Macro Retail Offering 32.59x Oversubscribed🔔

Local Pickup🌇

Macro Retail Offering 32.59x Oversubscribed

Macro is expected to begin trading under the ticker “MCRO” this Thursday, February 10th, 2022, according to the group’s CEO Ahmed El Nayeb.

The retail offering is 32.59x oversubscribed so far, as of yesterday’s trading session close. Today is the last day to place subscription orders.

FRA Approves Fawry’s Capital Increase💰

The FRA has approved Fawry’s (FWRY) request to double its paid-in capital from EGP 853.6 million to EGP 1.65 billion.

More Details🧐 Fawry will distribute the EGP 800 million over 1.6 billion shares at a par value of EGP 0.5/share. The capital increase will be through a rights issue subscription to existing FWRY shareholders.

Fawry will also increase its authorized capital from EGP 1 billion to EGP 3 billion.

Why is this Important🤔 Through this capital increase, Fawry aims to strengthen its financial position to prepare for future expansion & investments. 

The company plans to dedicate EGP 400 million of the proceeds to expand in the fields of microfinance, consumer finance, digital insurance services, & investment funds.

EGP 300 million will be used to upgrade services offered on the myFawry app.

While EGP 100 million will be set aside for direct investment in promising companies, inside or outside Egypt.

The EGX suspended trading on FWRY yesterday for 10 minutes; the stock closed down 1.54% at the end of yesterday’s trading session.

EFG’s ValU Partners with AUC to Facilitate Tuition Fees🏫

EFG Hermes’ (HRHO) consumer finance arm ValU has partnered with the American University in Egypt (AUC) to facilitate payment of tuition fees.

More Details🧐 The partnership will allow students wishing to enroll in AUC’s undergraduate or graduate programs to finance one year’s worth of tuition fees in 6 to 12-month installments.

Students would pay through the digital payments platform “Paymob” at a reduced interest of 1.5%, with no down payment or administrative expenses.

Why is this Important🤔 Over 1,000 students enroll in AUC each year. 

ValU CEO Walid Hassouna said the partnership is an integral part of the company’s efforts to facilitate access to high-quality education at affordable prices for all members of society.

Global Pickup🌎

Peloton Shares Soar on Report of Potential Buyers📈

Peloton Interactive (NASDAQ: PTON) saw its share price soar after drawing interest from potential buyers such as Amazon (NASDAQ: AMZN) & Nike (NYSE: NKE).

More on Peloton🚲 Peloton is an exercise equipment & media company, with products such as bicycles that enable subscribers to remotely participate in classes via streaming media.

Shares of Peloton skyrocketed during the pandemic as people were forced to find new ways to exercise at home, then plummeted once the economy gradually returned back to normal.

More Details🧐 Amazon is reportedly exploring an offer & is in talks with advisors on how to approach the deal.

While Nike is in the very early stages of evaluating a deal for Peloton, according to the Financial Times.

Peloton, on the other hand, is undecided on whether it will explore a sale or not.

Why is this Important🤔 Peloton recently halted production of its bikes & treadmills amid a drop in demand.

Peloton currently has a market capitalization of around $8 billion, down from a peak of over $47 billion in December of 2020.

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