E-Finance’s “E-Cards” Partners with MoneyFellows
E-Finance subsidiary “E-Cards” has partnered with MoneyFellows to provide digital solutions for government pension fund beneficiaries, as well as government cash assistance programs.
More on MoneyFellows📲 MoneyFellows has digitized the concept of money circles, commonly known as “Gam’eya” in Egypt & other Arab countries, through its online platform.
More Details🧐 MoneyFellows will be able to provide its services to new groups & benefit from various digital technologies provided by e-cards, which will facilitate the payment & receipt of funds.
Why is this Important🤔 E-Cards managing director Mahmoud Kamal said the partnership will allow more groups access to digital financing solutions, ultimately feeding into the state’s goal of digital transformation & financial inclusion.
KIMA to Establish New Environmentally Friendly Factory🏭
Egyptian Chemical Industries “KIMA” (EGCH) aims to launch a new environmentally friendly factory in H1-2022.
More Details🧐 KIMA is negotiating with local & foreign banks to finance the construction of the new factory, which is expected to cost $250 million.
Although the project area hasn’t been determined, the construction period is expected to be between 24-30 months, & the design is currently being prepared.
Why is this Important🤔 Plans for the new factory were revealed after KIMA signed an EGP 260 million deal with gas production company “Air Supply Co.”. The deal will see Air Supply build, manage & operate KIMA factories for the production of industrial & medical gases.
Madinet Nasr & EFG Hermes Complete First Issuance of Securitized Bonds📜
EFG Hermes (HRHO) has completed the first issuance of bond securitization for Madinet Nasr for Housing (MNHD), worth EGP 300 million.
What is Securitization🤨 Securitization refers to pooling financial assets together to create a new security, which is then divided & sold in separate tranches. Each tranche has different characteristics appealing to different types of investors.
More Details🧐 This issuance is secured by a portfolio of notes receivable worth EGP 373.9 million, & is made up of three tranches. The first tranche is to be repaid in fixed installments, & the other two tranches will be distributed according to the portfolio’s returns.
Why is this Important🤔 This issuance comes after EFG Hermes’ completion of the issuance of securitized bonds for Pioneers Properties (PRDC) in December 2021, worth EGP 627.5 million.
What else is Clapping👏
Orascom Construction (ORAS) Announces EGP 3.64/Share Dividends; Record Date January 23, 2022
Amer Group’s (AMER) Board of Directors Approve Capital Cut to EGP 903 Million from EGP 1 Billion
Fawry (FWRY) Partners With Armed Forces’ Recruitment & Mobilization Department to Provide E-Payment Services
Take-Two Interactive to Acquire Mobile Gaming Developer Zynga🎮
Take-Two Interactive (TTWO), the company known for publishing video games like GTA, Red Dead Redemption & NBA 2K, is acquiring mobile gaming developer Zynga (ZNGA), which is known for games like FarmVille & Words with Friends.
More Details🧐 Take-Two specializes in console & PC gaming, while Zynga is a mobile gaming giant. According to Take-Two, mobile gaming is the fastest-growing segment of the video game industry, growing 8% annually.
Why is this Important🤔 If the $12.7 billion deal goes through, it would be the biggest acquisition in video game history, $5 billion more than Microsoft’s (MSFT) $7.5 billion acquisition of Bethesda Softworks.
Some $7 billion in net bookings are expected to be generated from the combined company, bringing Take-Two closer to its biggest rivals, Activision Blizzard (ATVI) & Electronic Arts (EA).
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