EGX 30 rises 1.12% as EFG Hermes drives IPO and debt flow

The EGX 30 closed up 1.12% at 52,557.6 points on May 5, while PRCL jumped 8.3%, according to the Cairo bourse. EFG Hermes was appointed sole global coordinator and bookrunner for Misr Life Insurance’s EGX IPO, ZAWYA reported on May 3 and May 4. The bank also concluded advisory work on Bedaya Mortgage Finance’s eighth securitization issuance worth EGP 1.91 billion, according to ZAWYA. In telecoms, Telecom Egypt formed a partnership with Huawei to deploy a 5G network, CairoScene reported. EFG Hermes is also targeting a $300 million investment in MindSpire, Argaam reported, without announcing a completed deal.