Ghazl Al Mahalla Football Club to IPO Next Month⚽

Local Pickup🌇

Ghazl Al Mahalla Football Club to IPO Next Month⚽

Ghazl El-Mahalla Football Club is scheduled to list on the EGX next month, according to Dr. Hisham Tawfiq, Minister of the Public Business Sector.

More Details🧐 Out of the Company’s EGP 200 million paid-in capital, the company plans to list EGP 100 million through a public offering & EGP 37M through a private offering.

Why is this important🤔 Ghazl Al Mahalla will become the first football club to establish an independent joint-stock company in Egypt, in accordance with the new sports law, & will be the first sports club to trade on the EGX. 

FRA to Criminalize Stock Advice on Social Media❌

The FRA Board of Directors (BoD) approved a legislative proposal that includes prohibiting & criminalizing the publication of recommendations & advice related to securities listed on the EGX on social media sites.

More Details🧐 This initiative aims to deter those who issue & publish misleading recommendations & advice to manipulate small investors to achieve personal benefit.

Why are they doing this🤔 The authority noticed that some of the social media pages include brokers in the EGX & that the recommendations published often affect the trends of the stocks & lead to stock price movements.

Headlines We’re Watching👀

  • Sodic MTO Expires on Tuesday, Investors Who Buy Stocks Today Will Not be Eligible for the MTO

  • Egypt to Establish a Company in Cooperation With the Sovereign Authority to Offer 3,000 Electric Charging Stations

  • Invesco Reduces Stake in CIB to 4.99%

Global Pickup🌎

Singapore Super-App Grab Goes Public in the Largest SPAC Merger📉

Grab, Southeast Asia’s biggest ride-hailing & delivery company went public via a USD 40 billion special purpose acquisition company (SPAC) merger with Altimeter Growth, which broke records as the largest blank-cheque merger. However, the stock fell sharply by 21% on its first day of trading.

More Details🧐 The listing on Nasdaq marks the high point for the nine-year-old Singapore company that started as a ride-hailing app. The company has 187 million users in eight countries, making it one of the most dominant super apps in Asia, offering rides, food delivery, & now, financial services. 

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