Abu Qir to Promote Secondary Offering Online🤳

Local Pickup🌇

Abu Qir to Promote Secondary Offering Online🤳

With recent developments of the Omicron variant, Abu Qir Fertilizers (ABUK) is promoting the listing of an additional stake on the EGX to foreign investors online.

More details🧐 Investment banks CI Capital (CICH) & Renaissance Capital are managing the offering, & they plan to promote it in a number of Gulf countries including UAE, Saudi Arabia & Kuwait, as well as Europe, England & the U.S. The expected stake ranges between 10-15%.

Why is this important🤔 It is noteworthy that the difficulty of travel is one of the main obstacles that companies in the government’s state-privatization program face. But the success of promoting E-Finance’s IPO online, also managed by CI Capital & Renaissance Capital, encouraged  Abu Qir to follow suit.

Orascom Construction’s Stake in Green Hydrogen Project Could Reach 25%🍀

Orascom Construction (ORAS) CEO Osama Bishai said that the company’s share in the green hydrogen plant project could reach 25%.

More details🧐 He added that the project is a very significant one for the company & the first of its kind in this sector. The investment will pave the way for more sustainable future investments.

Why is this important🤔 The project highlights Orascom Construction’s ambitions to become a major player in the green hydrogen sector in the region. However, Bishai stressed that the company is monitoring developments of the Omicron variant with concern.

Egypt’s Nine-Month Imports Value Stood at $61 Billion🚢

Egypt recorded $61 billion in imports during the first nine months of 2021, a 16% year-on-year increase from $52.4 billion, according to CAPMAS.

More details🧐 China topped the list of countries Egypt imported from in the January-September 2021 period, 16% of the total imports value, followed by Saudi Arabia with 8%, the U.S with 7%, & Germany with 5%. 

Global Pickup🌎

Regulators Block Meta’s Acquisition of Giphy⛔

English regulators have blocked Meta’s $400 million acquisition of GIF-sharing platform Giphy as it would reduce competition between social media platforms.

More details🧐 Meta social platforms Facebook, Instagram, & WhatsApp, reportedly account for 73% of user time spent on social media in the U.K. The acquisition of Giphy would’ve increased Meta’s already significant market power.

Why is this important🤔 Meta disagrees with the decision & is considering an appeal. Facebook’s plan was to integrate Giphy into Instagram “so that people can find just the right way to express themselves.”

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