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Sahara Energy Has No Outstanding Facilities With UBA – Management

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The attention of Sahara Energy Resource Limited (Nigeria) (“SERL”) and the entire Sahara Group has been drawn to a publication in the Guardian Newspaper of 11th April 2019 made by United Bank for Africa Plc (“UBA”) and their counsel pursuant to the ex parte order made by the Honorable Mr. Justice Liman of the Federal High Court, Lagos Division, in Suit No. FHC/L/CP/387/19 pursuant to a winding up petition in Suit No. FHC/L/CP/387/19.

SAHARA’S POSITION

Sahara has reviewed the publication and wish to comment as follows:

1. SERL is not indebted to UBA, has no outstanding facilities with UBA nor did it borrow any money from UBA in any loan transaction that is the subject matter of either the civil petition (FHC/L/CP/387/19) or the civil summons (FHC/L/CS/387/19 as advertised) that formed the subject of the ex parte order;

2. SERL did not grant a direct guarantee to UBA on any loan transaction that UBA could unilaterally enforce or sue on;

3. SERL and one of its affiliate companies, NG Power-HPS Limited sued UBA in Suit No. FHC/L/CS/236/19 at the Federal High Court, Lagos, on 13th February 2019, claiming a number of declarative and injunctive remedies relating to unorthodox methods employed by UBA in relation to its dealings with the Plaintiffs.

4. UBA, on 12th March 2019 sued New Electricity Distribution Company Limited and SERL along with two other institutions, First Trustees Limited and Ecobank Capital Limited in Suit No. FHC/L/CS/382/2019, by way of Originating Summons, claiming certain declarations and injunctions to which SERL has filed full and comprehensive response.

5. The suits in paragraphs 3 and 4 have been set down for hearing before the Federal High Court in Lagos on 30th May 2019.

6. While the above suits are pending and have been set down for hearing, UBA commenced a third suit on the 13th of March, 2019 and applied ex parte (without putting SERL on notice), following which it obtained an order ex parte to advertise its petition.

7. The petition was only served on SERL at about 12.25 p.m. on 11th April 2019 after it has been advertised as aforesaid.

8. Our lawyers have been duly instructed and have taken all necessary steps to ensure that the order is discharged or set aside as soon as practicable.

9. SERL and the entire Sahara Group will vigorously pursue and defend UBA’s petition to its logical conclusion with a view to dismissing the petition.

10. We assure our esteemed clients, bankers, suppliers, stakeholders and the general public that SERL and its legal team are taking all lawful steps to ensure that SERL interest is vigorously defended and SERL has implicit confidence in the Nigerian judiciary to resolve the matter and dispense justice between the parties.

11. SERL will provide periodic updates to its esteemed clients, suppliers and bankers as may be necessary on the outcome of steps being taken in connection with the suits.

– Sahara Group

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Fawry Announces Its Intention To Raise EGP 800 million and Explore U.S. Listing

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Fawry for Banking and Payment Technology Services S.A.E. (the “Company”, FWRY.CA on the Egyptian Exchange) announced today its plans to raise EGP 800 million of growth capital through a rights issue to existing shareholders. The proceeds will be used to fund a new chapter of expansions in financial services for both consumers and merchants. In addition to growing the Company’s offerings on MyFawry, the offering will help position the Company on the forefront of the Super App opportunity in Egypt.

Moreover, Fawry will continue to invest in strengthening its position on merchant acquiring as well as supply chain solutions. A portion of the proceeds will also be directed towards executing the Company’s investment strategy. Fast tracking innovation and supporting the budding ecosystem of high growth startups and fintech that complement Fawry’s offering. Through e-commerce, logistics, fintech services, insuretech among other verticals.

The Company’s board of directors, including the directors representing the main shareholders of the Company (whether representing institutional investors or financial institutions), have approved the proposal. To increase the capital to finance the company’s growth plans in the event that the necessary shareholder and regulatory approvals are obtained.

The Company’s board of directors also approved the creation of an American Depositary Shares (“ADS”) program. And is exploring a listing in the United States in connection with a potential SEC-registered secondary offering. The timing, number of ADSs and price of the proposed offering have not yet been determined. The proposed offering is subject to market conditions, shareholder and regulatory approvals. And there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.

These materials are not an offer for sale of any securities in the United States. The securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities will be made by means of a prospectus that may be obtained from the Company. And that will contain detailed information about the Company and management, as well as financial statements.

 

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GoDaddy Partners with Fawry to Help Entrepreneurs Build Their Online Presence

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GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, has partnered with Fawry, the local leading online payment company. To facilitate the process of going online for startups and entrepreneurs in Egypt.

In partnership with Fawry, GoDaddy will provide startups and entrepreneurs with unique services and tools. Including GoDaddy E-store, to successfully build their digital presence, aiming at helping them attract customer attention and conversions to grow their businesses.

“We are excited to partner with Fawry to empower small business owners, startups, and entrepreneurs in Egypt by facilitating the process of shifting online,” said Selina Bieber, General Manager for MENA, GoDaddy. “Along with our affordable integrated suite of online services and easy-to-use tools, young entrepreneurs and business owners now have secure and easy e-payment methods that can help promote their journey towards utilizing digital solutions for their future growth,” Bieber added.

Heba El Awady, Senior Director for Banking and Strategic Sectors, Fawry, said: “Together with GoDaddy, Fawry aims to provide an easy and convenient payment experience for Egyptian startups and entrepreneurs to successfully build their online presence”. “FawryPay offers various payment methods including card payment, mobile wallets, Installment, reference code payments via Fawry channels (“myFawry” app, 250K Fawry point of sale terminals, FawryPlus, banking channels as well as cash payment through Fawry outlets).”  El Awady added.

With over 20 years of experience supporting entrepreneurs, GoDaddy is keen to reach more Egyptian youth and business owners. By providing them with the necessary toolkit to name their idea, expand their digital footprint, and help them take their businesses online and grow.

Additionally, GoDaddy supports digitization needs by sharing information about the benefits of being online. Which, in turn, can help to serve Egypt’s digital transformation strategy and contribute to the state’s economy in the light of Egypt’s Vision 2030.

It is important to note that GoDaddy launched its Arabic Website Builder to allow local Arabic-speaking customers in the MENA region. To reach their audience in their mother tongue, creating a user-friendly interface, and providing a personalized user experience. Thus, grow their business, attract new clients, and retain the already existing customer base.

 

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3attar secures seed investment from AUC Angels, UI Investment and Angel Investors

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3attar a health-focused tech and e-commerce platform secures seed investment from AUC Angels, UI Investment and individual Angel Investors. Established in 2019, 3attar is a B2C online platform that provides value to its customers through: Online healthy food/products ordering, Delivery services, Diet-consultation programs and Live-coaching programs. Additional subscription and e-payment models.

During the COVID-19 crisis, the company was quick to expand its ‘selection from a few hundred products to +3,000. Rendering it the biggest healthy-shopping destination in Egypt. Its unique name/logo combination expanded to grow into its own private label that generates 20% of the entire business revenue model.

Mohamed Ali, founder/CEO of 3attar said “We aim to become the dominant one-stop shop for the whole health community in Egypt. And expand into MENA regions; including chronic diseases and obesity by providing a holistic healthy lifestyle app.” 

The company’s vision is to support the health community that is comprised of At-risk individuals who lack the resources, awareness, products necessary to alleviate their conditions and improve their health (customers suffering from Obesity, Diabetes, Allergies, Hypertension and more). Healthy individuals as well as Athletes, Dieters and Fitness professional. Who maintain and lead a healthy food intake and are constantly seeking a platform that holistically offers all their lifestyle needs.

Eng. Tarek Roushdy, investor and board advisory member of 3attar said: “Since the huge growth in the global “health” community is reaching the MENA region rapidly. 3attar made a smart move to be the first and only platform to serve not only the health community in Egypt and MENA. But also those who want to joint this movement. I am glad to be part of this journey helping them to bring such value to that big market ..” 

Mariam Kamel, of AUC Angels said: “The specialized e-commerce space has witnessed increased inflow of angel investments and venture capital this past year. 3attar not only satisfies this, but also strives for impact in addressing the growing trends towards healthier living.” 

The investment raised will be utilized to expand the customer-base through marketing acquisition and diversification. Further developing the tech-stack to achieve higher order volume and revenues.

 

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