Fawry’s rights trade tomorrow. Also, check out our podcast with EGX Chairman.

April 19, 2021

EGX 30: 10,143 (-1.5%) weekly change, (-6.7%) YTD
Traded Value 1W Avg: EGP 433M , (-16.2%) below 90D Avg.  
EGP:USD: 15.67 (-0.2%) weekly change

Local Pick-ups

Fawry’s rights trade tomorrow

Fawry is increasing its capital by offering new shares in the market via a rights issue process at par value. The rights will trade from Tuesday 20th April until Sunday 16th of May. Here’s a blog post with all the details. You can also watch a webinar with our co-founder.

Cleopatra Hosptials Group offered to acquire Alexandria New Medical Center

Cleopatra Hospital Group made an offer to acquire the 51.5% stake of Abu Dhabi Commercial Bank in Alexandria new medical center. Speed Medical & Tawasol group holding also showed an interest in acquiring the company. (Arab Finance)

Telecom Egypt and the Sudatel Telecom signed deals on international connectivity

Telecom Egypt & Sudanese telecommunication company Sudatel telecom signed agreement to enhance cooperation in the field of international connectivity between Egypt and Sudan. The deal aims to optimize the utilization of terrestrial network that connects Egypt and Sudan and develop it with the latest technologies. (Reuters)

Other Local Headlines

  • Investor Protection Fund expands coverage to forced delistings
  • CI Capital holding board appoints Hesham Gohar as group CEO
  • SODIC hires EFG Hermes & other international financial advisors to assess acquisition offer by Aldar Properties

Global Pick-up

Grab is going public in the biggest SPAC merger ever

Grab ,a Singapore-based ride-hailing platform, is going public through SPAC merger and will be listed on Nasdaq Exchange. The company will receive about USD 4.5B in cash at a nearly USD 40B valuation. Which makes it the largest SPAC merger ever and also the largest US equity offering by a Southeast Asian company. (Robinhood)

Featured Opportunity

AZ Savings Fund–  AZ Savings is an open-ended private placement fund investing mostly in near-term fixed income instruments. It is considered a low-risk, liquid investment instrument. You can invest in the fund daily and redeem weekly through our app.

Word of the week – Hedging

Hedging is a risk management strategy generally used to minimize the probability of loss in asset value, by taking opposite positions, which reduces risk but also reduces potential returns. Hedging also limits your loss to a known amount if the asset value decreased.

Podcast of the week – A conversation with EGX Chairman “Mohamed Farid”

In this episode, Dr. Mohamed Farid, the Chairman of the Egyptian Stock Exchange, talks about why to invest now in the Egyptian Stock Market, the importance of investing and its impact on individuals and the economy in Egypt. The episode included open discussions with Ahmad Hammouda (Co-founder, Thndr), Ahmed Abou Elsaad (MD, Azimut EG Asset Manag.), Gamal Helmy (Co-founder, Foundersmedia).

Earnings Call:

  • Cairo for Investment and Real Estate Development  (CIRA) reported net profits of EGP 249.9M in H1 2020/2021, a 12% YoY increase
  • Cairo Educational Services reported net profit of EGP 18.367M in H1 2020/2021, a 30% YoY increase.
  • Taaleem Management Services reported net profits of EGP 129.6M in H1 2020/2021, a 18% YoY increase.