BariQ Plans to IPO Before 2023👀

Local Pickup🌇

BariQ Plans to IPO Before 2023👀

Intro Group’s chairman Mamdouh Abbas revealed his plan to list the recycler company “BariQ” in the EGX before 2023.

More Details🧐 BariQ is specialized in the recycling of post-consumer plastic packaging products. It exports 100% of its production to European clients aiming towards a greener environment.

Why this Matters🤔 Abbas stated that investments must take an unconventional path during the current phase, such as focusing on the professional waste recycling industry. 

Several Companies Report Earnings📊

Let’s dive in.

Eastern Company (EAST)🚬 reported net profits of EGP 2.9 billion in the first 6 months of its fiscal year (FY) 2021-2022, up by 15% compared to the same period last year. 

Heliopolis For Housing (HELI)🏡 recorded net profits of EGP 16 million in the first 6 months of its FY 2021-2022, compared to a loss of EGP 84.5 million in the same period last year.

Egypt Gas (EGAS)⛽ recorded net profits of EGP 146 million in 2021, up 73% YoY.

Emerald Real Estate Investment (EMRI)🏘 reported net profits of EGP 28.6 million in 2021, up 12% YoY.

Naeem Holding (NAHO)🏢 reported net profits of $1.5 million in 2021 compared to net losses of $1.3 million.

Abu Auf Records EGP 1 Billion in Sales🥜

Abu Auf owner “AUF” recorded EGP 1 billion in sales in 2021.

More Details🧐 AUF developed a plan to increase its market share. It collaborated with Talaat Moustafa Group (TMGH) to open 6 new outlets in Madinaty & Al-Rehab.

Why this Matters🤔 In September 2021, AUF announced its plans for IPO on the EGX in Q2-2022, with EFG Hermes (HRHO) as its IPO advisor.

Global Pickup🌎

Billionaire George Soros Buys Stake in Rivian🚚

Billionaire investor George Soros bought nearly 20 million shares of electric truck startup Rivian (NASDAQ: RIVN).

More Details🧐 The shares Soros bought were worth $2 billion at the time, making Soros Fund Management among the most prominent investors Rivian. Rivian’s also expected to provide Amazon (NASDAQ: AMZN) with more than 100,000 electric trucks. 

Why is this Important🤔 The electric vehicle maker’s stock jumped 7.87% following the Soros Fund acquisition.

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