🔔 Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.

Today: Orascom Construction shareholders back the OCI merger, Ibnsina Pharma secures EGP 1.3bn for green expansion, and Gourmet’s IPO kicks off as Alexandria Pharma and Alexandria Container report their H1 earnings.

🔔 EGX30 ended +0.85% by market close at 46,857 points, the EGX70 dropped 0.52% to 12,717 points, and the EGX100 fell 0.03%  to reach 17,312 points

💸 The number of transactions reached 172,863 spread across 1,971,576,137 stocks leading to a turnover of EGP 6.7 billion.

🏷️ International investors were the only net buyers.

📈Top gainers across the broader market Ismailia National Food Industries (+13.48%), Macro Group Pharmaceuticals (+10.37%), Prime Holding(+7.62%)

📉 Top losers: Digitize for Investment And Technology(-4.98%), El Nasr For Manufacturing Agricultural Crops (-4.95%), Atlas For Investment and Food Industries (-4.89%.)

⬆️ Top gainers for EGX30 included Sidpec (+6.4%), Raya Holding (+6.4%), and Juhayna (+4.9%).

⬇️ Top losers included: Credit Agricole (-2.6%), Misr Cement (-2.2%), and Fawry (-1.9%).

Other Important Stats: 

🧈 24K Gold reached EGP 7,845 per gram, up 1.61% day-on-day and up 13.94% month-on-month.

💲 The USD reached EGP 47.04 at the National Bank of Egypt.

🤝 Orascom Construction shareholders approved the merger with OCI Global and a capital increase to USD 207.4 million, signaling regional readiness for the deal. However, the transaction remains stalled by a Dutch court ruling that prevents OCI Global from voting and subjects the merger to a potential veto. (Read more in our Deeper Look section.)

💰The EBRD is providing an EGP 1.3 billion loan to Ibnsina Pharma (ISPH) to finance a new eco-friendly warehouse and support long-term working capital. The project aims to cut CO2 emissions by 207 tons annually and enhance the company's competitiveness as it expands its distribution network

💸Gourmet (GOUR) is looking to raise up to EGP 1.3 billion by offering a 47.6% stake at an indicative price of EGP 6.20–6.90 per share, giving the company a market cap between EGP 2.5 billion and EGP 2.8 billion. The institutional offering began yesterday and runs through Thursday, while retail investors have until February 4 to subscribe. The final price is expected next Sunday, with trading likely to commence on the EGX around February 9.

⬇️Alexandria Container and Cargo Handling (ALCN) reported a marginal 2% decline in net profit to EGP 3.34 billion for the first half of the current fiscal year (ending December 2025). This slight dip followed a 4% decrease in revenues, which fell to EGP 3.78 billion compared to the same period last year. It’s worth noting that the company’s share value is up 7% over the past six months.

💵Net profit for Alexandria Pharmaceuticals and Chemical Industries (AXPH) rose 27.2% to EGP 288.88 million during the first half of 2025/2026 (July–December). Revenues also increased to EGP 1.7 billion, up from EGP 1.56 billion. The company’s share value is up almost 41% in the last six months.

Today:

Misr Oils and Soap (MOSC)  - dividend record date for EGP 0.50 per share. The distribution date is January 29.

January 29, 2026:

Misr Chemical Industries (MICH) - dividend distribution date for EGP 2 per share. The record date was November 3.

📈BMI has raised its growth forecast for Egypt to 5.3% for the current fiscal year, making it the most optimistic outlook among major institutions. This growth is expected to be driven by a stable exchange rate and a projected 600 bps of interest rate cuts in 2026. While inflation is cooling, experts warn that the economy remains vulnerable because half of its foreign reserves rely on "hot money" (short-term portfolio inflows), which can exit the market quickly if investor sentiment shifts.

𖣘 Chinese giant Sany Group is planning to establish Egypt’s first wind turbine factory, marking a major step toward localizing heavy renewable energy components. This ambitious project represents a significant industrial upgrade over solar manufacturing, as it requires massive infrastructure and precision engineering to produce large-scale blades and towers.

Orascom Construction secured near-unanimous shareholder backing to acquire OCI Global’s construction business, with 98.01% of votes cast in favor.

Investors also approved a capital increase to USD 207.4 million and authorized issuing new shares at an exchange ratio of 0.4634 Orascom shares for each OCI share, paving the way for a combined infrastructure platform with a USD 14 billion backlog.

Deal structure:

The merger is designed as a share-swap, after which OCI Global would be liquidated and delisted from Euronext Amsterdam. The newly issued Orascom shares are expected to be listed on the ADX, integrating the two companies into a single investment and construction platform.

Legal hurdle delays completion:

Despite strong shareholder support, the transaction is on hold following a Dutch court ruling that blocks OCI Global from completing the merger. The court has appointed independent directors with veto powers, potentially requiring Egypt’s richest man and company owner Nassef Sawiris to adjust the deal or offer additional investor protections before the merger can move forward.

Stay curious, stay invested — we’ll see you tomorrow.

Your daily market lens, signing off.