CLHO Shareholders Have 10 Business Days to Respond to Purchase Offer…Starting Today🔟
Cleopatra Hospitals (CLHO) announced that the purchase offer submitted for a stake in the company is available to CLHO shareholders starting today, December 13th to December 26th.
More details🧐 CI Capital (CICH), together with Banque Misr, announced their intention of acquiring a 26.21% stake in CLHO through their subsidiary MCI Capital.
Why is this important🤔 The FRA had approved the publication of the purchase offer for 419.3 million shares at EGP 5/share. It is noteworthy that MCI Capital healthcare partners are 60% owned by CICH & 40% by Banque Misr.
Egypt Prepares to Rejoin JP Morgan Emerging Markets Bond Index by End of Next Month📇
Minister of Finance Mohamed Maait announced Egypt’s readiness to officially rejoin the JP Morgan Emerging Markets Bond Index by the end of next month. Click here for a quick recap.
More details🧐 Maait stated that Egypt was able to meet JP Morgan’s requirements, which include: extending the duration of government bonds, adjusting the yield curve, & raising foreign investors’ participation in the government’s financial instruments with an increase in the volume of each issuance.
Why is this important🤔 Maait added that Egypt’s inclusion is considered a new testimony of foreign investors’ confidence in the resilience of the Egyptian economy, especially that 90% of foreign investors surveyed were in favor of Egypt rejoining the index.
Startup Spotlight💡 – Sympl Raises $6 Million Seed Round💳
Five-month-old fintech ‘Sympl’, who describe themselves as Egypt’s first ‘save now pay later’ platform, has raised $6 million in a seed round led by Beco Capital, A15, & Global Ventures.
More details🧐 Sympl’s model is slightly different to existing ‘buy now pay later’ players. Rather than promoting purchasing, it gives customers more choices at the checkout & promotes customer saving, flexible cash flow management, & a better matching of income & expenditure.
Why is this important🤔 Sympl is currently accepted at more than 240 retail & online stores in Egypt, & plans to reach 1,000 stores by mid-2022. Sympl will use the funds to accelerate the growth of its merchant network to serve multiple product & service categories across online & in-store merchants, as well as improve the product offering to better serve the platform customers.
Headlines We’re Watching👀
- FRA Approves Dice’s (DSCW) Request to Increase its Capital from EGP 106 Million to EGP 371 Million
- Ezz Al Dekheila (IRAX) Board of Directors Agree to Purchase Ahmed Abu Hashima’s Entire Stake in Egyptian Steel Company (18% OR ~EGP 2.5 Billion)
U.S Stock Market Indexes Close in the Green Following Highest Inflation Rate in 39 Years🤯
U.S inflation surged 6.8% in November 2021, its fastest pace since 1982. U.S stock markets reacted well.
More details🧐 All three major U.S. stock indexes, the S&P 500, Nasdaq & the Dow Jones advanced last Friday following inflation figures that came in line with expectations. The S&P 500 even hit an all-time closing high.
Why is this important🤔 Fed Chair Jerome Powell had said that “inflation is likely to go up before it goes down”. Consistent with this statement, November’s inflation rates are certainly high, but they somewhat expected. It’s a good sign when there’s consistency between the Fed’s claims & reality.
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