Today: Taqa Arabia has secured a foothold in Egypt’s military-owned fuel retail network through a 10% stake in the operator of 172 Wataniya stations, while AD Ports Group has raised its bid for Alexandria Containers by nearly 20% in a renewed effort to gain control of one of Egypt’s most strategic port assets.

🔔 EGX30 ended -0.9% by market close at 50,818 points, the EGX70 fell 1.4% to 14,986 points, and the EGX100 dropped 1.4% to reach 20,616 points.

💸 The number of transactions reached 224,441 spread across 3,700,621,324 stocks leading to a turnover of EGP 10,724 billion.

🏷️International investors were the only net buyers. 

📈 Top gainers for the market as a whole included KORRA (+19.5%), Tycoon Holding (+9.6%), Arab Valves Company (+8.9%).

📉 Top losers for the market included Subscription Rights Of Aspire Capital (-7.6%), Creast Mark For Contracting And Real Estate Development (-7.2%), and Aspire Capital (-6.9%).

⬆️ The only gainer for EGX30 was Orascom Construction (+1.5%), GB Corp (+1.1%), and CIB (+0.5%).

⬇️ Top losers for EGX30 included Ibnsina Pharma (-4.0%), Misr Cement (-3.2%), and Abu Qir Fertilizers (-3.2%).

Other Important Stats: 

🧈 24K Gold reached EGP 7,164 per gram, down 10.4% month-on-month.

💲 The USD reached EGP 51.93 at the National Bank of Egypt.

Egypt's largest private energy distributor has finally closed a deal it has been chasing since late 2023. Taqa Arabia (TAQA), a subsidiary of Qalaa Holdings (CCAP), has acquired a 10% stake in Quick Fuel — a newly incorporated entity created to manage and operate 172 fuel stations trading under the Wataneya brand, owned by the Egyptian Armed Forces' National Service Projects Organisation (NSPO). The deal also grants Taqa the right to acquire an additional 15% once Quick Fuel proceeds with an eventual Egyptian Exchange listing.

Prime Minister Mostafa Madbouly framed the transaction as part of Egypt's ongoing privatisation drive and its commitment to expanding private sector participation across key economic activities. Taqa Arabia CEO Pakinam Kafafy called it a significant milestone in the company's strategy to deepen its presence in Egypt's fuel distribution sector.

A long time coming:

Taqa first submitted a non-binding offer for a Wataneya stake in November 2023, qualified for the second round, and was invited to begin due diligence — only for the deal to stall. Wataneya itself has been in the government's divestment pipeline since at least 2020, with Abu Dhabi National Oil Company, Shell, and Vivo Energy all evaluating the asset before walking away. Settling for a 10% transfer to a domestic buyer and deferring a fuller exit to a future listing marks a meaningful shift in strategy.

The asset and its context:

Wataneya operates 294 stations nationwide — representing an estimated 7% of Egypt's fuel retail market — though the current deal covers only 172 of them. The divestiture is also part of Egypt's USD 8 billion IMF loan programme, which requires a reduction in the military's commercial footprint. Worth noting: NSPO already holds a 20% cross-shareholding in Taqa Arabia, acquired from Qalaa Holdings in July 2023 at a reported 46% discount to market value.

Broader privatization pipeline:

The deal arrives as the government prepares to accelerate its divestment calendar, with Misr Life Insurance targeted for an offering between this month and July, Banque du Caire to follow, and two further state-owned listings in the pipeline.

AD Ports Group is back at the table with a significantly improved offer for Alexandria Container and Cargo Handling Company (ALCN), raising its proposed acquisition price by nearly 20% in a renewed push to secure a controlling stake in one of Egypt's most strategically significant port operators.

The revised offer, submitted through AD Ports' wholly owned vehicle Black Caspian Logistics Holding Limited, values ALCN shares at EGP 27.47 apiece — up from EGP 22.99 per share in the group's initial approach late last year. The mandatory tender offer covers up to 90% of the company, with AD Ports seeking to lift its current 19.33% stake — equivalent to 575.9 million shares — to a minimum of 51%. The offer remains under review by Egypt's Financial Regulatory Authority.

The timing is notable: ALCN's stock closed down just 0.07% to EGP 28.15 on the day of the announcement, with the new bid representing a discount of roughly 2.5% to the prevailing market price — a sign of how far the stock has run since the original offer was floated.

Why this asset matters:

Founded in 1984 as Egypt's first dedicated container handling company, ALCN operates two major terminals at the ports of Alexandria and El Dekheila on the Mediterranean coast. Together they handled approximately 1.07 million twenty-foot equivalent units in the 2024-2025 financial year, against a total installed capacity of 1.5 million TEUs — implying a utilization rate of 71%. The company sits at the heart of Egypt's broader logistics ambitions, which include plans to modernize its port network and position the country as a regional hub for trade and transit cargo linked to the Suez Canal corridor.

The government's hand:

Any deal faces a significant structural hurdle: Egyptian government entities collectively hold around 43% of ALCN, split between the Maritime and Land Transport Holding Company — which falls under the Ministry of Transport — and the Alexandria Port Authority. The Transport Holding Company made its position clear in January, publicly stating it had no intention of selling any part of its stake in response to AD Ports' initial approach. Whether that position has since shifted remains to be seen.

Strong financials add to the prize:

The renewed bid comes as ALCN continues to deliver robust earnings. The company posted a 10% year-on-year increase in net profit to EGP 1.94 billion in the first quarter of 2026, with revenues rising 4% to approximately EGP 2.15 billion. For a suitor of AD Ports' scale, the combination of earnings momentum, Mediterranean gateway positioning, and Suez Canal adjacency makes ALCN a compelling — if contested — target.

Dates to keep an eye out for

Tomorrow:

Misr Beni Suef Cement - record date for EGP 10 per share. The distribution date is June 21 (revised from June 18).

June 21:

Launch of futures contracts for CIB and Talaat Moustafa Group (revised from June 18).

The United Bank - record date for EGP 0.75 per share. The distribution date is June 24.

24 June:

Abu Qir Fertilizers - distribution date for EGP 1.30  per share. The record date was April 19th.

National Housing for Professional Syndicates - record date for EGP 1.75 per share. The distribution date is June 29.

EFG Holding - record date for EGP 0.278 per share. The distribution date is June 29.

Kafr El Zayat Pesticides - record date for 0.2 bonus shares per original share. The distribution date is 25 June.

Suez Canal Company for Technology Settling - record date for EGP 13 per share. The distribution date is June 29.

Al Shams Housing and Urbanization - record date for EGP 0.050 per share. The distribution date is June 29.

28 June:

Eastern Company - distribution date for EGP 0.45 per share. The record date was May 20th.

29 June:

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

💰 The European Bank for Reconstruction and Development is targeting EUR 7.5 billion in financing for Egypt over the next five years, with real estate developers among the intended beneficiaries — provided they build green. Under the lender's current strategy, at least half of its annual investments must go toward green economy initiatives.

💸 The Finance Ministry is expanding the asset base underpinning its local sukuk programme with a new land allocation in Zafarana, following last year's EGP 200 billion launch backed by Red Sea land in Ras Shukeir, a senior government official tells EnterpriseAM. The state retains full ownership of the land — investors receive only usufruct rights for the duration of the instrument — with new issuances expected to price around 3-4 percentage points below conventional debt.