|Bid||98,000.00 x N/A|
|Ask||98,100.00 x N/A|
|Day's Range||97,700.00 - 99,200.00|
|52 Week Range||73,717.59 - 138,768.98|
|Beta (5Y Monthly)||0.89|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||2,742.47 (2.80%)|
|Ex-Dividend Date||Dec 29, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Egyptian digital payments provider Paymob will use fresh funding to enter Saudi Arabia and expand at home, as the pandemic spurs a surge in cashless transactions.The Cairo-based firm, which provides mobile wallet products for companies including banks and phone operators and also helps process retail payments, sees “huge potential” in the two Arab nations, co-founder and Chief Operating Officer Alain El Hajj said in an interview.Fueled by what it says is the biggest-ever Series A fund-raising by an Egyptian company, led by United Arab Emirates-based Global Ventures, Paymob is seeking to build on the 500% jump in monthly revenue it saw in Egypt in 2020.The “pandemic accelerated digital transformation,” El Hajj said, as consumers in Egypt, the Middle East’s most populous nation, as well as Paymob’s Kenyan, Pakistani and Palestinian markets increasingly moved online. Dutch development bank FMO and tech investment fund A15 also contributed to the fund-raising of a total $15 million.Paymob counts Swvl LLC, LG Corp. and Samsonite International SA among its more than 35,000 merchants -- a figure that’s rocketed from 1,000 before Covid-19 struck. The company, which says it processes over 85% of mobile wallet payments in Egypt, also credits authorities’ moves to encourage digital banking and transactions as having boosted its business.Paymob has applied for a license in Saudi Arabia and is in talks with the regulator, Chief Executive Officer Islam Shawky said in the same interview. The kingdom, home to the region’s largest economy, has made increasing the proportion of non-cash transactions a goal of its ambitious economic transformation plans.Saudi cashless payments, already growing rapidly before the pandemic, have surged over the past year. In February, the latest data available, digital and card-based point-of-sales transactions made up more than 40% of a calculation that approximates consumer spending. That compares with around 30% at the start of the pandemic and 20% at the beginning of 2018.Egypt and Saudi Arabia both have a “great regulatory environment that’s pushing the industry” and “players in the market that have the right tools and products to fulfill this demand,” said Shawky, who’s also one of the company’s three founders.(Updates with Saudi cashless transaction figures in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
South Korea's LG Corp shareholders on Friday approved the company's plan to spin off five affiliates, which LG said would allow it to focus on existing core businesses such as electronics, chemicals and telecommunications services. LG announced in November that it would spin off a new holding company and transfer its holdings in LG International Corp, LG Hausys Ltd, Silicon Works Co Ltd, LG MMA Corp and Pantos Logistics Co into the new entity.
Proxy advisers Institutional Shareholder Services Inc and Glass Lewis & Co recommended separately that LG Corp shareholders vote against the South Korean company's plan to spin off five affiliates, arguing there is no "compelling" reason for the proposed transaction. LG announced in November that it would spin off a new holding company and transfer its holdings in LG Hausys, LG MMA, Silicon Works, LG International and Pantos into the new entity, marking the latest reorganization at one of the country's family-led conglomerates as they pass to a new generation. U.S. hedge fund Whitebox Advisors, which owns roughly 1% of LG, opposes the plan and has mounted a public campaign to stop it, saying the spinoff would hurt minority shareholders while aiming at resolving a family succession issue.