Thndr Raises $20 Million in Series A Round⚡

Local Pickup🌇

EFG Hermes Stock Soars After Receiving Mandatory Tender Offer📈

EFG Hermes’ (HRHO) stock price soared as much as 16% & closed 9.28% up in yesterday’s trading session, after receiving a mandatory tender offer (MTO) from First Abu Dhabi Bank (FAB).

More Details🧐 FAB offered to acquire a minimum of 51% of HRHO’s capital.

FAB’s initial offer stands at EGP 19/share, & is subject to change following due diligence, which will begin as soon as possible.

Why this Matters🤔 HRHO is currently studying the offer & will disclose any developments as soon as they occur. 

HRHO also advised smaller investors to trade cautiously, as developments in the deal are subject to due diligence as well as obtaining necessary regulatory & administrative approvals.

Startup Spotlight💡 – Thndr Raises $20 Million in Series A Round⚡

Thndr has raised $20 million in a Series A round co-led by Tiger Global, BECO Capital, & Prosus Ventures. New & existing investors also participated, including Base Capital, firstminute Capital, Endure Capital, 4DX Ventures, Raba Partnerships & JIMCO.

More Details🧐 Thndr’s on a mission to democratize investing across the MENA region.

At Thndr, we’re committed to creating a seamless account opening experience, building an intuitive app, developing our users’ financial literacy, & meeting different investors’ risk appetites by creating an ‘investment supermarket’ with various investment instruments.

Why this Matters🤔 Less than 3% of the MENA population invest in financial assets, compared to up to 50% in Europe & the U.S. 

87% of our users are first-time investors, while 40% come from rural areas.

We plan on using the funds to continue adding investment products & expanding across the MENA region.

Macro Starts Trading Today🔔

Trading on shares of Macro Group (MCRO) starts today.

More Details🧐 MCRO will not be subject to price movement limitations nor intraday stock suspensions in today’s trading session. The stock will trade under those two rules at the beginning of the next trading session.

 

Global Pickup🌎

El Sewedy Plans to Expand to Burkina Faso; Approves Earnings🌍

El Sewedy Electric (SWDY) announced its plans to open branches in Burkina Faso, & approved its 2021 financial statements.

More Details🧐 SWDY agreed to establish branches in Burkina Faso with the aim of carrying out all activities approved by authorities.

The company also approved its Q4-2021 earnings, as well as for the entire year of 2021. 

SWDY reported net profits of EGP 1.2 billion in Q4-2021, a 4.3% year-over-year decrease. Its 2021 consolidated profits amounted to EGP 3.5 billion, a 16.7% year-over-year increase.

Why this Matters🤔 SWDY was down 0.53% at the end of yesterday’s trading session.

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