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

Today: EKHO exits Delta Insurance in EGP 5 bn deal, Catalyst boosts capital to EGP 14 bn after dual acquisition and KIMA sells Aswan land plots.

🔔 EGX30 ended +0.29% by market close at 37,687 points, while the EGX70 rose 0.69% to 12,079 points, and the EGX100 also inched up 0.74% to reach 15,836 points.

💸 The number of transactions reached 135,843 spread across 2,137,030,563 stocks, leading to a turnover of EGP 6.6 billion.

🏷️ Local investors were the sole net buyers.

📈 Top gainers for the market as a whole included Elsaeed Contracting & Real Estate Investment (+14.41%), Saudi Egyptian Investment & Finance (+10.74%), and Misr Beni Suef Cement (+8.07%).

📉 Top losers for the market included October Pharma (-6.77%), North Cairo Mills (-5.67%), and Gadwa For Industrial Development (-4.07%).

⬆️ Top gainers for EGX30 included Misr Cement (+7.7%), Egypt Aluminum (+4.5%), and Beltone Holding (+2.3%).

⬇️ Top losers included Qalaa Holdings (-1.8%), Orascom Construction (-1.7%), and Abu Qir Fertilizers (-1.4%).

🧈 24K Gold reached EGP 6,422 per gram, up 0.51% day-on-day and up 10.72% month-on-month.

💲 The USD reached EGP 47.54 at the National Bank of Egypt.

✅️ Egypt Kuwait Holding (EKHOA) approved the sale of its entire 63.39% stake in Delta Insurance (DEIN) to Morocco’s Wafa Assurance, which launched a mandatory tender offer for up to 125 million shares — representing 100% of the company — at EGP 40 per share, valuing the transaction at up to EGP 5 billion. The offer aims to give Wafa full ownership of Delta Insurance and could lead to a potential delisting from the EGX. (Read more in our Deeper Look section.)

⬆️ The EGX approved a major capital increase for Catalyst Partners Middle East (CPME) — Egypt’s first SPAC (special purpose acquisition company) — raising its authorized capital from EGP 1 billion to EGP 14 billion and its paid-in capital to EGP 3.02 billion, following its acquisitions of Qardy for Digital Applications and Catalyst Partners Holding. The company’s shares, valued at EGP 10 each, will begin trading today, restricted to institutional and qualified investors. Remember, SPACs, also known as “blank check companies,” are publicly traded shell corporations created to acquire or merge with privately held firms to enable the latter to IPO. SPACs raise capital through an IPO, store the money in a trust, and are typically given a specific period (18–24 months) to acquire or merge with a potential company.

🌱 Egyptian Chemical Industries Company “KIMA” (EGCH) has approved the sale of four land plots with a total area of 113,000 square meters. According to a disclosure to the Egyptian Exchange, the plots are located in different areas of Aswan, including the KIMA zone, the old Friendship Road, the Poultry area in El Shallal, and the entrance of the new Friendship area in El Seil. Remember, the company reported a net profit of EGP 986.96 million for FY2024/2025, down from EGP 2.54 billion in the previous year. Revenues rose, however, to EGP 8.6 billion, compared with EGP 6.53 billion the year before.

📢 The EGX announced it will open the special transactions market for Misr Beni Suef Cement (MBSC) starting today through October 30, following the company’s decision to repurchase 2.5 million treasury shares at EGP 170 apiece— a move worth a total of EGP 425 million. Companies typically proceed with buybacks to support their share price, improve earnings per share, or signal confidence in their financial outlook.

Abu Qir Fertilizers (ABUK) - dividend distribution date for EGP 2 per share. The record date was yesterday.

Middle and West Delta Flour Mills (WCDF) - dividend record date for EGP 36 per share. The distribution date is set for October 29, 2025.

Memphis Pharmaceuticals (MPCI) - dividend record date for EGP 13.187 per share. The distribution date is set for October 29, 2025.

October 27, 2025 (tomorrow):

Arab Drug Co (ADCI) - dividend record date for EGP 8.333 per share. The distribution date is October 30, 2025.

October 28, 2025:

Nile Pharmaceuticals and Chemical Industries (NIPH) -  dividend record date for EGP 2 per share. The distribution date is November 2, 2025.

📈 Remittances from Egyptians abroad surged 47.2% in the first eight months of 2025 to reach a record USD 26.6 billion, with August inflows alone jumping 32.6% YoY to USD 3.5 billion, according to Central Bank data. As one of Egypt’s key sources of foreign currency, remittances remain vital to supporting economic stability and the state’s long-term financial goals. (Read more in our Deeper Look section.)

✂️ The Egyptian government is studying a proposal to exempt holders of investment fund certificates from taxes on profits in an effort to boost participation from both individuals and institutions in the local market, a government source told Asharq Business. Currently, dividends from investment funds in Egypt are taxed at 5% for individual investors and 15% for companies. The tax break is expected to be included in a legislative amendment early next year, the source added, noting that it would cover all types of funds — including private equity, real estate, and gold funds — as part of broader efforts to attract more capital inflows after cumulative interest rate cuts of 525 basis points since the beginning of the year.

🛢️ Egypt’s natural gas production rose for the first time in three years in August, according to a statement by Oil Minister Karim Badawi on Thursday, and reached 4.21 billion cubic feet per day in September, up about 110 million cubic feet from June. Despite the uptick, Egypt became the region’s top LNG importer, having brought in 6.46 million tons so far this year, surpassing Kuwait. Badawi said the rebound reflects growing investor confidence, with Eni, Shell, BP, and TotalEnergies announcing new investment programs to expand exploration and production over the next five years.

Egypt Kuwait Holding (EKHO) has approved the sale of its entire 63.39% stake in Delta Insurance (DEIN) to Morocco’s Wafa Assurance, which launched a mandatory tender offer (MTO) for up to 125 million shares — representing 100% of Delta’s capital — at EGP 40 per share, valuing the transaction at up to EGP 5 billion. 

Valuation reports show prices closely aligned:

The decision follows an independent valuation by Graviton Financial Advisory, which set Delta’s fair value at EGP 39.5 per share, close to the offer price. A separate valuation by BDO Keys placed the fair value slightly higher at EGP 40.54 per share.

Wafa Assurance’s bid aims to acquire up to 125 million shares, representing 100% of Delta’s capital, with a minimum execution threshold of 51%. The Moroccan insurer is seeking full ownership of Delta Insurance and a potential delisting from the EGX.

Delta’s board of directors welcomed the offer, describing it as an attractive opportunity for shareholders that would strengthen the company’s competitiveness and support growth in both the Egyptian and regional markets.

Delta Insurance had more than doubled its net profit in the first half of 2025 to EGP 461.1 million, compared with EGP 224.9 million a year earlier. Consolidated revenues for the same period climbed to EGP 587.6 million from EGP 345.3 million.

Egypt Kuwait Holding reported a 1% year-on-year rise in net profit for the first half of 2025, reaching USD 101 million, driven by solid performances from its subsidiaries Sprea Misr, NatEnergy, and Alexfert.

The figure was affected by the absence of a one-off gain from last year’s devaluation, when the EGP moved from 30.9 to 49.5 per US dollar. Adjusted for that effect, EKHO said net profit would have more than doubled year-on-year.

On the top line, revenues rose 32% year-on-year to USD 397 million, supported by broad-based growth across its portfolio.

Remittances from Egyptians abroad surged 47.2% during the first eight months of 2025, reaching a record USD 26.6 billion, up from USD 18.1 billion in the same period last year, according to data from the Central Bank of Egypt.

In August alone, inflows climbed 32.6% YoY to USD 3.5 billion, compared with USD 2.6 billion in August 2024.

For the fiscal year 2024/25, total remittances jumped 66.7% YoY to an all-time high of USD 36.5 billion, compared with USD 21.9 billion in FY 2023/24.

The final quarter of 2024 alone brought in USD 8.74 billion, up sharply from USD 4.93 billion in Q3 2024 — more than double the figure.

The rise in remittances from Egyptians abroad was a key driver behind the improvement in the current account deficit, which narrowed to USD 15.4 billion from USD 20.8 billion a year earlier.

This marks a sharp turnaround from last year, when remittances had dropped to USD 22.1 billion as the parallel exchange market diverted flows away from official channels.

The rebound followed the EGP flotation in March 2024, which eliminated the black-market premium and restored confidence in the formal banking system.

Remittances remain a vital source of foreign currency and a cornerstone of Egypt’s economic resilience.

The government aims to grow inflows by 10% annually, targeting USD 53 billion by 2030 as part of its long-term strategy to strengthen external finances.

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

Your daily market lens, signing off.