Social media giant Facebook Inc is planning to rebrand itself with a new name this week, reflecting its focus on building the metaverse
Let’s start with the hot topic abroad, Social media giant Facebook Inc is planning to rebrand itself with a new name this week, reflecting its focus on building the metaverse. The concept of the metaverse is quickly becoming a buzzword in technology and business. But what does it mean? Metaverse is a broad term. It generally refers to shared virtual world environments which people can access via the internet. The new name will be announced during the company’s annual Connect conference on October 28th. The rebrand would likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more. Additionally, the rebrand could allow the company to separate its work on the so-called metaverse from all the controversies surrounding its popular social media platforms. (Source: Reuters)
- And for our top EGX & companies talks today, it is worth mentioning first that the Board of Directors of the EGX issued a decision to amend the temporary suspension limits to become 10% instead of 5%,
in coordination with the Financial Supervisory Authority noting that this decision comes in line with the decision to amend the price limits on the same shares. The indicators of the EGX continued to decline sharply since the opening of trading on Wednesday until 12:00, coinciding with the start of trading on the shares of E-Finance Holding for financial and digital investment. Noting that the share of E-Finance for Financial and Digital Investments jumped by 55%, three hours after it started trading on the Egyptian Stock Exchange, to record 21.6 EGP until one o'clock in the afternoon. (Source: EGX)
- With this in mind, Banque Misr, the second largest government bank in the country, said that its participation in the public offering of e-finance on the EGX was represented in selling 15% of its stake with the rest of the shareholders,
in order to enhance the state's general tendency to increase the company's free capital. Banque Misr stated that the abandonment of this share comes within the framework of contributing to the government offering program, which will have a positive impact on the company and the economy through the entry of local and foreign investors. (Source: Al-Mal)
- Moreover, Ibrahim Sarhan, Chairman and Managing Director of E-Finance for Financial and Digital Investments, stated that the most prominent participants in the private offering are the International Investment Bank "Golden Man Sachs" and the Arab Investments Company, along with investment funds that enter the EGX for the first time.
The coverage of the private placement of “E-Finance” was completed with coverage rates ranging between 3 and 4 times, with the participation of international investment funds from the US, the UK and other European countries. The capital of "E-Finance" for financial and digital investments is about 800 million pounds, distributed over 1.6 billion shares, with a nominal value of 0.5 pounds per share. (Source: Al-Mal)
- Also, Egyptian Transport and Commercial Services Co (EGYTRANS) announced that shareholder Mohamed Ashraf Omar has raised his stake in the company to 15.032% from 14.795%.
This comes after Omar purchased 73,981 shares in EGYTRANS at an average price of 12.998 EGP per share. The shares’ purchase transaction has been implemented by Beltone Securities Brokerage. (Source: EGX)
- Furthermore, India-based self-drive car rental company Zoomcar plans to inject investments worth 25 million USD in Egypt over the coming three years.
The company was eyeing Egypt and Saudi Arabia as potential markets due to their low levels of vehicle ownership, but large upwardly mobile populations. The company will initially bring its services to Cairo and plans to grow its footprint to include Alexandria, Sharm El Sheikh, Hurghada, Dakahlia, and Gharbia in 2022. Founded in 2013, Zoomcar is the market leader in the car-sharing ecosystem with approximately 10,000 cars on its platform and a presence across 5 countries. The company allows individuals to rent from a diverse pool of cars by the hour or by the day. (Source: Arab Finance)
- Likewise, Bel Cash, the consumer finance arm of Beltone Financial Holding, intends to implement expansion steps before the end of this year - its first year of operation - including doubling its capital to reach 50 million EGP,
signing new agreements, as well as negotiating future ones. “Bel Cash” is in the final stages of 5 new agreements in the field of renewable energy solutions, and 4 others in the education sector, including a university, and 3 with international schools, explaining that the renewable energy solutions agreements target about 200 customers in First year. Bell Cash recently announced the signing of an agreement with the British University in Egypt to provide multiple financing solutions for tuition fees for parents, in part or in full, in equal monthly installments, ranging from 6 months to 12 months, with the least required papers and immediate approval. (Source: Al-Mal)
- In addition, TAQA Arabia, a subsidiary of Qalaa Holdings (CCAP), announced the commercial operation of a 6-megawatt photovoltaic solar power plant for Dina Farms.
EBRD funded the plant as part of a financing package worth about 10 million USD to extend TAQA Arabia’s footprint in the renewable energy business. This plant marks a perfect starting point for Taqa Arabia in facilitating a market for private renewable energy development in line with the Egyptian government’s aim towards energy diversification and liberalization. Under the contract signed between TAQA Arabia and Dina farms, electricity is directly being supplied from a privately-owned generator to a private-off taker through a corporate power purchase agreement. (Source: Arab Finance)
- No to mention, Suez Canal for Technology Settling (SCTS) achieved a standalone net profit after tax of 498.577 million EGP in the fiscal year (FY) ended August 31st, 2021,
compared to a profit of 301.932 million EGP in the year ended August 31st, 2020. Earnings per share (EPS) stood at 5.42 EGP in the period starting September 1st, 2020, until August 31st, 2021, compared to EPS of 3.26 EGP in the same period of previous year. SCTS is an Egypt-based joint-stock company that offers educational services in Egypt. The Company owns and runs October Six University in the Sixth of October city near Cairo, Egypt. (Source: Arab Finance)
- By the same token, the ordinary general meeting (OGM) of Eastern company (EAST) has approved a partnership with a filter beams manufacturing company.
As per the OGM’s approval, the company will officially start the process and the required steps to fulfill this partnership. Moreover, a land plot owned by the company at Abu Al Dardaa street, Alexandria has been sold in an auction that was held on January 30th, 2020. It is worth noting that Eastern Company reported a net profit of 4.28 billion EGP in fiscal year (FY) 2020/2021, up by 12.18% from 3.79 billion EGP in FY 2019/2020. (Source: Al-Mal)
- And for our macro watch, first, Fitch Ratings has kept Egypt's credit rating at B+, with a stable outlook, with the support of the financial and economic reforms that the government continues to implement.
The agency indicated that the continuation of economic growth and the support package for Corona have undermined the repercussions of the pandemic on the public finances in the country. We believe the recovery of the global economy and the resumption of tourism to Egypt after the end of the ban on flights, especially Russian, would lead to an increase in economic growth to 5.5% in the fiscal year 2022-2023. (Source: Fitch Ratings)
- Second bilateral trade between Egypt and Greece hiked 112.8% during the first half (H1) of 2021, recording 1 billion USD, compared to 477.6 million USD in the same period of 2020.
Egyptian exports to Greece amounted to 807.4 million USD in H1 2021, compared to 273.8 million USD during the same period in 2020, an increase of 194.9%. Meanwhile, Egyptian imports from Greece increased by 2.6% to 209.1 million USD during the first half of 2021 compared to 203.8 million USD in H1 2020. On the other hand, remittances from Egyptians working in Greece registered 8.4 million USD in the fiscal year (FY) 2018/2019, compared to 7.1 million USD during the FY 2017/2018, an increase of 18.7%. (Source: CAPMAS)
- Second, the Sovereign Fund of Egypt (SFE) is planning to launch two new sub-funds, with one focused on education and the other on manufacturing and distribution chains.
Currently, the SFE has four sub-funds, one each for healthcare, banking, infrastructure, and tourism. Earlier, the fund aims to double its assets under management (AUMs) to over 26 billion EGP by the end of 2022. The fund's assets reached 13 billion EGP as of October 2021. In June, the fund announced plans to raise its investment portfolio to 30-40 billion EGP by the end of 2022. The fund aims to raise the portfolio size to 200 billion EGP, which is equivalent to the fund’s authorized capital over a period ranging from five to 10 years. (Source: Masrawy)
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