Fawry Approves Capital Increase; Looks to List on a U.S. Stock Exchange🛫

Local Pickup🌇

Fawry Approves Capital Increase; Looks to List in the U.S.🛫

Fawry’s (FWRY) board of directors (BOD) have agreed to increase the company’s capital by EGP 800 million, & are exploring a dual listing on a U.S. stock exchange.

Capital Increase💰 Fawry will increase its capital by EGP 800 million in a rights issue, similar to the last capital increase the company had in June of 2021.

Dual Listing🛫 Fawry’s (BoD) also approved the creation of an American depositary shares (ADS) program. ADSs are shares of a non-U.S. company that are held by a U.S. bank that facilitates investment in securities markets & are available for purchase by U.S. investors.

The amount of ADSs, timing, & size of the offering hasn’t been determined.

Why is this Important🤔 The funds from the capital increase will be used to fuel Fawry’s expansion plan & investment strategy. 

Fawry aims to offer more financial services to consumers & merchants, & increase offerings on the myFawry app in an effort to become a super-app.

Fawry’s investment plan aims to support fintech companies, which complement the company’s offerings through e-commerce, logistics, fintech services, & other sectors.

El Sewedy Subsidiary Signs EGP 686 Million Agreements✒

El Sewedy (SWDY) subsidiary Egytech Cables has signed two contracts with a total value of Kuwaiti Dinar (KWD) 13.2 million (EGP 686 million) with the Kuwaiti Public Authority for Housing Welfare.

More Details🧐 The turnkey agreement will see Egytech Cables design, supply, install, & maintain a 132 kV ground cable. kV stands for kilovolt, a measure of the potential energy of a unit charge.

The project is expected to be completed within 18-months.

Why is this Important🤔 The project will provide electricity to the Al-Mutlaa residential city, an important project by the Kuwaiti Public Authority for Housing Welfare.

Marseilia for Real Estate Investment Eyes Expansion into Four Sectors4️⃣

Sherif El Saftawy, managing director of Marseilia for Real Investment (MAAL), has said the company plans to enter four different sectors in 2022.

More Details🧐 El Saftawy said the company plans to develop a hospital in Alexandria, in partnership with an investor with previous experience in the field. He added that the company plans on entering the education sector in the same manner.

The third sector he mentioned was water desalination, pointing out that the company already owns several water desalination plants for its projects.

The fourth & final sector is solar energy, where MAAL would provide the land while other investors handle other project expenses.

Why is this Important🤔 MAAL began trading on the EGX last Thursday after the EGX approved the transfer of its shares from the Nilex to the EGX. MAAL was down 9.03% at the close of Thursday’s trading session.

What else is Clapping👏

  • EGX Approves Capital Increase Request by Abu Dhabi Islamic Bank from EGP 4 Billion to EGP 7 Billion

Global Pickup🌎

Mcdonald’s to Expand its Testing of the McPlant Burger🌱

McDonald’s (NYSE: MCD) will expand its testing of the McPlant burger, which was created in partnership with Beyond Meat (NASDAQ: BYND), from 8 locations to 600 locations.

The McPlant burger is made up of peas, rice & potatoes.

More Details🧐 Beginning February 14th, 2022, McDonald’s plant-based burger the “McPlant”, will be rolled out to 600 locations in San Francisco & Dallas. 

This is a big increase compared to the fast-food giant’s initial test trial, which sought to learn what this new offering would have on its operations.

Why is this Important🤔 McDonald’s is taking a cautious approach in entering the plant-based products industry. The new rollout seeks to test consumer demand for the McPlant burger, which will only be available for a limited time.

Fast food restaurants have been eyeing the plant-based protein industry for a while now, with global chains such as Burger King & KFC already offering their own versions.

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