EGX 30: 10,899 (-1.1%) weekly change, (-21.9%) YTD
Traded Value 1W Avg: EGP 644M , (+10.4%) above 90D Avg.
EGP:USD: 15.63 (-0.1%) weekly change
Integrated Diagnostics Holdings (IDH) exploring a possible dual listing on the EGX
Integrated Diagnostics Holdings (IDH), a leading consumer healthcare company with operations in Egypt, listed on the London Stock Exchange (LSE) is exploring a dual listing on the EGX. A listing on the EGX would improve liquidity and drive volumes in IDH’s shares while simultaneously increasing IDH’s local visibility in its home market where the company generates the majority of its business. The transaction is still subject to regulatory and shareholder approval. (Company disclosure)
Raya Holding is investing EGP 120M to operate an Air-conditioners factory
Haier Raya Electric, a subsidiary of Raya Holding Company, started working on equipping a state-of-the-art air conditioner plant in partnership with the Chinese company Haier Electric. The project is Raya’s first of its kind towards establishing a complex for the manufacture of home appliances. Production is expected to commence at the beginning of next year. (Al Mal)
Egypt unemployment dropped to 7.3% in July-September
The unemployment rate fell 2.3% Q-o-Q, after reaching a near two-year high in Q2 2020 at 9.6%. The decrease came on the back of the gradual easing of lockdown measures implemented by the government to limit the spread of COVID-19. (Reuters)
Airbnb files for IPO
Airbnb, a company that allows users to book short-term rentals while traveling, released its prospectus to debut on the public market. During the pandemic, the company laid off 25% of its employees over COVID-19 cancellation policies to reduce costs. After strict cost reduction measures and slashed marketing costs, Airbnb was able to hit a profit of USD 219M in Q3 2020. (CNBC)
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Bitcoin tops USD 17K for the first time in almost three years.
Word of the Week
A dual listing is the listing of any security on two or more different exchanges. It provides companies with access to additional capital and increased liquidity on the stock. A dual listed company is made up of more than one legally registered corporation that operates as a single business.