Fawry Partners with Uber🤝

Daily Markets Summary

Copy-of-Claps-Market-Summary-26

What’s Clapping Today👏: Fawry partners with Uber. Pioneers Holding rebrands to Aspire Capital Holding. ESG reporting is mandatory for EGX-listed companies starting 2022. And Squid Game officially becomes Netflix’s most popular series ever. 

Local Pickup🌇

Fawry Partners with Uber🤝

Fawry & Uber have partnered to introduce E-payments through the myfawry app, as well as 230,000+ locations across the country. The partnership aims to make it easier for Uber users to recharge their Uber wallets with any amount through the “FawryPay” service.

Thndr-Claps-GIFs-54

Who is affected🤷: Fawry’s channels are everywhere. Its services are available through the myfawry mobile application, Fawry Plus outlets, through the “Meeza” card, & also through the “FawryPay” service available on popular banks’ online platforms such as “Bank Misr” &  “National Bank of Egypt”. You can even find it on the electronic wallets of mobile companies such as Orange, Vodafone, & Etisalat. 

Why is this important🤔: This partnership helps increase digital payment options for Uber customers, which reduces the use of cash transactions. The partnership comes in line with the Egyptian government & Central Bank’s plan to achieve financial inclusion & steer Egypt towards a digital economy.

Pioneers Holding Rebrands to Aspire Capital Holding🔃

Following the division of Pioneers Holding into three entities (recap here), the EGX approved the company’s rebranding into “Aspire Capital Holding”, which now trades under the ticker ASPI.

Thndr-Claps-GIFs-55

Who is affected🤷: The rebranding is just that, a rebranding. It only affects the name of the parent company, which now operates exclusively as a financial services company. The two other companies, Pioneers Properties (PRDC) & Gadwa Industrial Developments (GDWA), operate in real estate & industrial investments, respectively.

Stock performances📉: Since the companies’ stocks debuted on October 11th, 2021, ASPI fell by 1.04%, while PRDC & GDWA fell by 20% & 3.94%, respectively. 

Starting 2022: ESG Reporting is Mandatory for EGX Companies🎴

EGX-listed companies will be required to file annual Environmental, Social & Governance (ESG) reports to the FRA beginning January 2022.

Thndr-Claps-GIFs-17

More details🧐: Companies will be required to fill out an ESG report consisting of more than 40 questions related to the three aspects of ESG. Environmental questions include: “Does your company follow Environmental and Social (E&S) or sustainability policies?” & “Does your company follow specific waste, water, energy, &/or recycling policies?”. Social reporting looks at whether companies disclose information on gender diversity, pay ratio, & labor rights, to name a few. While governance reporting looks at matters of ethics & code of conduct, data privacy, & risk management, among others.

Why is this important🤔: Investors are increasingly looking at ESG-compliant companies for their investments. Companies here are missing out on international partnerships & foreign investment opportunities because they don’t implement file ESG reports. It’s noteworthy, however, that a few EGX-listed companies already file ESG reports, including Cleopatra Hospitals (CLHO), El Sewedy Electric (SWDY), & Edita (EFID).

More Headlines📰

  • valU Aims to Reach 250,000 Users by End of 2022

  • Fawry Acquires Minority Stake in Biggest Sudanese Fintech , Cashi, in First Overseas Venture

  • Aman for Electronic Payment Technology Secures EGP 2 Billion in Funding in 2021

  • Suez Canal Authority Named Second Largest Logistics Firm in MENA

  • Emerald Development’s Public Offering Oversubscribed by 26.34 Times

Global Pickup🌎

Squid Game Officially becomes Netflix’s Most Popular Series Ever🀄

South Korean TV show “Squid Game” has become Netflix’s most popular series ever. The show drew over 111 million fans in less than a month, Netflix revealed.

squid-game-netflix

If you haven’t watched it📺: The show features a mysterious organization that offers some of the most indebted people a chance to win an absurd amount of money by playing a series of games. Only once they start playing the game do they realize they’d be killed if they’re eliminated from the game. 

Why is this important🤔: Squid Game proved that foreign-language TV shows are here to stay. The show will open the window for even more foreign-language shows to appear on global streaming services like Netflix, a move most companies would have been hesitant to make, believing that foreign-language shows usually don’t perform well when streamed in a different language-speaking country.

Earnings Call💸

  • Domty (DOMT) recorded EGP 32.55 million net losses during H1-2021, compared to net profits of EGP 63.83 million in the same period last year

  • Qatar National Bank (QNBA) reported net profits of EGP 6 billion in the first nine months of 2021, a 7% YoY increase

  • Arab Cotton Ginning Company (ACGC) incurred consolidated net losses of EGP 47.46 million in the fiscal year 2020/2021, a 68.2% YoY decrease

Like what you read?🤗 Help us make ThndrClaps better by taking a two-minute survey