February 22, 2021
EGX 30: 11,438 (-1.4%) weekly change, (+5.5%) YTD
Traded Value 1W Avg: EGP 504M , (-16.9%) above 90D Avg.
EGP:USD: 15.64 (+0.1%) weekly change
Taaleem Management Services to go public in March
CI capital’s subsidiary, taaleem management services is expected to go public by next month. The company is offering 357.8 million shares owned by Sphinx Obelisk for subscription, which represents 49% of Taleem’s Capital. (Zawya)
Alexandria New Medical Center to be acquired for EGP 403M
Tawasol Holdings for financial investment plans to acquire a 74% stake in Alexandria New Medical Center (AMES) for EGP 403M. (EGX)
Elsewedy electric signs a EGP 830M contract with the Kuwaiti government
Elsewedy Electric signed a contract with Kuwaiti Minister of electricity & water worth EGP 830M to supply electricity to the island of Boubyan & Mubarak Al Kabeer port project. (Reuters)
Other Local Headlines
- Orascom Financial Holding began trading on the EGX Wednesday due to the recent demerger of Orascom Investment holding.
- Misr Fertilizers Production Company (MOPCO) posted a 37% Year on Year (YoY) hike in its 2020 net profit reaching EGP 1.14B in 2020.
- Speed Medical approved acquisition of a majority stake in Prime Speed Healthcare.
Facebook banned sharing news on its platform in Australia
Facebook decided to ban Australian users from viewing and sharing news on its platform. This comes as a response to the new governmental legislation that enforces digital platforms (like Google, twitter & Facebook) to pay news outlets for displaying their content. (Robinhood Snacks)
Book of the week – Rich dad, poor dad
Written by personal finance expert Robert T. Kiyosaki. They never taught us how to manage our finances in school. In this book you’ll learn the difference between poor mindset & rich mindset. The author talks about how can you elevate your financial IQ and make smarter financial decisions by shifting your mindset to make money work for you not the opposite. (Check the book’s goodreads profile here)