Daily Markets Summary
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What’s Clapping Today👏: IPO news like music to our ears. Minister of Finance denies taxes on capital gains. SODIC & CIB sign mortgage financing agreement. And the world’s biggest asset manager establishes a mutual fund in China. Oh, and you’ll be seeing us in your inbox three times a week now😃
E-Finance could IPO as early as next month🖆
State-owned FinTech company E-Finance is likely to offer a stake on the Egyptian Exchange (EGX) as early as next month, government sources told Al Borsa Newspaper.
Who is affected🤷: The proposed share to be offered on the EGX is around 10% of E-Finance’s capital. The EGX listing committee will hold a meeting this month to review E-Finance’s valuation and the percentage of shares to be offered.
Why is this important🤔: This is an IPO that’s been almost two years in the making. E-Finance first expressed its intention to IPO in Q1-2020 but has since postponed three different potential IPO dates. Several state-run banks have expressed interest in acquiring shares of the company when it lists on the EGX. (Al Borsa Newspaper)
IN OTHER IPO NEWS🖋️: Macro Group Pharmaceuticals are set to resume the procedures of listing on the EGX by the end of 2021 or early 2022. Company chairman Ahmed El Nayeb noted that Macro’s valuation is expected to increase in the coming period, which is why its IPO in April 2021 was postponed.
Minister of Finance denies imposition of new taxes on capital gains❌
Minister of Finance Mohamed Maait said that no new taxes have been imposed on the stock market and there is no intention to do so.
Who is affected🤷: EGX chairman Dr. Mohamed Farid, said that the coming period will witness several meetings and discussions between the Ministry of Finance and market parties regarding the topic of capital gains taxes. With the need to stress the relevant professional associations to clarify the significance of the matter, and paint a clearer picture to the Minister of Finance.
Why is this important🤔: The stock market has witnessed sharp declines at the start of last week after the Ministry of Finance published a guide on the method of calculating and applying capital gains taxes until the end of this year. (CNBC Arabia)
SODIC & CIB sign mortgage financing agreement🏡
SODIC (OCDI) announced it has signed a cooperation protocol with the Commercial International Bank (COMI) to provide real estate financing programs.
Who is affected🤷: The protocol allows SODIC clients to buy ready-for-delivery homes available for sale in various SODIC projects over a payment period of up to 20 years. Existing homeowners looking to offer their units for resale through the company platform will also be able to provide various payment options to potential buyers.
Why is this important🤔: “This protocol comes within SODIC’s efforts to meet the different needs of customers, including providing new and innovative financing solutions that facilitate the company’s existing and new customers to make the decision to purchase their units”, said SODIC managing director Maged Sherif.
- Egyptian fintech MNT-Halan raises $120m from regional, global investors
- Contact (CNFN), Abou Ghaly to launch Abou Ghaly Finance
- Domty (DOMT) imports 2 bakery production lines to be operational by mid-2022
- Four Egyptian startups raise funds from US accelerator Y-Combinator
- The FRA is exploring the start of the trading session at 9:30 AM instead of 10:00 AM
BlackRock raises $1 billion mutual fund in China amidst heavy backlash🏦
BlackRock’s new investment fund in China — the first owned entirely by a foreign firm — has raised $1 billion from Chinese investors in its first week.
Who is affected🤷: The fundraising by the world’s biggest asset manager is being closely watched as more global players prepare to enter China’s fast-growing, but highly competitive mutual fund market.
Why is this important🤔: Billionaire investor Geroge Soros wrote on the matter in the Wall Street Journal, calling BlackRock’s investment in China a “blunder” & a “tragic mistake.” He added that it could damage the national security interests of the United States and other democracies. BlackRock declined to comment about the Soros article. (Reuters)
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