Today: We have news that France’s Africa Global Logistics is looking to purchase Egytrans-Nosco and delist it from the Exchange + news that Gadwa and its key subsidiaries posted weak first-quarter results, while sister company Pioneers Properties bucked the trend.

But before we start… a quick programming note: The EGX will be off tomorrow in observance of the June 30 Revolution anniversary, and so will we. Enjoy the long weekend — and we’ll be back in your inboxes on Sunday morning.

🔔 EGX30 ended +1.3% by market close at 50,487 points, the EGX70 rose 2.1% to 15,503 points, and the EGX100 increased 2.0% to reach 21,141 points.

💸 The number of transactions reached 166,054 spread across 1,727,947,238 stocks leading to a turnover of EGP 7.803 billion.

🏷️Local investors were the only net buyers. 

📈 Top gainers for the market as a whole included Delta For Printing & Packaging (+20.0%), Golden Textiles & Clothes Wool (+20.0%), Alexandria New Medical Center (+19.5%)

📉 Top losers for the market included Misr Oils & Soap (-4.6%), Egyptian Financial & Industrial (-4.1%), and Rakta Paper Manufacturing (-3.4%).

⬆️ Top gainers for EGX30 were ADIB (+6.9%), Raya Holding (+5.2%), and Egypt Aluminum (+4.3%).

⬇️ Top losers for EGX30 included Beltone Holding (-1.0%) and Palm Hills Developments (-0.3%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,491 per gram, up 1.1% day-on-day but down 16.3% month-on-month.

💲 The USD reached EGP 49.18 at the National Bank of Egypt.

France’s Africa Global Logistics has notified Egytrans-Nosco (ETRS) of its intention to launch a mandatory tender offer targeting up to 100% of the EGX-listed company's shares, with a minimum execution threshold of 75%, and with the aim of delisting it from the exchange, according to a disclosure filed with the EGX.

The indicative offer price ranges from EGP 11.25 to EGP 12.25 per share, though the final price remains subject to change pending the outcome of due diligence.

The French company says it has the funds readily available to complete the deal, with a proof-of-funds letter prepared for submission to the FRA. The company has also left the door open to settling the offer in USD or EUR rather than EGP, pending regulatory sign-off from the FRA and the Central Bank of Egypt

Market reaction:

ETRS shares rose 3.4% by the end of yesterday’s session following the news to close at EGP 10.7. This makes it up 32.9% since the beginning of the year, and up 64.9% compared to levels recorded a year ago.

The offer comes as the company is investing in growth:

Egytrans, which last year merged with National Transport and Overseas Services Company (Nosco) in the Egyptian Exchange’s first-ever reverse merger, is planning to channel EGP 310 million into two new logistics projects in the second half of this year, Managing Director Abeer Leheta told Asharq Bloomberg earlier this month.

The larger share of the investment, EGP 200 million, will be allocated to a truck marshalling yard in Port Said, developed in partnership with Nafith International. The facility is designed to organize and direct freight traffic before entry into port facilities, helping improve cargo flows and reduce congestion.

The remaining EGP 110 million will fund the development of a logistics warehouse in Ain Sokhna on Egypt's Red Sea coast that is expected to begin operations during the second half of 2026, providing storage and integrated logistics services.

Regional expansion is also underway:

Leheta said that the company's Saudi operations began actual work this year, after establishing a new company in partnership with Links Investments — in which Egytrans-Nosco holds the controlling stake — with the new entity having already won contracts and commenced work on projects in the kingdom.

Gadwa for Industrial Development (GDWA) swung to a net loss of EGP 381.80 million in the first quarter of 2026, a sharp reversal from net profit of EGP 635.40 million in the same period a year earlier, according to a disclosure filed with the EGX. Revenue also took a significant hit, nearly halving to EGP 3.26 billion from EGP 5.32 billion in Q1 2025. 

The company attributed the weaker performance to regional geopolitical tensions, disruptions to global supply chains and shipping routes, and continued volatility in key raw material prices.

Refresher on the company:

Gadwa for Industrial Development was established in October 2021 following the horizontal demerger of Pioneers Holding, which carved out its industrial assets into the newly created Gadwa while its real estate arm was spun off into a sister company, Pioneers Properties for Urban Development (PRDC), and its financial services arm continued under a new name, Aspire Capital Holding for Financial Investments.

Gadwa holds stakes in several EGX-listed subsidiaries, including:

– Electro Cable Co (ELEC)

– Arab Dairy Products Co. “Panda” (ADPC)

– Universal for Paper and Packaging Materials (UNIP)

Subsidiaries feel the pressure:

1- Electro Cable Co — which contributed around 60% of Gadwa's revenue — swung to a consolidated net loss of EGP 241.71 million during the first quarter of 2026, compared with a net profit of EGP 451.35 million in the same period last year, according to an EGX filing. Sales also declined to EGP 2.09 billion from EGP 3.72 billion a year earlier. 

The company attributed the weaker results to volatile global copper and aluminum prices, higher freight costs, shipping-related delays in raw material deliveries, and elevated financing costs.

2- Panda reported a sharp deterioration in first-quarter performance, with net losses widening 288% to EGP 122.9 million, according to an EGX disclosure. The weak result came alongside a steep drop in revenue, which fell to EGP 564 million from EGP 776 million as sales momentum slowed.

The company attributed the weaker performance to challenging export markets, compounded by higher shipping costs and longer delivery times.

3- Universal for Paper saw its net profit plunge more than 72% year-on-year in the first quarter of 2026, falling to EGP 2.97 million, according to a disclosure filed with the EGX. Net sales also edged down to EGP 376.11 million from EGP 387.43 million a year earlier.

Meanwhile, its sister company Pioneers Properties reported strong results:

Pioneers Properties reported a 62.93% year-on-year increase in consolidated net profit during the first quarter of 2026, bringing in EGP 450.62 million, according to its earnings release. Revenue also increased to EGP 1.90 billion in the first quarter of 2026, up from EGP 1.53 billion a year earlier.

Real estate remained the group's largest contributor, accounting for 50% of revenue, followed by contracting at 44%, while rental income made up the remaining 5%, the company said.

The company also said its contracting backlog expanded to approximately EGP 13.6 billion by the end of the first quarter, up from EGP 10 billion a year earlier, providing stronger revenue visibility.

Dates to keep an eye out for

July 7:

Delta Insurance - record date for 0.1 bonus shares per original share. The distribution date is July 8.

Housing and Development Bank - record date for 1 bonus share per original share. The distribution date is July 8.

Misr Hotels - record date for 1 bonus share per original share. The distribution date is July 8.

July 15:

Hepco for Commercial Investments and Real Estate Development - record date for 0.8 bonus shares per original share. The distribution date is July 16.

July 29:

GB Corp - distribution date for EGP 0.15 per share. The record date was April 26.

July 30: 

Misr Fertilizers Production - distribution date for EGP 1 per share. The record date was May 3.

Talaat Moustafa Group - distribution date for EGP 0.15 per share. The record date was May 18.

💵 Egypt raised JPY 80 billion (USD 500 million) through sustainability-linked Samurai bonds in Japan — its first such issuance in the Japanese market — issued in five and 10-year tranches at yields of 2.87% and 3.5% respectively, backed by a USD 500 million partial credit guarantee from the African Development Bank covering 100% of principal on both bonds, a government source told EnterpriseAM. The deal closes out Egypt's international debt placements for FY 2025/26 at USD 4 billion, with the Finance Ministry already planning a further USD 3-4 billion in social bonds and international sukuk for the coming fiscal year, the source added.

💰Foreign and Arab investors poured a net USD 8.76 billion into Egypt's secondary government debt market in June alone, with a single-day inflow of USD 901 million recorded on Tuesday, Al Arabiya reports. The hot money surge — which brought Q2 2026 net inflows to USD 11.66 billion and year-to-date flows to roughly USD 11.6 billion — has powered a sharp rally in the pound, pushing the dollar down 5.8% against the Egyptian currency in June.