at around EGP 10 million and are expected to rise alongside visitor growth.

Gazarin added that Orascom Pyramids operates under a fixed-term government contract limited to the Pyramids area, meaning it cannot replicate the model elsewhere for now.

Recent stock performance

Its parent company Orascom Investment has seen a good start to the year, with its share price up 20.5% since the beginning of the year. This leaves it up 34.3% compared to levels recorded a year ago.

Korra Energi (KORA) reported largely flat bottom-line results for the first quarter of 2026, with net income slipping a marginal 0.3% year-on-year to EGP 119 million, even as revenue similarly held nearly steady, dipping 0.7% to EGP 1.77 billion, according to the company's earnings release.

Operational performance improves beneath the surface

The headline numbers mask a notably stronger operational quarter. Gross profit jumped 42.5% year-on-year to EGP 373 million. Operating profit climbed even further, up 31.9% to EGP 260 million, a gain the company attributed to better project execution and tighter cost controls.

Currency swings erase the gains

Those operational improvements, however, were largely wiped out by currency movements. The company posted EGP 14.6 million in foreign exchange losses this quarter, a sharp reversal from the EGP 52.1 million in FX gains it recorded in the same period last year — a swing that explains why net income failed to reflect the underlying strength in the business.

A new contract win in pharma manufacturing

The earnings come alongside a fresh contract win for the company. Korra Energi said it secured the construction works package for the GennVax Egypt vaccine manufacturing plant in the Ain Sokhna Economic Zone, with a contract value of EGP 470.7 million and the potential for up to EGP 100 million in additional work depending on project needs. The scope covers the full civil, architectural, and electromechanical works for the plant, including production buildings, warehouses, water treatment stations, administrative facilities, and exterior finishing, all built to pharmaceutical and vaccine-industry technical standards. Chairman Ayman Korra said the project supports Egypt's push to localize vaccine production and strengthen pharmaceutical security, adding that the company — which has completed work on 38 pharmaceutical plants to date — continues to view the sector as a strategic priority.

Recent stock performance

Korra ended yesterday up 0.3%, and has seen its share price rise 12.8% since its listing on the EGX on June 11, closing yesterday’s session at EGP 3.35.

Dates to keep an eye out for

Today:

Suez Canal Company for Technology Settling - distribution date for EGP 13 per share. The record date was June 24.

Misr Cement - distribution date for EGP 5 per share. The record date was April 22nd.

National Housing for Professional Syndicates - distribution date for EGP 1.75 per share. The record date was June 24.

EFG Holding - distribution date for EGP 0.278 per share. The record date was June 24.

E-Finance - distribution date for EGP 0.119 per share. The record date was June 24.

Al Shams Housing and Urbanization - distribution date for EGP 0.050 per share. The record date was June 24.

July 2:

EGX is off in observance of the June 30 Revolution anniversary.

⛽ Egypt's petroleum sector grew 0.7% in the third quarter of FY 2025/26, marking its first expansion since early 2023/24, driven by higher domestic output of crude, condensates, and LPG, a government statement said. The turnaround follows a string of government moves to revive the sector, including clearing USD 6.1 billion in arrears to foreign oil partners, sweetening profit-sharing terms, and launching a USD 1.3 billion drilling campaign targeting 101 wells this year.

⚓ Egypt expects to complete a USD 457 million expansion of Wepco's Al Hamra Petroleum Port in New Alamein by December, more than doubling its crude storage capacity to 5.3 million barrels from 2.5 million, Asharq reported, citing an unnamed official. The project — a partnership between state-owned Wepco and the UAE's Fujairah — will eventually push storage capacity to 20 million barrels of crude and 400,000 tonnes of refined products by 2030, complementing a new pipeline linking the Midor refinery to the port that will let Egypt import, refine, and re-export petroleum products.