Today: Al Baraka Bank has secured approval for a share-swap acquisition of up to 90% of Al Tawfeek Leasing while Beltone Venture Capital and Citadel exited Bosta ahead of a potential IPO for the company, a subsidiary of Qalaa Holdings is preparing a 30–40% EGX listing, Al Ahly Sabbour has delayed its IPO plans due to regional tensions, and Obour Land posted 13% profit growth in Q1 2026.

🔔 EGX30 ended +1.9% by market close at 54,628 points, the EGX70 rose 1.4% to 14,702 points, and the EGX100 rose 1.7% to reach 20,553 points.

💸 The number of transactions reached 268,348 spread across 2,616,921,994 stocks leading to a turnover of EGP 12.303 billion.

🏷️ Regional investors were the only net sellers.

📈 Top gainers for the market as a whole included Alexandria Pharmaceuticals (+19.8%), Cairo Educational Services (+14.6%), and El-Nile Co. For Pharmaceuticals And Chemical Industries (+11.5%).

📉 Top losers for the market included Subscription Rights Of South Valley Cement (-23.4%), Creast Mark For Contracting And Real Estate Development (-3.9%), and Subscription Rights Of Alexandria New Medical Center (-3.8%).

⬆️ Top gainers for EGX30 included Raya Holding (+11.2%), Palm Hills Developments (+8.4%), and Ibnsina Pharma (+6.3%).

⬇️ Top losers included Heliopolis Housing (-1.6%), Misr Cement (-1.5%), and Valmore Holding -EGP (-1.2%).

Other Important Stats: 

🧈 24K Gold reached EGP 7,972 per gram, down 0.7% day-on-day and down 3.2% month-on-month.

💲 The USD reached EGP 52.52 at the National Bank of Egypt.

Al Baraka Bank Egypt (SAUD) has secured shareholder approval to proceed with a mandatory tender offer targeting up to 90% of Al Tawfeeq Leasing “AT Lease” (ATLC), according to a disclosure filed with the EGX. The transaction will be executed through a share swap with no cash consideration involved.

Under the proposed structure, AT Lease shareholders would receive 0.19 Al Baraka shares for every share they hold in the leasing company. The transaction assigns a value of EGP 26 per share to Al Baraka and EGP 4.99 per share to AT Lease, according to an assessment by an independent financial advisor.

Up to 63.2 million new shares to be issued:

To facilitate the acquisition, Al Baraka plans to issue as many as 63.2 million new shares in favor of AT Lease shareholders, effectively expanding the bank’s ownership in the leasing firm through an equity-based transaction.

Transaction traces back to October:

The acquisition plans have been in motion since last October, when Al Baraka notified the Financial Regulatory Authority of its intention to increase its existing 7.6% stake in AT Lease through a mandatory tender offer.

AT Lease expands beyond traditional leasing:

Established in 2005, AT Lease is one of Egypt’s established players in the non-bank financial services sector.

While financial leasing remains its core activity — covering machinery, vehicles, and production lines — the company has expanded its business model in recent years by adding factoring services in 2020 and mortgage finance activities in 2024.

The company also operates under Sharia-compliant financing principles, aligning closely with Al Baraka Bank’s Islamic banking model.

AT Lease reported consolidated net profits of EGP 270.6 million in FY2025, marking year-on-year growth of 25%.

Strategic rationale behind the acquisition:

The transaction would deepen Al Baraka’s exposure to Egypt’s growing non-bank financial services market, particularly leasing and factoring activities, which typically generate higher margins than traditional commercial banking operations.

The acquisition also strengthens the bank’s ability to offer a wider range of Sharia-compliant financing products under a unified platform, given that both institutions operate within the broader Dallah Al-Baraka ecosystem.

AT Lease’s securitization track record was also likely a contributing factor. The company has completed six securitization transactions totaling around EGP 8.3 billion, according to its website, highlighting the scale and maturity of its leasing portfolio.

Stocks react to the announcement:

AT Lease shares rose 2.3% by the end of yesterday’s session following the announcement to close at EGP 5.3 — above the EGP 4.99 valuation assigned by the financial advisor — bringing the stock’s gains since the start of 2026 to 28%. The stock is now up roughly 8% compared to levels recorded a year ago.

Meanwhile, Al Baraka Bank Egypt shares climbed 1.7% to close at EGP 24.8, remaining below the EGP 26 implied valuation in the transaction. The stock has gained nearly 61% since the beginning of 2026 and is up 112% over the past 12 months.

🚚 Beltone Venture Capital, part of Beltone Holding (BTFH), and Citadel International Holdings have exited their investment in Egyptian logistics player Bosta, generating a 75% internal rate of return, with the buyer and valuation undisclosed. The exit marks Beltone VC’s fifth since its 2023 launch and comes as Bosta is reportedly preparing for a USD 170 million IPO on the Egyptian Exchange later this year.

📊 Obour Land for Food Industries (OLFI) reported a 13% year-on-year increase in consolidated net profit for Q1 2026, reaching EGP 208.1 million, according to its latest financial results. Revenues also rose to EGP 2.95 billion from EGP 2.55 billion over the same period, supported by stronger sales performance across its food products portfolio. It’s worth noting that the company has seen a rough start to the year, with its share price down 9.8% since the beginning of 2026. However, its share value is still up 25.1% compared to levels recorded 12 months ago

🚢 The logistics arm of Qalaa Holdings (CCAP), National River Ports Management, is reportedly preparing to list a 30–40% stake on the Egyptian Exchange, with a potential valuation of around EGP 1 billion, according to Al Arabiya. The company, which operates key river port infrastructure and handled 1.1 million tons of coal and petcoke last year, is part of Qalaa’s broader plan to list five of its subsidiaries on the EGX over the next two years and reduce leverage.

🏗️ Al Ahly Sabbour has postponed its planned Egyptian Exchange listing until regional conditions stabilize, Zawya reported. The developer had been preparing a 20–25% stake sale, with IPO plans originally in motion since 2017, but has now put the process on hold to avoid volatility risk.

Today:

Alexandria Container and Cargo Handling Co - record date for EGP 0.991 per share. The distribution date is May 14.

Edita Food Industries - record date for EGP 0.863 per share. The distribution date is May 14.

Juhayna - record date for EGP 0.4 per share. The distribution date is May 14.

United Company for Housing and Development - record date for EGP 0.125 per share. The distribution date is May 14.

13 May:

Pyramisa Hotels and Resorts - distribution date for EGP 4 per share. The record date was May 10.

Nozha International Hospital - record date for EGP 0.239 per share. The distribution date is May 14.

📉 The Central Bank of Egypt has cut its real GDP growth forecast to 4.9% for FY2026, down from 5.1%, and now expects 4.8% growth next year versus a prior estimate of 5.5%, according to its Monetary Policy Report for Q1 2026. The revision reflects spillovers from the Iran–US conflict, particularly its impact on tourism and Suez Canal revenues. Inflation expectations were also revised higher, with headline inflation now seen averaging 16–17% in 2026, compared to earlier expectations of returning to the 7% ±2% target range.

🏨 The government is planning to offer 20 new public-private partnership investment opportunities in the second half of 2026 from the Endowments Authority’s real estate portfolio, an official told EnterpriseAM. The pipeline includes land plots, residential units, and assets targeted for conversion into hotels, particularly within the Historic Cairo development framework. However, execution challenges remain significant, as the authority’s EGP 137 billion property portfolio is partly constrained by old rent structures, legal disputes, and unresolved land encroachments, the source told the news outlet.