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

Today: Raya Holding okays revised preliminary offer for Raya Foods, and updates from Egytrans, Madinet Masr, & more

🔔 EGX30 ended +0,21% by market close at 41,508 points, the EGX70 rose 0.76% to 13,089 points, and the EGX100 increased 0.57% to reach 17,281 points.

💸 The number of transactions reached 137,445 spread across 2,836,880,064 stocks leading to a turnover of EGP 5.5 billion.

🏷️ Regional investors were the only net sellers.

📈 Top gainers for the market as a whole included South Cairo & Giza Mills & Bakeries (+20.0%), North Cairo Mills (+16.11%), and Alexandria Flour Mills (+13.64%).

📉 Top losers for the market included Subscription Rights Of Copper For Commercial Investment(-17.65%), Digitize for Investment And Technology (-9.05%), and GTEX For Commercial And Industrial (-5.26%).

⬆️ Top gainers for EGX30 included Raya Holding (+4.3%), Rameda (+2.2%), and Misr Cement (+1.5%).

⬇️ Top losers included Egypt Aluminum (-1.5%), Qalaa Holdings (-1.3%), and Orascom Construction (-1.3%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,857 per gram, up 0.79% day-on-day and up 7.68% month-on-month.

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

✅ Raya Holding approved a revised Helios offer to fully acquire Raya Foods, with the final decision pending valuation and negotiations. The company is Egypt’s second largest exporter of frozen fruits and vegetables. (Read more in our Deeper Look section.)

⬇️Egyptian Transport & Commercial Services “Egytrans”(ETRS) reported a 43.5% year-on-year drop in net profit for the first nine months of 2025, down to EGP 111.3 million. Meanwhile, revenues climbed sharply from EGP 580.3 million in 9M 2024 to EGP 901.9 million, reflecting higher transport activity despite falling margins.The company’s share price is up 56% since the start of 2025.

💵 Al Khair River for Development, Agriculture Investment, and Environmental Services (KRDI) saw its net profit rise 45.3% to EGP 71.1 million in 9M 2025. Revenues jumped from EGP 201.6 million to EGP 339.7 million, showing strong growth in its agricultural and environmental services. The company’s shares are up almost 8% since the beginning of the year. 

🏘️ Madinet Masr (MASR) signed a memorandum of understanding with Forward Construction and Real Estate Investment to execute construction works valued at EGP 1.45 billion within its  flagship development Sarai. The agreement covers execution of 95 villas, and construction work is expected to finish by the end of 2027. MASR’s shares are up 12% since the start of the year.

👷Arab Co. for Asset Management And Development (ACAMD) received a proposal from from Tatweer Co. to develop its 24,800 sqm land in Tanta. Under the deal, ACAMD would hold 32% of the partnership. Two initial payments of EGP 50 million each are planned, one at contract signing and one within a month of license issuance. The proposal will be reviewed in the next board meeting. ACAMD's share value is up 58% since the start of the year.

December 25, 2025 (today):

Wadi Kom Ombo Land Reclamation (WKOL) - dividend record date for EGP 7.07 per share. The distribution date is 30 December.

CIRA Education (CIRA) - dividend record date for EGP 0.343 per share. The distribution date is 30 December.

E-Finance For Digital and Financial Investments (EFIH) - dividend record date for EGP 0.174 per share. The distribution date is 30 December.

December 28, 2025:

Al Shams Housing and Urbanization (ELSH) - dividend distribution date for EGP 0.05 per share. The record date was 23 December.

☀️Egypt is preparing to sign a final agreement with Norway’s Scatec in Q2 2026 to develop a 5,700 MW solar power and storage project, the country’s largest to date, a government official told Asharq Business. The plan includes 1,700 MW of solar plants in Minya and 4,000 MW of battery storage, spread across multiple sites including Abu Qir, Nag Hammadi, and south Cairo, with the Egyptian Electricity Transmission Company set to purchase all generated power. The project reflects growing international confidence in Egypt’s renewable energy sector, and is in line with the government’s target of sourcing 42% of its electricity mix from renewable sources by 2030.

📝Egypt’s Investment Ministry is exploring a land-swap plan to create logistics zones in six African countries, Investment Minister Hassan El Khatib said. The idea is for Egypt to secure land in these countries for export hubs, while the partner countries would receive land at Egyptian ports. The private sector would manage the zones, with possible involvement from Mostakbal Misr to oversee operations, expanding the ministry’s reach into regional trade infrastructure beyond agriculture and reclamation.

Raya Holding has moved a step closer to selling its food arm after its board signed off on a revised proposal from Helios Investment Partners to acquire full ownership of Raya Foods The final decision will hinge on negotiations led by the board and a fair value assessment by the transaction’s independent financial advisor, after which shareholders will be able to review the offer.

Background on the deal:

In October last year, London-based Helios submitted an offer to purchase up to 49% of Raya Food for USD 40 million. The deal then valued the company at USD 65 million, but Helios then made a second offer that has not been disclosed to the public.

Importance:

Raya Foods, established in 2016, is Egypt's second-largest exporter of frozen fruits and vegetables, exporting to over 50 countries. The company contributed 4.3% (about EGP 1.95 billion) of Raya Holding’s total revenues for 9M 2025, which stood at  EGP 45.5 billion.

Where could the money be going?

Raya Holding said last year that it would earmark a portion of the proceeds to fund expansion of another one of its subsidiaries, “Aman Consumer Finance”, according to an interview from the firm's CEO Ahmed Khalil with Asharq

Market response:

Raya Holding’s share price rose 4.33% on the news to become the EGX30’s top gainer, bringing its gains since the start of the year to 19.93%.

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

Your daily market lens, signing off.