EGX 30: 10,987 (-0.3%) weekly change, (-21.3%) YTD
Traded Value 1W Avg: EGP 664M , (+14.4%) above 90D Avg.
EGP:USD: 15.70 (+0.2%) weekly change
Juhayna appoints Mohamed El-Dogheim as new chairman
The board of directors of Juhayna voted to appoint Mohamed Abdullah El-Dogheim, a board member at Juhayna since 1983, as the company’s chairman. Last week, the company’s former Chairman Safwan Thabet was arrested pending an investigation. (Zawya)
Speed Medical approves MoU with Saudi Elaj Medical Group
Speed Medical and Saudi Elaj to establish a reference lab in Egypt, sponsored by Diagnostics global, which is represented by Elaj in the MiddleEast, with speed medical owning a 25% stake. The JV will also be investing in medical laboratories in Libya, Algeria, Morocco, and Tunisia. (Company release)
Raya’s BariQ to establish Egypt’s largest plastic recycling facility
BariQ and Coca Cola will open one of the largest plastic waste sorting plants that will be capable of sorting 10 tonnes of plastic an hour when running at full capacity. On a side note, Raya Holding is also negotiating with two companies the sale of its recycling subsidiary BariQ. (Enterprise)
Facebook faces lawsuits that could force sale of Instagram and WhatsApp
The US Federal Trade Commission and a coalition of states have brought antitrust cases against Facebook, accusing the company of using its social media dominance to crush the competition and calling for penalties that could include a forced break-up. It is worth mentioning that Facebook acquired Instagram for USD 715M in 2012 and Whatsapp for USD 22B two years later. (Financial Times)
Market wrap up
Stay informed by checking out our weekly wrap up of financial markets performance here.
DoorDash and Airbnb IPOs hit the US market last week soaring 85% and 112% respectively during their first day as public companies.
Word of the Week
An Initial Public Offering (IPO) is the first sale or offering of a stock by a company to the public. It happens when a company decides to go public rather than remain solely owned by private investors.