Author
Harsh Batra
Harsh Batra
Equity markets across the Middle East and Asia are being drained. The movement I flagged last week in Teaser India is reaching the Middle East too, with capital fleeing the region while sovereign wealth funds line up orders for shares worth several billions of dollars in SpaceX’s initial public offering.
According to Bloomberg, PIF and KIA have each placed orders worth between $1 billion and $5 billion, with QIA also joining the offering with a significant commitment.
If you have been paying attention to Teaser Middle East, you know this is not an isolated movement. The number of new offerings in the region has slumped since the start of the year, in the wake of the outbreak of the Iran war.
The continuous pressure on regional equity markets is, ever more frequently, leading companies to pull their IPOs. This fortnight alone, MGC withdrew from its TASI offering (which could have raised $800 million) and Egypt’s Banque du Caire postponed its EGX listing (now expected in November).
In M&A, the deal highlights of this fortnight are:
- L’IMAD Holding tightened its grip on Abu Dhabi National Energy Company (TAQA) after its subsidiary Abu Dhabi Power Corporation completed the acquisition of a further 9.095 billion shares, lifting its stake to 98.12% of the energy and water utility’s issued capital.
- AD Ports Group advanced its bid to consolidate control of Alexandria Container & Cargo Handling Company, filing through Black Caspian a mandatory offer to buy 32% of Alpha Oryx‘s capital and up to 4.3% of the free float, at EGP 27.47 per share.
- Egyptian fintech MNT-Halan reinforced its position as one of the region’s leading digital financial platforms after completing the first close of a round led by Al Ahly Capital, the investment arm of the National Bank of Egypt, in a transaction that valued the company at $1.4 billion.
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The rumour mill
- Saudi Arabia | Almajed Oud announced that it and the selling shareholders have signed a non-binding offer to acquire all shares in a group of companies representing “Al-Safa Pharmaceuticals and Medical Supplies” and several related assets in Saudi Arabia and the GCC
- Saudi Arabia | Is all out war for Delivery Hero. The company, first approach by Uber, now reportedly has more bids beign weighted. The competitor is Ninja, a Saudi quick-commerce group, and it aims Delivery Hero’s Middle East portfolio, including its Saudi unit HungerStation and a joint acquisition of Dubai-based Talabat
Outbound M&A
- France | The Bahrain-based Alba has agreed to acquire Aluminium Dunkerque, the European Union’s largest aluminium smelter, in a deal valued at about $2.2 billion
- India | Watad Group acquires Indian AI firm Anomapro
- Ireland | Mubadala has acquired a $200 million stake in Greenlink, a joint venture between Equitix and Baltic Cable that operates a 504-MW subsea electricity interconnector between Great Britain and Ireland
- Portugal | Webook Saudi platform acquires Portuguese SmartMove
- Spain | Masdar acquires stake in Repsol’s 705MW operational renewables portfolio. The portfolio comprises six solar PV plants with a combined capacity of 303MW, with the remaining capacity from wind farms
- Spain | The government of Spain has given the all-clear to Turkish Airlines’ bid to purchase a minority stake in Spanish airline Air Europa. The deal is valued at €300 million for between 25% and 27% of Air Europa, with the precise percentage to be determined at closing
- Turkey | Unifonic has acquired Turkey’s Segmentify, a company specializing in AI-driven personalization and marketing technology
- UK | London-based mining multinational Anglo American is shortlisting buyers for its 85% stake in diamond producer De Beers, with the UAE and Oman both in the running to help Botswana secure a “strategic stake” in the firm
- USA | Gulf Capital announced the completion of the exit from Eclat through a Management Buyout, returning the full ownership of Eclat to its founders and management team
- USA | BladeRanger acquired the US-based electric mobility platform Envoy Technologies Inc for approximately $14 million
- USA | Gilat acquired Comtech’s Satellite & Space Communications for $157.5 million, creating a company exceeding $700 million in projected annual revenue
- Uzbekistan | Asyad Group expands global footprint with acquisition of a controlling stake in Uzbekistan’s logistics platforms
Job moves
- Egypt | Kamran Bader appointed Chief Data, Analytics and AI Officer at Commercial International Bank (CIB) Egypt
- Saudi Arabia | Abdulmalik Abdullah Alothaim has been promoted to Chief Executive Officer at Abdullah Al Othaim Markets
- Saudi Arabia | Alkhorayef Water and Power Technologies appoints Mohammed Alkhorayef as Chairman and Faisal Al-Duwaish as Vice Chairman, following board changes at the Tadawul-listed water and power firm
- Saudi Arabia | NADEC appoints Amr Al-Jalal as Vice Chairman of the National Agricultural Development Company
- Saudi Arabia | RATIO Specialty CEO Abdullatif Al-Mulhim resigns from the Nomu-listed company
- Saudi Arabia | Takween Advanced Industries CEO resigns, with Marawan Jreige named Acting CEO of the Tadawul-listed plastics and packaging manufacturer
IPOs
- Egypt | Banque du Caire’s long-awaited IPO hit the snooze button again, with investment banks pushing investor roadshows to September or October to sidestep the summer lull
- Saudi Arabia | Mutlaq Al-Ghowairi Contracting Company (MGC) has withdrawn an initial public offering that could have raised $800 million, the largest so far in the Kingdom
- Saudi Arabia | Yaqeen Capital Company annouced the Offering Price of MSGA Investment Company. The equities are going to be negotiated at SAR 6 per share, comprises of ordinary shares representing 10.00% of the issued share capital of the Company
Fundraising
- Egypt | Blnk raises a $12.5 million Series A to fund consumer finance growth
- Egypt | MNT-Halan secures new funding, taking its valuation to $1.4 billion
- India | ADIA joins a $293 million capital raise by India’s ACME Solar
- Saudi Arabia | Al Kuzama Trading secures a $9 million Islamic facility
- Saudi Arabia | Arabian Pipes secures CMA approval on a 26% capital hike via a bonus issue
- Saudi Arabia | BinDawood Holding secures SAR 217.8 million in Murabaha financing
- Saudi Arabia | D360 Bank, the digital lender led by an investment consortium including Derayah Financial and the Public Investment Fund, seeks to raise nearly SAR 1.5 billion through a capital increase, according to a report
- Saudi Arabia | King Abdullah Financial District Development and Management Company (KAFD DMC), the PIF-owned developer and operator of Riyadh’s KAFD, secures a SAR 12 billion, 15-year senior-secured Murabaha facility, its first independently arranged debt, from a syndicate of ten local and regional banks
- Saudi Arabia | Saudi Advanced Industries Company (SAIC) renews a SAR 100 million Shariah-compliant credit facility with Alinma Bank to support its investment expansion, on a one-year tenor backed by a promissory note and a pledge over part of its investment portfolio
- UAE | Anara Impact Capital raises $48 million for a new MENA-focused fund
- UAE | BNPL fintech Tabby lands a $200 million Series D at a $1.5 billion valuation, ahead of a planned IPO
- UAE | Hub71 startups surpass USD 2.7 billion in collective funding as Abu Dhabi strengthens its tech ecosystem
- UAE | Zuvees raises USD 1.6 million to scale its global gifting platform across the Middle East and beyond
