The market on 22 April 2021
The EGX30 fell 0.4% at today’s close on turnover of EGP 923 mn (29.6% below the 90-day average). Foreign investors were net buyers. The index is down 2.3% YTD.
In the green: SODIC (+4.8%), Orascom Development (+2.4%) and Orascom Financial (+1.7%).
In the red: AMOC (-1.6%), CIB (-1.2%) and Fawry (-1.1%).
MARKET NEWS- Speed Medical, Prime Speed get new FV ahead of merger: A revised valuation report has upped the fair value of EGX-listed diagnostics and healthcare firm Speed Medical to EGP 3 bn and nerfed the value of sister company Prime Speed Healthcare to EGP 1 bn ahead of a planned takeover of the latter by the former, the Financial Regulatory Authority said in a filing (pdf).
Background: The authority earlier this month ordered the reassessment of the report in order to comply with Egyptian financial valuation standards, and after Speed Medical’s board of directors rejected the value. The previous report, which was prepared by independent financial advisor Eagle Capital, had valued Speed Medical at EGP 2.4 bn and Prime Speed at EGP 1.8 bn. Speed Medical currently holds a 30% stake in Prime Speed and is planning to acquire the 70% it doesn’t already own.
EGX-listed Odin Investments’ EGM has approved a plan to split its financial and real estate businesses into two companies in a horizontal demerger, Odin said in a regulatory filing (pdf).