Ebtikar Acquires Remaining Stake in Bee Payments🐝
Ebtikar for Financial Investments has acquired the remaining stake in TBE Payments “Bee”.
More Details🧐 Ebtikar, which was established as a joint-venture between MTI-MM Group (MTIE) & B Investments (BINV), has increased its 60% ownership stake in Bee by 39.5% by issuing shares in Ebtikar.
This means that MTIE’s stake in Ebtikar decreased from 49.9% to 40.5%, while BINV’s stake in Ebtikar fell from 20.3% to 16.5%.
Why is this Important🤔 Ebtikar is among the companies whose IPO plans were postponed due to the pandemic. The company had even hired EFG Hermes (HRHO) in September 2020 to explore listing options.
Hala Al Saeed Hints at Possible Siemens IPO👀
In a meeting held by Prime Minister Mostafa Madbouly to review the offering of some companies on the EGX, Minister of Planning & Economic Development Hala Al Saeed hinted at the possibility of offering a stake in Siemens stations.
More Details🧐 The meeting also explored the role of the Sovereign Fund of Egypt (SFE) in taking companies public. SFE Executive Director Ayman Soliman touched on the fund’s plan to offer stations built by Siemens on the EGX.
Why is this Important🤔 Soliman pointed out that this offering is one of the most important projects that are in line with the objectives of the Egyptian state.
El Sewedy Subsidiary Signs $25 Million Agreement🤝
Sedco Petroleum Services, a subsidiary of El Sewedy Electric (SWDY), has signed a $25.3 million contract with Suez Petroleum Manufacturing Company.
More Details🧐 Sedco Petroleum Services will begin supplying cables, cable accessories, ground systems & explosion-proof missions to Suez Petroleum Company for the coming eight months.
What else is Clapping👏
MCI Capital’s Purchase of 23% Stake in Cleopatra Hospitals Executed Last Thursday
Investors Advised to Reduce Exposure to Chinese Stocks Listed in the U.S👇
Investors should reduce their exposure to Chinese stocks listed in the U.S. as regulatory risks rise in China.
More Details🧐 Since Chinese ride-hailing app Didi’s IPO in late June, authorities have increased their scrutiny of Chinese companies, leading to Didi’s announcement to delist from the New York Stock Exchange. TikTok-rival Kuaishou’s stock more than doubled its IPO price during its February debut, but the stock has since fallen 77%.
Why is this Important🤔 248 Chinese companies listed on U.S. exchanges as of May 2021 held a combined market cap of $2.1 trillion. That value has fallen to approximately $1.5 trillion. The average return for Chinese-based 2021 U.S. IPOs is -42%, according to a senior strategist at IPO research firm Renaissance Capital.
Like what you read?🤗 Help us make Thndr Claps better by taking a two-minute survey