{"id":545473,"date":"2022-03-31T14:07:51","date_gmt":"2022-03-31T14:07:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/this-evening-fawry-confirms-nbes-6-stake-purchase-ifc-snaps-up-5-of-idh-plus-swvl-hits-the-nasdaq\/"},"modified":"2022-03-31T14:07:51","modified_gmt":"2022-03-31T14:07:51","slug":"this-evening-fawry-confirms-nbes-6-stake-purchase-ifc-snaps-up-5-of-idh-plus-swvl-hits-the-nasdaq","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/this-evening-fawry-confirms-nbes-6-stake-purchase-ifc-snaps-up-5-of-idh-plus-swvl-hits-the-nasdaq\/","title":{"rendered":"THIS EVENING: Fawry confirms NBE\u2019s 6% stake purchase + IFC snaps up 5% of IDH. Plus: Swvl hits the Nasdaq"},"content":{"rendered":"

Good afternoon, ladies and gentlemen \u2014 it\u2019s finally the weekend<\/strong>, and while Thursdays are always cause for celebration, we can\u2019t help but agonize over the fact that our next workday will be sans caffeine as we enter Ramadan (presumably as of Saturday).<\/p>\n

We continue to publish EnterpriseAM at 6am CLT Sunday-Thursday <\/strong>and EnteprisePM at 3:30pm Sunday-Thursday <\/strong>during the holy month. You can also look forward to our popular Your Wealth edition tomorrow morning. The theme (predictably enough) is Ramadan.<\/p>\n

The EGX <\/strong>announced (pdf)<\/a><\/strong> yesterday shortened hours<\/strong> that will be in place for the holy month. The opening bell will be at 10am<\/strong> and last trades will take place at 1:30pm<\/strong>.<\/p>\n

Banks are also keeping shorter hours for the month<\/strong>, with employees due in from 9am-2pm, while customers will have access to services from 9:30am-1:30pm, the central bank has said (pdf)<\/a>.<\/p>\n

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Before we dive into the day\u2019s top headlines, NBE confirmed it purchased <\/strong>6% stake in Fawry: <\/strong>The National Bank of Egypt (NBE) bought<\/a>over 102.5 mn shares<\/a> in the fintech company \u2014 exactly 6% \u2014 in a EGP 1 bn block transaction executed by Al Ahly Pharos Securities Brokerage, Fawry announced in an EGX disclosure (pdf)<\/a> today. This brings NBE\u2019s stake in the fintech darling to 12.54%, following Banque Misr<\/a> in buying a chunk of Fawry, likely setting up the sale of the government-controlled stake to Abu Dhabi\u2019s ADQ. The Abu Dhabi wealth fund will reportedly purchase an undisclosed stake in the company as part of a USD 2 bn investment<\/a> agreed earlier this month.<\/p>\n

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

<\/a> IFC grabs 5% stake in consumer healthcare giant IDH: <\/strong>The International Finance Corporation (IFC) and investment management fund IFC MENA Fund have together acquired a 5% stake in Integrated Diagnostics Holdings (IDH), according to a disclosure (pdf)<\/a> to the LSE. The stake purchase is part of \u201ca larger overall engagement\u201d between the IDH and IFC, which began back in May 2021 to back IDH\u2019s dual listing<\/a> on the EGX and LSE.<\/p>\n

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

<\/a> SWVL ticker hits the Nasdaq:<\/strong> Homegrown mass transit app Swvl made its<\/a>debut on the Nasdaq<\/a> just minutes before we hit \u201csend\u201d on this afternoon\u2019s edition. The Egypt-born, UAE-based company began trading on the Nasdaq via a merger with its SPAC, Queen\u2019s Gambit Growth Capital, with shares debuting at USD 10 apiece.<\/p>\n

^^We\u2019ll have more <\/strong>on these stories and others in Sunday\u2019s EnterpriseAM<\/strong>.<\/p>\n

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