{"id":617376,"date":"2024-03-20T00:00:00","date_gmt":"2024-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/20\/this-evening-valu-plans-to-ipo-within-a-year-cbe-cancels-its-mpc-meeting\/"},"modified":"2024-03-20T00:00:00","modified_gmt":"2024-03-20T00:00:00","slug":"this-evening-valu-plans-to-ipo-within-a-year-cbe-cancels-its-mpc-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/20\/this-evening-valu-plans-to-ipo-within-a-year-cbe-cancels-its-mpc-meeting\/","title":{"rendered":"THIS EVENING: Valu plans to IPO within a year + CBE cancels its MPC meeting"},"content":{"rendered":"

Good afternoon, folks, and happy almost-THURSDAY<\/strong>, which can\u2019t come fast enough when it\u2019s Ramadan. <\/p>\n

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

#1- Valu is coming to the EGX: <\/strong>EFG Holding\u2019s fintech platform Valu plans to offer between 20-25% of its shares on the EGX within a year, Valu CEO Walid Hassouna told Asharq Business<\/a>.<\/p>\n

Valu has big plans for 2024:<\/strong> Valu aims to increase its net income in 2024 to EGP 500 mn, up from the EGP 230 mn it achieved last year, Hassouna continued. It also aims to increase transactions carried out through its platform in 2024 by 40% y-o-y to reach EGP 13 bn, he added. <\/p>\n

The firm is also planning on closing an EGP 900 mn securitized bond issuance<\/strong> before the end of March, out of a total EGP 4 bn worth of securitized bonds that it plans to issue throughout the year, Hassouna adds.<\/p>\n

#2- The Central Bank of Egypt will not hold its regularly scheduled policy meeting on Thursday, 28 March<\/strong> in light of its special meeting earlier this month when it hiked interest rates by 600 basis points in tandem with the EGP float, it said in a statement this afternoon (pdf)<\/a>.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

It\u2019s all eyes on the Fed in the international business press this afternoon:<\/strong> The US Federal Reserve is expected to signal that rate cuts aren\u2019t imminent at the end of its two-day<\/a> monetary policy meeting today, despite Chair Jerome Powell\u2019s statement<\/a> earlier this month that the bank is \u201cnot far\u201d from the confidence it needs in a sustained decline of inflation towards its 2% target. \u201cThey\u2019ll make it clear that they\u2019re obviously not ready to cut rates. They need a few more data points to feel confident that inflation is heading back to target,\u201d Moody\u2019s Analytics Chief Economist Mark Zandi told CNBC<\/a>. \u201cI expect them to reaffirm three rate cuts this year, so that would suggest the first rate cut would be in June.\u201d (Bloomberg<\/a> | Associated Press<\/a> | Reuters<\/a>)<\/p>\n

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