E-Finance Officially Launches E-Health👩‍⚕️

Local Pickup🌇

E-Finance Officially Launches E-Health👩‍⚕️

E-Finance has officially launched E-Health in partnership with the Universal Health Insurance Authority (UHIA) in Egypt.

Who is the UHIA🤷‍♀️ The UHIA is a social system through which medical services are provided to all segments of society without discrimination, & the state takes care of the helpless.

More details🧐 E-Health will have a paid-in capital of EGP 100 million, UHIA will own 50% plus one share of E-Health, giving it majority ownership, while E-Finance will own 35% minus one share of E-Health.

Why is this important🤔 E-Health will manage & operate the technological services of UHIA, which is expected to cover more than 100 million people over the next 10 years.

Juhayna’s Stock Suspended Until the Company Discloses its Financial Results🚫

The EGX has suspended trading on Juhayna (JUFO), effective yesterday & until the company releases its financial results.

More details🧐 Juhayna’s latest financials are for the 2020 period, & were released nine months late. That led to the EGX moving trading on JUFO to the “D” list back in June 2021. JUFO has not reported any quarterly financial results for 2021, which led to the current suspension.

FRA Cancels Trades on Egyptian Iron & Steel❌

The FRA has canceled all trades made on Egyptian Iron & Steel (IRON) during the December 1st, 2021 trading session, according to a statement to the EGX.

More details🧐 Egyptian Iron & Steel, a company that announced liquidation in early 2021, saw its stock price rise 111% in the period between 1st of November to 31st of November 2021. 

Why is this important🤔 As of May 31st, 2021, IRON was EGP 9 billion in debt. The company’s debt is expected to increase further by EGP 2.25 billion. The FRA will be revising the rules governing the 1) mandatory delisting, & 2) trading of companies undergoing liquidation.

Global Pickup🌎

Meet Twitter’s New CEO & the S&P’s Youngest🐤

Twitter CTO Parag Agrawal has replaced Twitter’s co-founder Jack Dorsey as CEO of the social media giant. Dorsey is also CEO of Square, a company worth more than double of Twitter.

More details🧐 Twitter shares soared 10% following news that Dorsey was stepping down. Twitter investor Elliott Management has been advocating for the dismissal of Dorsey since 2020, citing his dual-CEO status of both Twitter & Square as a potential risk.

Why is this important🤔 37-year-old Indian immigrant Agrawal has also replaced Mark Zuckerberg as the youngest CEO in an S&P 500 company. Agrawal was in charge of strategy involving artificial intelligence & machine learning, & played an instrumental role in making tweets more relevant on users’ timelines. 

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