E-Finance’s “Khales” Registered as Insurance Premium Collector by the FRA®
Khales, E-Finance’s (EFIH) digital payments subsidiary, has received the FRA’s approval to be registered as an electronic collection company for insurance premiums.
More Details🧐 Khales will be responsible for collecting insurance premiums for the state’s “Haya Karima” initiative, which belongs to Misr Insurance.
Why is this Important🤔 Khales has over 300k POS machines across Egypt.
This move is E-Finance’s first step towards digitizing the insurance sector, & part of Khales’ strategy to digitize non-banking financial services (NBFS) as a whole.
FRA Approves EHDR Request for Extension on Acquisition Offer for EMRI⏲
The FRA has approved Egyptians Housing’s (EHDR) request for a 60-working-days extension to submit an offer to purchase Emerald for Real Estate Investments (EMRI).
More Details🧐 EHDR plans to acquire 90% of EMRI’s capital through a stock swap, which in mergers & acquisitions is the option to pay with stock rather than cash.
Why is this Important🤔 EHDR also confirmed that it doesn’t plan on submitting an offer for Emerald Development (EMDE).
Zahraa Maadi Approves Capital Increase💰
Zahraa Maadi’s (ZMID) ordinary general meeting (OGM) has approved doubling the company’s paid-in capital from EGP 264 million to EGP 528 million.
More Details🧐 ZMID will finance the capital increase through its 2020 retained earnings at one bonus share per original share.
The OGM also approved raising the authorized capital from EGP 300 million to EGP 1 billion.
Why is this Important🤔 No additional financing is needed as the company is spending money it has already earned. It also allows companies to maintain control of company structure than other financing sources otherwise would.
Meta May Shut Down Facebook & Instagram in Europe❌
In its latest annual report, Meta (NASDAQ: FB) warned that it might be forced to shut down Facebook & Instagram in Europe.
More Details🧐 European regulators are currently drafting legislation that dictates how European users’ data gets transferred from Europe to the U.S.
Why is this Important🤔 In the case that the legislation doesn’t allow for the transfer of user data across the continents, Meta “will likely be unable to offer a number of its most significant products & services, including Facebook & Instagram, in Europe.”
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