Macro Group Shares to List on EGX Database Today⚕

Local Pickup🌇

Macro Group Shares to List on EGX Database Today⚕

The EGX has approved the listing of Macro Group Pharmaceuticals’ shares on its database. 

More Details🧐 In a first issue, EGP 115.47 million of Macro Group’s capital will be distributed over 577.36 million shares, with a par value of EGP 0.20/share. The shares will be listed today, January 13, 2022, under the ticker MCRO.

Why is this Important🤔 The listing of Macro Group’s shares on the EGX’s database does not mean the shares are tradable.  The FRA must first approve Macro’s prospectus, followed by the EGX’s approval for the start of trading, similar to Nahr Elkhair’s (KRDI) recent situation. Head of the FRA Mohamed Omran expects Macro Group to list on the EGX by January 23rd, 2022.

It’s worth noting that KRDI is expected to begin trading as soon as it receives the green light from the FRA on its prospectus. KRDI is eligible to skip the IPO process & list its shares in a direct listing because it has 466 current shareholders, meeting the minimum criteria of 300 shareholders to skip the IPO process. Osoul Arabia Financial Consultants acting as independent financial advisors for KRDI’s listing. 

World Bank Raises Egypt’s GDP Growth Prediction for FY-2022🏛

The World Bank has raised its forecast for the growth of the Egyptian economy during the current fiscal year from 5% to 5.5%.

More Details🧐 The World Bank attributed the rise in its forecast to the expansion of the information & communication sectors, as well as the gas extraction sector. 

Why is this Important🤔 Egypt recorded its highest quarterly growth rate in two decades in Q1 of FY-2022. Minister of Planning Dr. Hala Al Saeed also predicted a 5.5-5.7% annual growth rate for the Egyptian economy by the end of FY-2022.

El Sewedy Subsidiary Signs EGP 443 Million Project🔦

ElSewedy Electric’s (SWDY) subsidiary ElSewedy for Trading & Distribution has signed an EGP 443 million contract with the New Administrative Capital (NAC).

More Details🧐 SWDY will implement the lighting for the South Ben Zayed Road in NAC. The lighting will extend from Al-Fattah Al-Aleem Mosque to the NAC’s Cathedral.

SWDY will also implement “high-mast lighting” for road no. 11, including its intersection with the City of Arts & Culture, & the extension of North Ben Zayed Road. 

What is High-Mast Lighting High-mast lighting is a tall pole with lighting pointing towards the ground, usually used to light highways.

Why is this Important🤔 Several SWDY subsidiaries have gone into agreements the past few months.

SWDY was down 1.94% at the end of yesterday’s trading session, while the EGX30 closed 0.48% in the green.

What else is Clapping👏

  • Pachin (PACH) to Distribute EGP 1.25/Share; Record Date January 25th, 2022

  • EGX Approves Marseilia’s (MAAL) Request to Move from Nilex to the EGX

  • FRA Gives Initial Approval for Second Phase of Arab Dairy (ADPC) Capital Increase

Global Pickup🌎

U.S. Inflation Hits 7% Year-Over-Year; Highest in Almost Four Decades🎈

The U.S. consumer price index (CPI) rose by 0.5% in December 2021, & by 7% throughout 2021, the highest since June 1982.

More Details🧐 Rising inflation was driven by rising prices of rent & used vehicle prices, which have been a major driver of the rise in inflation during the pandemic due to supply chain constraints.

Why is this Important🤔 Federal Reserve chair Jerome Powell said on Tuesday, January 11th, 2022, that the U.S. economy is in a healthy state, & requires a tighter monetary policy. This simply confirms what investors already knew: increased interest rates & faster tapering. If these policies fail to tame the “persistent inflation”, Powell said that it “could lead to a recession.”

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