{"id":543291,"date":"2022-01-23T13:47:41","date_gmt":"2022-01-23T13:47:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/this-evening-fra-gives-macro-group-green-light-to-publish-ipo-prospectus-evolve-investment-holding-to-launch-egp-500-mn-fund-to-invest-in-precious-metals\/"},"modified":"2022-01-23T13:47:41","modified_gmt":"2022-01-23T13:47:41","slug":"this-evening-fra-gives-macro-group-green-light-to-publish-ipo-prospectus-evolve-investment-holding-to-launch-egp-500-mn-fund-to-invest-in-precious-metals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/this-evening-fra-gives-macro-group-green-light-to-publish-ipo-prospectus-evolve-investment-holding-to-launch-egp-500-mn-fund-to-invest-in-precious-metals\/","title":{"rendered":"THIS EVENING: FRA gives Macro Group green light to publish IPO prospectus + Evolve Investment Holding to launch EGP 500 mn fund to invest in precious metals"},"content":{"rendered":"

Happy Sunday, friends, and welcome to a somewhat busy start to this (potentially) abridged workweek.<\/strong><\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> #1- The Financial Regulatory Authority (FRA) has given<\/strong> Macro Group the green light to<\/strong> publish the public subscription notice for its upcoming IPO<\/strong>, according to an FRA statement (pdf)<\/a>. The approval comes after the bourse listing committee signed off on Macro listing its shares on the EGX earlier this month<\/a>. The group will sell up to 264.51 mn shares \u2014 or 45.8% of the company\u2019s capital \u2014 at a maximum price of EGP 6.05 per share.<\/p>\n

#2- <\/strong>Evolve Investment Holding<\/a><\/strong> plans to launch a EGP 500 mn gold-backed investment<\/strong> fund that will invest in precious metals<\/strong>, CEO Sameh El Torgoman tells Al Mal<\/a>. The fund is geared towards investors who want to trade in gold through gold-backed securities that track its price. The company is in talks with three financial institutions for their participation in the fund. Enterprise is reaching out to the company for confirmation and further details.<\/p>\n

^^ We\u2019ll have more on these stories in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

<\/a> It\u2019s a busy afternoon for the House of Representatives<\/strong>, with just about every committee getting through a stacked agenda. Among the most noteworthy bills and topics being taken up:<\/p>\n

The new Ins. <\/strong>Act<\/strong> is up for discussion<\/strong> in a joint legislative and constitutional, planning and budgeting, and SMEs committee. The bill, which the Financial Regulatory Authority began drafting in 2018<\/a>, would make the FRA the primary regulator for the sector. Last we heard<\/a>, FRA boss Mohamed Omran said the new law could see the light by mid-2022.<\/p>\n

Meanwhile, tuk-tuks appear to have a guardian angel in the House Industrial Committee<\/strong>, where an MP filed a discussion request to continue importing tuk-tuk components. The request comes after Trade Minister Nevine Gamea issued a decision late last year<\/a> halting these imports, marking one of the few decisive steps the government has taken in its yearslong fight against the three-wheelers.<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n