EFG Hermes Acquires Retail Investors’ Stake in Tanmeyah🤝
Hermes bought 317.6 thousand Tanmeyah shares from the over-the-counter market (OTC) for EGP 415 million, according to Al Mal. The stake is the equivalent of 6.5% of Tanmeyah’s ownership, raising Hermes ownership in Tanmeyah to 100%.
More on Tanmeyah🧐 Tanmeyah Microenterprise Services is a non-bank provider of microfinance solutions. The company caters to owners of small businesses across Egypt who lack access to financing from the traditional banking sector.
Why is this important🤔 A restructuring process is likely to happen, with the current Tanmeyah management team moving to non-executive positions.
Fawry, ElSewedy, & Other Companies Report Earnings📈
Eight more companies reported their earnings.
Fawry (FWRY)📳 reported net profits of EGP 193.74 million in the first nine months of 2021, a 33.4% YoY increase from EGP 145.198 million.
Ezz Steel (ESRS)🔩 reported EGP 3.75 billion in net profit during the first nine months of 2021, compared to EGP 4.11 billion in net losses in the same period last year.
Egyptian Kuwaiti Holding (EKHOA)🌱 reported net profits of $173.1 million in the first nine months of 2021, a 46.4% YoY increase from $118.27 million.
Orascom Development (ORHD)🏡 reported profits of EGP 1.21 billion in the first nine months of 2021, to reach 1.21 billion pounds, a 238% YoY increase compared to EGP 357.4 million.
Elsewedy Electric (SWDY)⚡ reported net profits of EGP 2.5 billion in the first nine months of 2021, a 31.5% YoY increase compared to EGP 1.9 billion.
Ibn Sina Pharma (ISPH)⚕️ reported net profits of EGP 241.94 million in the first nine months of 2021, a 20.6% YoY increase from EGP 200.61 million.
Porto Group (PORT)🏟️ reported net profits of EGP 90.97 million in the first nine months of 2021, compared to net losses of EGP 8.62 million in the same period last year.
Amer Group (AMER)🏟️ reported net profits of EGP 187.92 million in the first nine months of 2021, a 1,783% YoY increase from EGP 9.98 million.
Startup Spotlight💡 – BlinkApp Raises Undisclosed Figure in Pre-Seed Round🚗
BlinkApp, which aims to achieve better general driving behavior, completed an undisclosed six-figure pre-Seed round led by UAE & KSA investors.
More on BlinkApp🧐 BlinkApp aspires to have its technology installed on smartphones with the main vision of achieving better general driving behavior, faster roadside assistance & safer roads for everyone.
BlinkApp captures & analyses thousands of miles of data, using smartphone sensors & AI technology, to monitor drivers’ behavior, detect collisions, & generate insightful reports to guide & assist customers.
Why is this important🤔 BlinkApp came to life when its co-founder & CEO Wael Noufal got in a car accident in Egypt by the end of 2013. At that critical moment, he couldn’t find his phone & even when he did, he didn’t remember any emergency numbers to call for help.
BlinkApp aims to onboard six million users & reach $5 million in gross merchandise value by 2025.
While AutoMakers are Shifting to EVs, Toyota Explores Hydrogen🚘
Toyota’s latest push into hydrogen tech comes as the world’s biggest carmaker joins the race for a share of the rapidly growing market for battery electric vehicles (BEV), as the world tightens emission regulations to meet carbon-cutting pledges.
More details🧐 At the COP26 in Glasgow, six major car makers, including General Motors, Ford Motor, Volvo, & Mercedes-Benz signed a declaration to phase out fossil-fuel cars by 2040.
Toyota did not join that group, arguing that much of the world (developing countries) is not ready for a shift to EVs.
“We don’t want to be seen as an EV maker, but as a carbon-neutral company,” Toyota Vice Chairman Shigeru Hayakawa told Reuters in an interview.
Why is this important🤔 Although hydrogen fuel is considered environmentally-friendly since it does not produce the same waste as fossil fuels during production, Toyota’s engine is not completely carbon-free & therefore can’t be classified as zero-emission.
Four Japanese automakers will join Toyota’s initiative, including Kawasaki, Yamaha, Subaru, & Mazda, to find ways to establish hydrogen as a transport fuel, which had previously proved difficult to do.
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