Nahr Al Khair Lists 61.5% Stake on EGX Database💿

Local Pickup🌇

Nahr Al Khair Lists 61.5% Stake on EGX Database💿

Nahr Al Khair for Development & Agricultural Investment (KRDI) has completed the listing of a 61.5% stake on the EGX database.

Backstory🔙 KRDI was one of three companies in which the FRA agreed to list its shares on the EGX database, followed by the EGX’s approval

More on KRDI🧐 KRDI operates in the field of land reclamation & cultivation, as well as the sale of agricultural products. The company is part of the “1.5 Million Feddans” project, & owns about 8,665 acres.

KRDI plans to reclaim about 1,000 acres during 2022, which is the process of creating new land from oceans, seas, or other water bodies, at an investment cost of about EGP 80 million, according to the company’s Managing Director Ahmed El Sayed. He also disclosed that KRDI pumped almost EGP 100 million worth of investments in 2021.

Why is this Important🤔 The listing doesn’t mean that it’s tradable yet, but rather that it’s registered on the EGX database. El Sayed noted that trading will immediately start following the FRA’s approval of a fair value study of KRDI.

Edita’s Acquisition of Egyptian Belgian Company Suspended🧁

Edita’s (EFID) potential acquisition of Egyptian Belgian Company (EBC) entire assets has been suspended after both sides failed to agree on a valuation.

Backstory🔙 EBC, which owns the brand name “Ole”, received a non-binding letter of intent from Edita last November regarding the acquisition of EBC’s assets, including real estate, land plots, machinery & equipment, & production lines.

Why is this Important🤔 The acquisition of EBC was going to be significant for Edita, & would’ve noticeably increased the production capacity of Edita’s baked goods line.

Startup Spotlight💡 – B2B E-Commerce Startup Gahez Raises $2 Million pre-Seed Round📲

Egypt-based B2B e-commerce platform Gahez has raised $2 million in its pre-Seed round.

More on Gahez💡 Gahez operates an online B2B marketplace that connects fashion retailers with suppliers. Founded in 2021, Gahez expanded its footprint to 16 governorates, & has onboarded over 15,000 retailers & 142 manufacturers.

More Details🧐 The round was led by Disruptech Ventures, Egypt Ventures, EFG Hermes’ (HRHO) Tanmeyah, Afropreneur, & other angel investors. 

Why is this Important🤔 Gahez will use the funds to build advanced technology & hire top talent to enable Gahez to cater to different customer segments & expand. 

What else is Clapping👏

Global Pickup🌎

Apple Becomes First Company to Hit $3 Trillion Market Cap🤯

At 1:45 PM Eastern Time on Monday, Apple’s (AAPL) share price hit $182.86, giving the tech giant the first-ever $3 trillion market valuation. 

More Details🧐 Although AAPL closed Monday’s trading session at $182.01/share giving it a market cap of $2.99 trillion *only*, the hype behind the $3 trillion mark is mostly a symbolic representation of Apple’s success. Since announcing the first iPhone in 2007, AAPL rose about 5,800%. The company also managed to triple its valuation in less than four years, after hitting the $1 trillion milestone back in August of 2018.

Why is this Important🤔 Apple has been one of the big winners of the pandemic, as COVID lockdowns saw demand for gadgets jump. Despite this mind-numbing valuation, experts still see AAPL growing faster than the U.S. economy.

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