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EFG Hermes concludes advisory on Al Habib Group’s $700 million IPO

EFG Hermes announced that its investment banking team had successfully completed advisory on Dr Sulaiman Al Habib Group’s SAR 2.63 billion IPO on Tadawul.

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EFG Hermes concludes advisory Al Habib Group’s $700 million IPO on Tadawul

EFG Hermes, a leading financial services corporation in Frontier Emerging Markets (FEM), has announced that its investment banking team had successfully completed advisory on Dr Sulaiman Al Habib Group’s $700 million Initial Public Offer (IPO) on Tadawul.

Al Habib Group, a private healthcare operator, is one of the largest in Saudi Arabia with operations across Saudi Arabia, the UAE and Bahrain. The group currently owns and operates seven healthcare facilities (six of which are in KSA and one in UAE) and thirteen pharmacies (twelve of which are in KSA and one in UAE).

While operating and managing another seven healthcare centres (six of which are in KSA and one in Bahrain), it also provides a range of medical and technical services (mainly for third parties).

The Al Habib Group began trading on Tuesday, March 17th with the Bloomberg stock symbol “SULAIMAN AB Equity”. The transaction saw the group offer 52.5 million shares (representing 15% of its share capital) to investors at SAR 50.00 per share.

The Co-Chief Executive Officer, Investment Bank, EFG Hermes, Mohamed Ebied, explained that taking Dr. Sulaiman Al Habib Group to market bookends a series of successful deals it has managed to execute in Saudi Arabia, and is further proof that its strategy to ramp up the operations in KSA is bearing fruit.

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READ MORE: Egyptian firm, EFG Hermes outlines plans to attract foreign capital into Nigeria

He said, “In light of the current global equity market conditions, the successful close of this transaction and the stock’s strong performance on the first day of trading (up 10%), underscore both the strong fundamentals of Dr. Sulaiman Al Habib Group. Our ability to attract global capital and funnel it into local investment opportunities through unmatched book-building and advisory services.

“In the last 12 months alone, EFG Hermes has advised on a series of landmark equity transactions in the GCC such as the IPOs of ACC, Finablr, and Aramco. Expanding both our advisory services and execution capabilities in KSA has allowed us to capitalize on the market’s continued momentum following the Kingdom’s upgrade to emerging market status on both the FTSE and MSCI indices.

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According to him, following EFG Hermes’ advisory role on the Aramco IPO, the Firm became the 28th largest ECM advisor in the world and 20th largest when considering EMEA alone.

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[READ MORE: Why Nestle Nigeria’s return remains strong – EFG Hermes)

Mohamed Fahmi, Co-Head of Investment Banking at EFG Hermes, explained that with the global market dominated by the bears, a development he said was caused by the impact of the coronavirus (COVID-19) across the globe.

“We remain confident that the strong fundamentals that underpin Saudi Arabia and FEM markets, in general, will continue to drive economic growth across the region,” he said.

About EFG Hermes: With a current footprint spanning thirteen countries across four continents, EFG Hermes started in Egypt and has grown over 35 years of success to become a leading financial services corporation with access to emerging and frontier markets. Drawing on our proven track record and a team of more than 5,500 talented employees, we provide a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research and private equity to the entire MENA region.

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Economy & Politics

Uganda Elections: Museveni re-elected for 6th term with 58.6% of the votes

Uganda’s President Museveni has won a 6th term in office as the opposition alleges wide-scale rigging.

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The President of Uganda, Yoweri Museveni, has been re-elected as President, gathering 5.85 million votes compared to 3.48 million votes by main opposition leader, Robert Kyagulanyi, a.k.a Bobi Wine.

According to Reuters, this victory represents 58.6% of the vote cast while Bobi Wine got 34.8%

Bobi Wine announced that the election results show this is the most fraudulent election in the history of Uganda and urged his followers to reject the result.

What you should know

  • Yoweri Museveni, aged 76, has been President of the East African nation since 1986.
  • Bobi Wine claimed via his official Twitter handle that military men jumped over his fence and took control of his home yesterday.

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Coronavirus

Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021

COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.

This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled Bracing for a different future.”

According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.

The report states,

  • The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”

According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows:  CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.

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What you should know

  • The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
  • Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
  • 2 doses of the vaccines are required for each person for immunity.
  • It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
  • From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
  • To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.

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Coronavirus

Covid-19: Global deaths surpass 2 million

Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday.

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Nigeria blows past 40,000 COVID-19 cases

The Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday, with the United States accounting for 1 in every 5 deaths, as it has recorded over 386,000 casualties so far.

This was disclosed in a report by Reuters in its Covid-19 tally reported on Friday evening.

After the United States, Brazil, Mexico, India and the U.K contribute nearly 50% of the combined casualties.

The report also disclosed that an average of 11,900 casualties are recorded per day in year 2021, despite the fact that it took 9 months for the world to record 1 million casualties.

United Nations Secretary-General, Antonio Guterres, said the 2 million death count was “a heart-wrenching milestone.”

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  • “Behind this staggering number are names and faces: the smile now only a memory, the seat forever empty at the dinner table, the room that echoes with the silence of a loved one,” he added.

The WHO warned that 2021 could be tougher due to the nature of new variants which transmit the disease faster.

  • “We are going into a second year of this. It could even be tougher given the transmission dynamics and some of the issues that we are seeing,” WHO Chief, Mike Ryan, said.

Analysts expect the global death toll to surpass 3 million by April 2021.

What you should know 

  • Nairametrics reported that the total number of covid-19 cases in Nigeria had surpassed the 100,000 mark on Sunday 10th January 2021, according to the Nigeria Centre for Disease Control.
  • The African Union stated that it secured 270 million Covid-19 vaccine doses for the continent from drug manufacturers to supplement the COVAX programme, a step towards the commencement of the complex task of vaccinating over 1.2 billion people with limited financial resources.
  • The Nigeria Centre for Disease Control on Friday 15th January 2021, announced that 1,867 new cases of the covid-19 virus were recorded across 24 states in the country. This represents the highest number of cases recorded in a single day.

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