Ibn Sina launches an EGP 750M Fintech arm

March 08, 2021

EGX 30: 11,558 (-2.4%) weekly change, (+6.5%) YTD
Traded Value 1W Avg: EGP 599 M , (+0.2%) above 90D Avg.  
EGP:USD: 15.65 (-0.25%) weekly change 

Are you on Clubhouse? 
Tune into our first episode of ThndrClaps with WAYA where we will talk about the Egyptian capital market, how fintech is paving the way for financial inclusion, and the story behind Orascom’s demerger. Here’s the link to the event. More about the event here.

Local Pick-ups

Telecom Egypt to launch a subsea HARP system connecting Africa with Europe

Telecom Egypt plans to launch a Hybrid African Ring Path (HARP) in 2023. HARP is a subsea system that will connect African countries to Europe through the company subsea infrastructure. The system will enable Telecom Egypt to establish open points of presence in new locations in Africa & Europe to serve its customers. (Al Ahram)

Ibn Sina launches an EGP 750M Fintech arm 

Ibnsina pharma to launch a new investment firm with EGP 750M capital, to invest in fintech & digital transformation companies for the healthcare sector. (EGX)

Orascom Construction to build Magdi Yacoub Global Heart Centre

Orascom Construction announced it has been selected by the Magdi Yacoub Heart Foundation to build the Magdi Yacoub Global Heart Centre in 6th of October City, Egypt. The centre will be the largest healthcare facility in the region for cardiac care, treatment and research. It will have a patient capacity of over 120,000 annually. (Orascom)

Other Local Headlines

  • Egypt’s PMI rises to 49.3 in Feb. up from 48.7 in Jan
  • CI Capital’s board says the EGP 4.7 offered price from Banque Misr is unfair
  • KIMA resumes operations at new urea plant, as of Feb 28
  • Al Ahly Capital to acquire fintech company Momken for EGP 100M
  • Egypt’s railways are getting an upgrade with a USD 440M loan from the World Bank

Global Pick-up

Anghami to list on NASDAQ via SPAC Merger

Anghami, an Arab music streaming company, to be first Arab tech company to list on Nasdaq New York, via SPAC merger with Vistas Media Acquisition at a valuation of USD 220M. With more than 70M registered users, UAE-based Anghami has signed deals with the likes of Universal Music Group, Sony Music and Warner Music Group. (Waya)

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. (Click here for more info).

Word of the week – SPAC

SPAC stands for Special Purpose Acquisition Company, also known as “Blank check companies”, which is a company with no commercial operations. SPACs are formed by investors or sponsors to raise capital through an IPO (initial public offering) for the purpose of acquiring an existing company. SPACs became more attractive recently as a faster and simpler methodology to get companies public. Some companies are choosing to skip the IPO process by merging with SPACs instead.

Book of the week – The little book of common sense investing

Written by American investor John Bogle. The book talks about a simple yet efficient investment strategy, which is index funds and shows how stocks speculation on the long term generate almost no returns. (Good reads)

Earnings Call:

  • March 04 – Edita Food Industries reported EGP 348M Net Income for FY 20, down 15% YoY.
  • March 04 – ِAlexandria Minerals reported EGP 488M Losses, down 192% YoY.
  • March 04 – Talaat Mostafa Group reported EGP 1.6B Net Income for FY 20, down 11% YoY.
  • March 04 – Lecico Egypt reported EGP 221M losses for FY 20,  losses are down 26% YoY.
  • March 07 – Raya Contact Center reported EGP 36M Net Income for FY 20, down 68% YoY.