Foreign sales plunge the Egyptian “Fawry” stock 10% to its lowest level in two years
Foreign sales plunge the Egyptian “Fawry” stock 10% to its lowest level in two years. The Norwegian Wealth Fund’s stake in “Fawry” shares amounted to about 2% until the beginning of last May. It was expected that the Norwegians will exit at the time the stock exited the MCI Emerging Markets Index. The semi-annual review of the global benchmark “MCI” index witnessed the inclusion of the shares of the financial group “Hermes” and the exit of the “Fawry” payments company last May. “Fawry” broke last Sunday the support level of 3.90 pounds, and today the level of 3.65 pounds, which may push the stock to continue falling until levels of 3.20 pounds and then 3 pounds. The profits of the “Fawry” company rose 3.1% in the first quarter of this year on an annual basis to 41.6 million EGP, and revenues increased 38.4% to 483 million EGP. (EGX)
- Etisalat Misr has rebranded itself as etisalat by e&, the UAE-based telecom leader e& Group revealed on June 26th.
This new brand identity comes in line with the recent rebranding of e& Group in the Emirati market. The rebranding marks a step forward to becoming a global technology and investment conglomerate that contribute to the acceleration of digital transformation while empowering communities. In February, e& Group, formerly known as Etisalat Group, announced its new brand identity that focuses on enhancing customers experiences across all segments and delivering a range of innovative technologies. (Arab Finance)
- MOUNT PR has signed a memorandum of understanding (MoU) with Rowad 2030, a project of the Ministry of Planning and Economic Development.
The newly signed agreement aims at supporting startups and entrepreneurs through “Start-up Clinics” in line with Egypt Vision 2030. Through this cooperation, the two parties seek to create an “integrated and inclusive entrepreneurial ecosystem” that allows youth to set up their own businesses and projects. Founded in 2017, MOUNT PR is a full-fledged public relation (PR) and communication agency that serves clients through a diverse range of services that include: Communications and PR consultancy, government relations, copywriting, and content creation. (Arab Finance)
- Siemens Egypt has signed a memorandum of understanding (MoU) with El Attal Holding and Sigma for smart cities to build Parklane in the New Administrative Capital.
Parklane will be the first residential complex to be established in the new capital through the use of artificial intelligence (AI) technology, internet of things (IoT), and metaverse. A building management system (BMS) will be installed in the residential and commercial buildings and a supervisory control and data acquisition (SCADA) system will be installed for the infrastructure to provide the required data to set up a central control IoT room. Through the central control room, data will be analyzed via AI and metaverse technologies to carry out the maintenance and operations process remotely. This will help in cutting operating costs, boosting the efficiency of maintenance, and enhancing the performance of operations. (Arab Finance)
- Tasaheel, a wholly-owned subsidiary of Egypt-based leading fintech company MNT-Halan, has concluded the issuance of 150 million USD securitized bonds as part of a 600 million USD program.
Commercial International Bank Egypt (CIB) (COMI) acted as financial advisor and general arranger of the transaction, while the National Bank of Egypt (NBE) served as co-financial advisor and underwriter. Meanwhile, Arab Africa International Bank and NI Capital acted as underwriters, with Maatouk Bassiouny and Hennawy serving as legal advisors. Proceeds from the securitization will build on the company’s accelerated growth across several lending businesses as well as its expansion into new segments. The offering was oversubscribed by 2x, reflecting the “high quality, diversity, and granularity” of the portfolio, which consists of 137,000 contracts and a solid cash pay-back ability. (Arab Finance)
- Regional and local financial institutions, including Abu Dhabi Commercial Bank (ADCB), Al Ahli Bank of Kuwait, Al Baraka Bank, Agricultural Bank of Egypt (ABE), and Housing and Development Bank (HD Bank) (HDBK), have participated in the offering.
Divided into four tranches, the issuance has received a Prime 1 rating for the first three and A for the fourth by Middle East Rating and Investor Service (MERIS). “This transaction marks our first securitization and ensures our continued growth as we expect our loan book to exceed 2 billion USD over the next couple of years. This will be driven by our digital strategy capitalizing on synergies and venturing into new verticals,” MNT-Halan CEO Mounir Nakhla commented. On June 22nd, MNT-Halan announced it acquired Talabeyah, a B2B e-commerce platform that offers fast-moving consumer goods (FMCG) to small merchants, retailers, and soon to consumers. (Arab Finance)
- Zahraa Maadi Investment and Development (ZMID) has announced the payment dates of the 0.3 EGP per share dividends for the full year ended December 31st 2021.
Dividends will be paid in two installments amounting to 0.15 EGP per share each; the first installment will be disbursed as of July 31st and the second installment will be paid as of October 31st, with the eligibility in distribution for shareholders on the record date of July 26th. It is worth noting that Zahraa Maadi Investment’s net profit after tax stood at 259.365 million EGP in 2021, compared to a profit of 213.093 million EGP in 2020. Zahraa Maadi is an Egypt-based public shareholding company engaged in real estate development, construction, contracting, urbanization, housing, and tourism, as well as other investment activities. (EGX)
- The board of directors of Elsewedy Electric (SWDY) has approved obtaining a loan from the International Financial Corporation (IFC) to boost the company’s investments.
The company will use the financing to either buy factories with relevant activities or build new factories, in addition to, developing or acquiring renewable power stations. A portion of the loan will be used in the acquisition of new assets for the existing factories to boost the group’s production efficiency. It is worth noting that Elsewedy Electric recorded a consolidated net profit attributable to the parent company amounted to 760.86 million EGP in the first quarter (Q1) of 2022, compared to a profit of 700.06 million EGP in Q1 2021. (EGX)
- And for our Economy, the trade exchange between Egypt and the Group of Seven (G7) countries, namely the US, the UK, Canada, Germany, France, Italy, and Japan, grew by 23% year-on-year (YoY) in 2021 to 27.5 billion USD from 22.4 billion USD.
The value of Egyptian exports to the G7 countries recorded 9.8 billion USD in 2021, rising by 64.9% from 6 billion USD in 2020. Italy topped the G7 countries, with 2.8 billion USD in imports from Egypt last year, followed by the US and the UK with 2.5 billion USD and 1.2 billion USD imports, respectively. (CAPMAS)
- Likewise, the value of Egypt’s imports from the G7 members increased by 7.8% to 17.7 billion USD last year, versus 16.4 billion USD in 2020.
The US was the biggest G7 exporter to the North African country in 2021, with 6.1 billion USD in exports to Egypt, while Germany came in the second spot with 4 billion USD exports to Egypt. Meanwhile, remittances from Egyptians living in the G7 countries jumped by 35.2% in fiscal year (FY) 2020/2021 to 2.5 billion USD, compared to 1.9 billion USD FY 2019/2020. In FY 2020/2021, the G7 made investments of up to 19.9 billion USD in Egypt, increasing by 27.3% YoY from 15.7 billion USD. (CAPMAS)
- Trade exchange between Egypt and the Sultanate of Oman increased by 7.2% in 2021 to 586.2 million USD, compared to 546.9 million USD in 2020.
The value of Egyptian exports to the sultanate fell by 4.1% year-on-year (YoY) to 163.3 million USD last year from 170.2 million USD. Moreover, the value of Egypt’s imports from Oman stood at 422.9 million USD in 2021, rising by 12.3% YoY from 376.7 million USD. Omani investments in Egypt surged by 334.8% in fiscal year (FY) 2020/2021 to 68.8 million USD, versus 15.8 million USD in FY 2019/2020. (CAPMAS)
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