EGX30 Rebalances: Check Out Who’s In & Out🔃
The EGX completed its semi-annual rebalancing of the EGX30 yesterday.
More Details🧐 The EGX30 saw the entry of four companies, E-Finance (EFIH), Orascom Construction (ORAS), Abu Dhabi Islamic Bank (ADIB), & Housing & Development Bank (HDBK).
Six companies exited the index, Raya Holding (RAYA), Speed Medical (SPMD), Pioneers Properties (PRDC), Aspire Capital (ASPI), Gadwa for Industrial Development (GDWA), & Egyptian for Tourism Resort (EGTS).
The uneven entry-to-exit ratio is a result of Pioneers Holding’s split into three companies, PRDC, GDWA, & ASPI, back in October 2021.
Why is this Important🤔 Rebalancing is important to maintain desired risk & diversification levels for the index, with the goal of attracting more investments.
Obour Land to Resume Construction of Obour Farms🐄
Obour Land (OLFI) announced yesterday it will be resuming the construction of Obour Farms after obtaining all licenses & permits for the project last December.
More Details🧐 Obour Farms is a 42-acre project with plans to raise 2,500 cows. OLFI said it plans on signing the first agreement for the import of the cows later this year.
Why is this Important🤔 The Obour Farms project is set to cost OLFI EGP 225 million, which will be financed by a $7 million loan it got from the European Bank for Reconstruction & Development (EBRD) back in 2018.
OLFI closed yesterday’s trading session up 1.46%.
E-Finance BoD Approves 4% Capital Increase🎁
The extraordinary general assembly of E-Finance (EFIH) has agreed to raise the company’s capital from EGP 888.8 million to EGP 924.4 million.
More Details🧐 The 4% capital increase represents EGP 35.5 million to be distributed over 71.1 million shares at a par value of EGP 0.5/share.
Why is this Important🤔 The raised capital will go towards the company’s employee rewards & incentives program.
EFIH closed yesterday’s trading session up 3.09%.
Sony to Acquire Bungie for $3.6 Billion🎮
Playstation developer Sony Interactive Entertainment will acquire video game developer Bungie for $3.6 billion.
More Details🧐 Bungie was previously acquired by Microsoft in 2000 & then split from the tech giant seven years later. The video game developer is famous for games like Destiny & Halo, the latter of which helped play an important role in the rise of Microsoft’s Xbox.
The combined value of those three deals already surpasses total mergers & acquisitions (M&A) activity in 2021.
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