FRA Registers Three Companies Ahead of Listings3️⃣

Local Pickup🌇

FRA Registers Three Companies Ahead of Listings3️⃣

The FRA has agreed to register three companies in preparation for their listing on the EGX.

More Details🧐 Macro Group Pharmaceuticals, which postponed its IPO back in April of this year, has been registered with the FRA ahead of its listing on the EGX. Macro Group is valued at EGP 3.5 billion & is expected to have a free float of 45.8%.

Nahr El Kheir for Agricultural Investment & Development has also registered ahead of listing on the EGX, valued at EGP 500 million & an expected free float of 61%.

The FRA also registered Industrial & Engineering Enterprises’ (IEEC) registration, which is set to start trading today on the Nilex, & is valued at EGP 117 million with a free float of 62%.

EFG Hermes & Madinet Nasr Housing Sign EGP 750 Million Sale-Leaseback Agreement🤝

EFG Hermes (HRHO) signed a sale-leaseback (SLB) agreement with Madinet Nasr Housing (MNHD) with a total value of EGP 750 million.

What’s a Sale-Leaseback🧐 In an SLB, the owner of an asset sells the asset to someone else & the asset is then leased back to the first owner.

Companies use SLBs to utilize cash they invested in an asset for other purposes, but still need the asset itself to operate their business. 

Why is this Important🤔 Both companies expressed their happiness with the deal. MNHD CEO stated that “the partnership with EFG Hermes will allow us to employ our financial capabilities more efficiently, which opens up great prospects for expansion & development for the company.”

Industrial & Engineering Enterprises Starts Trading Today🔔

Industrial & Engineering Enterprises (IEEC) is set to start trading on the Nilex today following the FRA’s approval.

More Details🧐 The EGX had listed IEEC’s shares in early December 2021, with an issued capital of EGP 97.2 million distributed over 486 million shares at a par value of EGP 0.20/share. The FRA gave its approval yesterday for the start of trading.

Why is this Important🤔 IEEC shares will not be subject to price limit movements or intraday suspensions during today’s trading session only.

What else is Clapping👏

  • Pachin’s (PACH) General Assembly Approves EGP 1.25/share Dividends

Global Pickup🌎

Global GDP Expected to Top $100 Trillion in 2022💯

The world economic output is set to exceed $100 trillion for the first time ever in 2022, according to a report by the Centre for Economics and Business Research (CEBR), one of the UK’s leading economics consultancies.

More Details🧐 The CEBR’s report predicted that China will take a little longer (2030) than previously expected (2028) to overtake the U.S. as the world’s largest economy. The report also predicts India’s economy to be bigger than France’s next year, & bigger than the UK’s by 2023. 

Why is this Important🤔 The report stated that global gross domestic product (GDP) will be fueled by recovery from the pandemic, but also warned of a potential recession if inflation is not kept under control next year.

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