Today: Korra Energi plans to list around 11% of its shares on the EGX, down from a previous 20% target, while a group of major banks is bidding to advise on a broader government IPO program that could include up to 30 state-owned companies.

🔔 EGX30 ended +0.1% by market close at 52,421 points, the EGX70 rose 0.5% to 13,882 points, and the EGX100 rose 0.4% to reach 19,432 points.

💸 The number of transactions reached 224,581 spread across 2,646,970,723 stocks leading to a turnover of EGP 9.468 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Egyptian Arabian “Themar” Comp. For Securities & Bonds (+20.0%), Misr Oils & Soap (+20.0%), and Nozha International Hospital (+17.4%).

📉 Top losers for the market included Suez Canal Company For Technology Settling (-5.7%), Rakta Paper Manufacturing (-4.8%), and Egyptian for Tourism Resorts (-3.4%).

⬆️ Top gainers for EGX30 included Raya Holding (+5.1%), Qalaa Holdings (+3.6%), and Abu Qir Fertilizers (+3.1%).

⬇️ Top losers included GB Corp (-2.5%), Heliopolis Housing (-2.4%), and Misr Cement (-2.3%).

Other Important Stats: 

🧈 24K Gold reached EGP 8,042 per gram, up 0.3% day-on-day and up 4.6% month-on-month.

💲 The USD reached EGP 52.63 at the National Bank of Egypt.

Energy solutions firm Korra Energi is planning to float around 11% of its shares on the Egyptian Exchange, down from an earlier 20% target after delays pushed the timeline back, CEO Ayman Korra told Zawya.

The offering is expected to be split 60% private placement and 40% retail, with Prime Capital appointed as IPO manager pending approval from the Financial Regulatory Authority.

Korra Energi – which has an issued capital of EGP 450 million – operates across power generation, energy efficiency, construction, and utilities, with over 25 years of experience and more than 3,000 employees, and the planned offering would add to a growing pipeline of private-sector listings, though no timeline has been set.

Four major investment banks — CI Capital, Al Ahly Pharos, EFG Hermes, and Arqaam Capital — have submitted bids to Egypt’s state ownership unit to advise on and promote upcoming government IPOs, according to Asharq. The unit is also studying expanding its pipeline to around 30 state-owned companies across sectors, as part of efforts to revive a divestment program that has slowed in recent phases.

Today:

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

Samad Misr - record date for EGP 3.83 per share. The distribution date is April 30.

Telecom Egypt - record date for EGP 1.5 per share. The distribution date is April 30.

Egyptian International Pharmaceuticals - record date for EGP 1.5 per share. The distribution date is April 30.

Zahraa Maadi Investment and Development - record date for EGP 0.15 per share. The distribution date is April 30.

💰 Egypt’s Finance Ministry is set to more than double capital injections into state entities to EGP 125.3 billion in the next budget, using debt-for-equity swaps to clean up balance sheets and reduce reliance on sovereign-backed borrowing, according to government documents reviewed by EnterpriseAM. The move is part of a broader effort to cut debt-to-GDP to 78% by June 2027 and address IMF concerns over rising public-sector debt exposure.

⚡ A joint venture between Hynfra and Coxswains has tripled first-phase investment to USD 5 billion for its Ras Banas green ammonia project in Egypt, targeting 400,000 tons of annual output initially and up to 1 million tons as it scales, according to a cabinet statement. The project, backed by dedicated renewable power and export infrastructure, already has secured offtake agreements expected to generate USD 490 million annually. The project is one of many seeking to position Egypt as a clean energy export hub.

🏗️  Egypt plans to tender the management and operation of the New Alamein downtown towers to local and international consortia before end-2026, aiming to recover around EGP 37 billion in investments by 2036, Asharq reported yesterday. The move is part of a broader strategy to transform the North Coast into a year-round economic hub targeting 12% annual growth and millions of residents and jobs.

🔌 The government has scrapped the 11pm curfew on commercial activity introduced earlier this month as part of energy rationing measures. However, mandatory work-from-home on Sundays will remain in place indefinitely, alongside upcoming incentives to encourage households and factories to shift toward solar energy.