EGX 30: 10,684 (-1.4%) weekly change, (-23.5%) YTD
Traded Value 1W Avg: EGP 545M , (-9.1%) above 90D Avg.
EGP:USD: 15.70 (+0.0%) weekly change
Vodafone ends talks to sell Egypt 55% stake to Saudi STC
Vodafone said on Monday that its discussions with Saudi Telecom Company (“stc’) regarding the sale of Vodafone’s 55% shareholding in Vodafone Egypt have been terminated. The discussions ended after a series of missed deadlines to complete the deal. (Company release)
Abu Qir Fertilizers to increase production capacity
Abu Qir Fertilizers launched a project to reduce carbon dioxide emissions and raise the production capacity of the Abu Qir 3 plant. The company said that the procedures include awarding a license to Stamicarbon to carry out technical studies for the development of the liquid urea synthesis unit. The projects will raise the production capacity from 1,940 tonnes per day to 2, 370 tonnes per day, using the MP Add-on technology worth EUR 1.58M (Daily news)
Suez Cement announce voluntarily delisting from the EGX
The Suez Cement’s Board of Directors announced the decision to delist after the completion of HeidelbergCement France’s acquisition of 14% stake in Suez Cement through a Mandatory Tender Offer “MTO” (Check word of the week) for EGP 7.50 per share . The transaction resulted in HeidelbergCement holding a total of 84% in the company. (Zawya)
US Congress approved a sweeping USD 900B stimulus package
The Congress agreed on a second stimulus package after weeks of post-election negotiation that promises to accelerate vaccine distribution and deliver much-needed aid to small businesses, unemployed Americans and health care workers while bolstering vaccine distribution. The bill comes at a critical time for the recovery as the coronavirus pandemic is overwhelming the US health-care system. (Washington Post)
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Apple plans self-driving car in 2024 with next-level battery technology
Word of the Week
Mandatory tender offers (MTO) is an offer to buy the shares from all existing shareholders of a company . It is usually required by law when an entity acquires more than one-third of the capital of a target. The investor normally offers a higher price per share than the company’s stock price, providing shareholders a greater incentive to sell their share.