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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