FRA Approves EBE’s Capital Increase Request✅

FRA Approves EBE’s Capital Increase Request✅

The FRA has approved the Export Development Bank of Egypt’s (EXPA) request to increase its paid-in capital from EGP 3.27 billion to EGP 5.27 billion.

More Details🧐  The increase of EGP 2 billion will be through a rights issue subscription to old shareholders, with a par value of EGP 10.

Shareholders who own EXPA by March 15, 2022 trading session have the right to subscribe to up to 61% of the shares they own. 

Subscription Date📅 The subscription date starts on March 20 until  April 18, 2022.

Fawry is Hitting the Road🛣

Fawry (FWRY) signed an agreement with “Mylerz” & “Soft Tech Technologies,” to establish a courier delivery platform “Roaderz.”

More Details🧐 The platform which will start operations during H1 of this year will provide easy payment solutions, flexible collection of payments through Fawry solutions for the sellers.

Why is this Important🤔 The platform will give more advantages to small and medium retailers, through the spread of Fawry points of sale (PoS) distributed across Egypt. 

Telecom Egypt Expands its International Network🌐

Telecom Egypt announced the extension of its international network through the “SEA-ME-WE-6” submarine cable.

 

More Details🧐 The cable has a length of 19.2 thousand km linking several countries between Singapore & France.  

The cable provides the lowest data transmission time between Southeast Asia, the Middle East & Western Europe, transmitting more than 100 terabytes/second.

The company indicated that the cable is expected to enter service by Q1- 2025.

Why is this Important🤔 This move serves to add more diversity & global reach to the infrastructure services provided through submarine cables to improve the user experience.

CIB Announces its Earnings & Capital Increase Incoming💰

CIB has announced its annual earnings, as well as revealed plans to increase its paid-in capital.

More Details🧐 CIB (COMI) reported net profits of EGP 13.2 billion in 2021, up 29.4% YoY.

CIBs’ board agreed to a proposal to increase the paid-in capital, subject to the CBE’s approval.

Paid-in capital will increase by 16.5 million shares with a par value of EGP 10, an increase of EGP 165.4 million.

What else is Clapping👏

  • SAIB Bank (SAIB) Reported Net Profits of $19.9 million in 2021, Compared to $20.4 million in 2020

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