|Bid||31.43 x 1100|
|Ask||31.44 x 1200|
|Day's Range||31.07 - 31.53|
|52 Week Range||17.95 - 31.59|
|Beta (5Y Monthly)||0.59|
|PE Ratio (TTM)||21.43|
|Forward Dividend & Yield||0.75 (2.44%)|
|Ex-Dividend Date||Mar 11, 2021|
|1y Target Est||32.93|
(Bloomberg) -- Saudi food delivery firm Jahez has hired HSBC Holdings Plc’s local unit to help manage what could be the first listing by a tech startup in the kingdom.Jahez International Company for Information Technology picked HSBC Saudi Arabia as the sole financial adviser and global coordinator for its potential IPO on Nomu, the Saudi stock exchange’s secondary market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.Founded in 2016, the homegrown firm serves around 2 million customers in the kingdom, and processed about 20 million restaurant orders through its app in 2020, it said on Monday, without disclosing details about its potential valuation. It closed a $36.5 million funding round last year.“We will continue to expand our platform to tap into new growth opportunities offered by rapid, technology-enabled changes in consumer behavior, both in Saudi Arabia and in the wider region,” said Ghassab Al Mandeel, chief executive officer at Jahez.Food delivery companies have been flooded with cash from investors betting the pandemic brought a permanent shift in shopper habits.Getir, DeliverooStartups including Turkish retail delivery app Getir and Berlin-based grocery delivery app Gorillas have rapidly hit billion-dollar valuations. In the U.K., Deliveroo raised 1.5 billion pounds ($2.1 billion) in its listing March 31 but then saw its shares plunge more than 30% in their debut.Jahez is the biggest locally owned player in the kingdom, competing with the likes of Uber Technologies Inc.-owned Careem Now and Delivery Hero SE-backed Hunger Station and Talabat. Jahez has also been expanding in other areas such as last-mile logistics and cloud kitchens.The IPO could add to a string of listings in Saudi Arabia, where companies are taking advantage of investors’ demand for new offerings and as state entities look to raise money to bankroll efforts to diversify the economy.Saudi grocery delivery app Nana also raised $18 million last year, tapping investors including venture capital fund STV and Middle East Venture Partners to expand across the Middle East.Saudi Arabia’s consumer spending is on the mend, with its non-oil economy -- the engine of job creation -- rebounding in the first quarter to pre-pandemic levels following a recession.Jahez said “an improving Saudi economy and the resulting rise in employment and disposable income” will fuel further food and e-commerce spending.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.
The UK regulator said that it would step in where necessary if banks and post offices close ATMs in areas where there are no other alternatives.
Lawyers for Meng Wanzhou will open another front in her marathon extradition battle next month, when they seek to admit new evidence from HSBC that they believe will bolster their contention that the Huawei Technologies executive is the victim of an abuse of process. An application to admit the evidence will be made on June 7, and a hearing conducted on June 29 and 30, Associate Chief Justice Heather Holmes said at a case management conference in the Supreme Court of British Columbia in Vancouver on Wednesday. The nature of the evidence has not been revealed, although Meng's lawyers say the material is "copious". The evidence is being provided as the result of a court ruling in Hong Kong last month, in which HSBC agreed to provide the material. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Meng, who is Huawei's chief financial officer and the daughter of company founder Ren Zhengfei, has been fighting against a US request to have her extradited to face trial in New York ever since she was arrested at Vancouver's airport on December 1, 2018. She is accused of defrauding HSBC by lying about Huawei's business dealings in Iran, thus putting the bank at risk of breaching US sanctions on the Middle Eastern country. She denies the charges. Meng, who attended Wednesday's hearing by phone, was bound over until May 31 when another case management conference will be held remotely in accordance with pandemic precautions. She spoke briefly to confirm she would return to court in person on June 29. The court had originally been expected to hear final arguments in the extradition case this month. But Meng's lawyers last month secured an adjournment to have those arguments heard in August instead, giving them time to assess the HSBC evidence. Canadian government lawyers representing US interests in the case have accused Meng of using delaying tactics. Meng's arrest triggered upheaval in China's relations with Canada and the US. Two Canadians, Michael Kovrig and Michael Spavor, were arrested in China soon after her detention, and recently underwent closed-door trials for espionage. No verdicts have been announced, while Canada has said the men are victims of arbitrary detention and hostage diplomacy by China. Wednesday's case management conference had been postponed last week due to technical problems with the remote hearing. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.