{"id":542911,"date":"2022-01-24T03:53:29","date_gmt":"2022-01-24T03:53:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/dsquares-is-jumping-on-the-spac-train\/"},"modified":"2022-01-24T03:53:29","modified_gmt":"2022-01-24T03:53:29","slug":"dsquares-is-jumping-on-the-spac-train","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/dsquares-is-jumping-on-the-spac-train\/","title":{"rendered":"Dsquares is jumping on the SPAC train"},"content":{"rendered":"

EDITOR'S NOTE- Dsquares founder Marwan Kenawy has denied Al Shorouk's reporting on this story since it was published, as we noted in a follow-up story<\/a>.<\/em><\/p>\n

<\/a> Dsquares is jumping on the SPAC train: <\/strong>Loyalty services provider Dsquares<\/a> is looking to establish a special-purpose acquisition vehicle (SPAC) and is currently working on fulfilling the Financial Regulatory Authority\u2019s (FRA) requirements for the listing of SPACs on the EGX, Al Shorouk<\/a> reports, citing unnamed sources.<\/p>\n

The target: <\/strong>Dsquares would look for its blank-check firm to merge with another company operating in customer offers and discounts, Al Shorouk reported the sources as saying, without providing any further details.<\/p>\n

The company hasn\u2019t decided on the form its offering will take<\/strong>, and is currently mulling whether it will be a public subscription or private offering, Al Shorkouk claims.<\/p>\n

About Dsquares: <\/strong>The Cairo-based startup provides end-to-end loyalty, rewards and concierge services. Investors include Lorax Capital Partners<\/a>, our friends at Algebra Ventures, the European Bank for Reconstruction and Development, the International Finance Corporation, Cisco, and the Egyptian-American Enterprise Fund.<\/p>\n

Next steps:<\/strong> Investors that want to set up a SPAC first need to obtain a venture capital license. A board of directors is appointed next, with a chairman who complies with the FRA\u2019s regulations and guidelines<\/a> for private equity firms. The blank-check firm would then be publicly listed on the EGX and have one month in which to raise capital from investors via a share sale. The funds raised would be placed into an interest-bearing bank account for a maximum of two years while it looks for a company to acquire or merge with.<\/p>\n

We\u2019re expecting our first SPAC to be established soon:<\/strong> \u201cAt the end of this month or early next month, we will have the first blank check company,\u201d FRA chief Mohamed Omran said<\/a>. The SPAC would be the first to list on the EGX and would have initial capital \u2014 pre fundraising \u2014 of EGP 10 mn, which is the minimum requirement set<\/a> by the FRA. The SPAC must have at least EGP 100 mn in capital to complete an acquisition or merger and at least 80% of the SPAC\u2019s capital must be used to acquire a target company.<\/p>\n

Is this the start of a SPAC rush in Egypt? <\/strong>The FRA late last year issued the rules and regulations for establishing local blank-check firms, after the regulator greenlit<\/a> EGX boss Mohamed Farid\u2019s proposal to allow SPACs in Egypt. The proposal was partly driven by an increased interest in SPACs in the MENA region, following Swvl\u2019s move<\/a> to merge with blank-check firm US Queen\u2019s Gambit Growth Capital and list on the Nasdaq, as well as Anghami\u2019s plans<\/a> to hit the Nasdaq after a merger with Vistas Media Acquisition Company.<\/p>\n","protected":false},"excerpt":{"rendered":"

EDITOR'S NOTE- Dsquares founder Marwan Kenawy has denied Al Shorouk's reporting on this story since it was published, as we noted in a follow-up story. Dsquares is jumping on the SPAC train: Loyalty services provider Dsquares is looking to establish a special-purpose acquisition vehicle (SPAC) and is currently working on fulfilling the Financial Regulatory Authority\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":542912,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9588],"tags":[540,68,72,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egx-watch","tag-dsquares","tag-egx","tag-enterpriseam","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"8c3258c6-660f-4640-a6e9-b6a1ac605fd0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/304.jpg","photo_position":"above","related_issue":[542903],"teaser":"","voice_url":""},"yoast_head":"\nDsquares is jumping on the SPAC train - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/dsquares-is-jumping-on-the-spac-train\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dsquares is jumping on the SPAC train\" \/>\n<meta property=\"og:description\" content=\"EDITOR'S NOTE- Dsquares founder Marwan Kenawy has denied Al Shorouk's reporting on this story since it was published, as we noted in a follow-up story. 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Kenawy tells us, denying a report from Al Shorouk we picked up yesterday.Though cross-border acquisitions could be in the cards: \u201cWe are looking at possible acquisitions in other countries, but a SPAC or\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628263,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/ezdehar-acquires-strategic-stake-in-loyalty-and-rewards-player-dsquares\/","url_meta":{"origin":542911,"position":1},"title":"Ezdehar acquires strategic stake in loyalty and rewards player Dsquares","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"M&A WATCH- Ezdehar closes acquisition of \u2018strategic\u2019 stake in loyalty programs provider Dsquares: Our friends at Ezdehar Management have completed the acquisition of a strategic stake in in digital marketing and IT solutions firm Dsquares, the company said in a press release. \u201cWe are excited to back the Dsquares team\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601906,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/13\/algebra-ventures-ezdehar-management-partner-to-invest-in-dsquares\/","url_meta":{"origin":542911,"position":2},"title":"Algebra Ventures, Ezdehar Management partner to invest in Dsquares","author":"enterpriseam admin","date":"13 March 2019","format":false,"excerpt":"INVESTMENT WATCH- Our friends at Algebra Ventures and Ezdehar Management have invested in loyalty solutions provider Dsquares, according to an emailed statement (pdf). The investment comes as Dsquares gears up to launch a new B2C consumer-tech product. With the launch of the app an a \u201cstrategic partnership with Algebra Ventures,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/100.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575163,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/05\/lorax-capital-in-talks-to-acquire-ezdehars-stake-in-dsquares\/","url_meta":{"origin":542911,"position":3},"title":"Lorax Capital in talks to acquire Ezdehar\u2019s stake in Dsquares","author":"enterpriseam admin","date":"5 October 2020","format":false,"excerpt":"M&A WATCH- Has Ezdehar found a buyer for its stake in Dsquares? Lorax CapitalPartners is reportedly looking to acquire Ezdehar Egypt Mid-Cap Fund\u2019s 22.5% stake in loyalty services provider Dsquares, the local press reports, citing sources with knowledge of the matter. The sale could be worth more than double what\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567727,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/06\/lorax-capital-acquires-significant-minority-stake-in-dsquares-in-first-investment-by-its-new-fund\/","url_meta":{"origin":542911,"position":4},"title":"Lorax Capital acquires \u201csignificant\u201d minority stake in Dsquares in first investment by its new fund","author":"enterpriseam admin","date":"6 December 2020","format":false,"excerpt":"Lorax Capital Partners has acquired a \u201csignificant\u201d minority stake in loyalty services provider Dsquares through its LCP Fund II, the private equity outfit said in a statement (pdf), without specifying the size of the stake or the value of the investment. The acquisition includes Ezdehar Egypt Mid-Cap Fund\u2019s 22.5% stake,\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575122,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/ezdehar-egypt-mid-cap-fund-plans-to-exit-dsquares-two-other-companies-within-6-months\/","url_meta":{"origin":542911,"position":5},"title":"Ezdehar Egypt Mid-Cap Fund plans to exit Dsquares, two other companies within 6 months","author":"enterpriseam admin","date":"4 October 2020","format":false,"excerpt":"M&A WATCH- Ezdehar Egypt Mid-Cap Fund is looking to sell its stake in customer loyalty card company Dsquares within the next six months, founding partner Emad Barsoum told Al Mal. Barsoum said the fund also plans to exit two other companies within the same period, and to make one last\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/29.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542911"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542911\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542903"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542912"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542911"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542911"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}