EGX 30: 11,599 (+0.2%) weekly change, (+6.9%) YTD
Traded Value 1W Avg: EGP 645M , (+3.1%) above 90D Avg.
EGP:USD: 15.73 (+0.0%) weekly change
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Pharma Company GSK gets 3 acquisition offers this week
Pharma manufacturer & commercializer GlaxoSmithKline Egypt gets 3 majority stakes acquisition offers from Hikma Pharma, ACDIMA Egypt & Rameda (10th of Ramadan Pharmaceuticals). All three companies target the same 91.2% stake of GSK group. (Enterprise)
Raya Investments holding acquires i2 & URC
Raya Electronics & Raya Distribution, subsidiaries of Raya Investment Holding, will acquire a 100% stake in Itsalat International Company (i2) and 100% stake in Saudi-based United Retail Company (URC). The expansion news caused the stock price to go up by 57% over the last week.
ANFI gets acquired by UAE Company
Alexandria National Company for Financial Investment received an acquisition offer from Zeta Investment, a UAE based company, to acquire 90% of the company’s capital at EGP 5.51 per share.
Jeff Bezos stepped down as Amazon CEO
Amazon Founder Jeff Bezos will step down as Amazon CEO in Q3 2021, to be replaced by Andy Jassy, Amazon Web Services CEO. Bezos will be Amazon executive chairman, focusing on new products & early initiatives like Washington Post & Blue Origin. (Washington Post).
Market wrap up
Stay informed by checking out our weekly wrap up of financial markets performance here.
Amazon stock rose 225,000% under Jeff Bezos, bringing his net worth to USD 195B as he steps down as CEO
Topic of the week – Acquisition
Acquisition is the process of a company buying another company, with the intent of getting access to the acquired company technology, products, talent, audience, or brand name. Typically, the acquiring business will be larger than the acquired company.
When you short-sell a stock, you borrow shares from someone else with the promise to return them in the future. It’s a way to take advantage of a stock that you believe will decrease in price. When the time comes to return the stock (if the stock price falls), you can then buy it a lower price than you had originally sold the borrowed stock—making the difference in price as profit.