Saudi fast-food chain Herfy expands to Nigeria

Saudi fast-food chain Herfy expands to Nigeria
It is aiming to increase the number of outlets it owns and leases in the Kingdom to 400 by the end of this year. (Supplied)
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Updated 30 May 2021

Saudi fast-food chain Herfy expands to Nigeria

Saudi fast-food chain Herfy expands to Nigeria
  • Herfy Food Services Company was established in 1981, and the first Herfy restaurant opened in Riyadh that same year
  • As of September 2020, the company owns a total of 40 restaurants and leases 345

Herfy Food Services Company, Saudi Arabia’s largest fast-food chain, has signed an agreement with EatRite Food Services, granting it franchise rights to open up to 50 outlets in Nigeria.

“This agreement comes as a continuation to Herfy’s approach to becoming international, which is one of the pillars of the 2030 Vision announced by HRH The Crown Prince, Mohammed bin Salman, as the company is looking forward and working on being present in the Far East, GCC countries, and Africa,” the company said in a bourse statement on Sunday.

The two companies first began talks in February this year and according to the Tadawul announcement the franchise agreement will last for 10 ten years, with an average of five branches opening a year, starting from 2021.

Herfy Food Services Company was established in 1981, and the first Herfy restaurant opened in Riyadh that same year. As of September 2020, the company owns a total of 40 restaurants and leases 345.

It is aiming to increase the number of outlets it owns and leases in the Kingdom to 400 by the end of this year.

In December 2017, Herfy opened its first franchised branch outside of the Middle East in Bangladesh, and according to an agreement signed with Bangladeshi private-sector company Greenland Services Ltd. in 2016, Herfy aims to open 30 outlets within “a few years.”

Herfy reported net profit after Zakat and tax of SR25.5 million ($6.8 million) for the first quarter of 2021, an increase of 2 percent year-on-year, according to the Argaam website.

Its restaurant segment made a profit of SR500,000 in the first three months of this year, compared to losses in Q1 2020 and Q4 2020. The rebound was attributed to an 8 percent year-on-year increase in sales to SR252 million.


Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities

Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities
Updated 22 sec ago

Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities

Bahrain Central Bank oversubscribed its Sukuk Al-Salam securities

RIYADH: The Central Bank of Bahrain’s monthly issue of Sukuk Al-Salam Islamic security has been oversubscribed by 184 percent. 

In total, it received subscriptions worth $209 million for the $114-million issue, which matures in 91 days, the central bank stated in a statement.

The Sukuk is expected to give a return of 2.30 percent on maturity on August 17, against its previous issue rate of 1.99 percent on April 13, 2022.

CBB issued the Sukuk Al-Salam on behalf of the Government of Bahrain.


Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg
Updated 1 min 33 sec ago

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

Chinese battery supplier Calb adds more banks for its $1.5bn Hong Kong IPO: Bloomberg

RIYADH: Calb Co., a Chinese battery supplier for electric vehicle makers, has added more banks as it plans for its Hong Kong initial public offering that could raise as much as $1.5 billion, Bloomberg reported. 

It has selected Citigroup, Credit Suisse Group and JPMorgan Chase & Co. as joint global coordinators for its IPO, the report said citing people familiar with the matter. 

More banks can be picked for the deal as discussions are in progress, the people added. 

Calb’s $1.5 billion IPO could be one of Hong Kong’s biggest in 2022 upon its completion, according to data compiled by Bloomberg. 

Founded in 2007, Calb operates major production bases in China and is specialized in the development, production and sales of lithium batteries for electric vehicles. 

 


Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters

Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters
Updated 5 min 31 sec ago

Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters

Indonesia’s president, Elon Musk in talks for investments in the Asian country: NRG matters

RIYADH: Indonesia’s president is in talks with Tesla CEO Elon Musk regarding various investments in the country. Protestors in Suffolk disapprove the building of a nuclear power station, fearing disruptions across various sectors. Elsewhere, the UK chancellor is set to impose taxes on energy giants to shield consumers. Meanwhile, Saudi Aramco plans to create long-term shareholder value through highlighting the firm’s low upstream carbon intensity. Other firms such as the UK’s Foresight Group Holdings Ltd. and HydrogenOne Capital Growth Plc are acquiring stakes in a Germany-based hydrogen utility. Additionally, the ESG Niche is expected to jump 2,000 percent.

Looking at the bigger picture: 

·      Indonesia’s President Joko Widodo has met Tesla CEO Elon Musk to discuss potential investments in the Asian country’s nickel industry as well as the supply of batteries for electric vehicles, Reuters reported, citing the government.

This comes as Tesla representatives were visiting Indonesia last week to attend meetings regarding a battery-related investment, according to individuals familiar with the matter.

·      Hundreds of protestors gathered in Suffolk on Sunday to voice their objections regarding the construction of the Sizewell C nuclear power station, Bloomberg reported. 

Protesters are arguing that the building of the nuclear power station will cause complications in terms of transport, water supply, biodiversity, and coastal erosion.

·      The UK’s Chancellor of the Exchequer Rishi Sunak will soon impose windfall taxes on energy giants to cushion households from rallying costs of living, Bloomberg reported, citing shadow secretary of state for climate change and net zero Ed Miliband.

·      The Environmental, Social, and Governance Niche has been forecasted to grow by 2,000 percent as some of the UK’s most prominent fund managers jump into it with new funds and investment products, Bloomberg reported.

This comes as asset management firm Schroders and insurance firm Aviva among others aim to take advantage of and profit from the increasing demand for biodiversity-focused investment products.

Through a micro-lens: 

·      Saudi Arabian public petroleum and natural gas company Aramco is planning on creating long-term shareholder value by hammering on low upstream carbon intensity, low lifting costs, and integrated downstream business, Reuters reported, citing the firm’s CEO. 

·      UK-based capital market firms Foresight Group Holdings Ltd. and HydrogenOne Capital Growth Plc have acquired stakes in German hydrogen utility HH2E AG in addition to co-investing in energy projects, Bloomberg reported. 

This comes as the firms aim to help the new company develop green energy projects in Germany and prosper altogether.  


US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m

US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m
Updated 7 min 37 sec ago

US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m

US battery maker Dragonfly Energy to go public in SPAC deal valued at $500m

RIYADH: Battery maker Dragonfly Energy Corp. is going public in a transaction with a blank-check company valuing it at $500 million, including its debts, Bloomberg reported quoting people familiar with the matter.

According to these people, who wished to stay anonymous, the agreement with Chardan NexTech Acquisition 2 Corp. is being financed through $128 million in the special purpose acquisition, along with $230 million in additional financing.

The sources added that the combined company will be called Dragonfly Energy, and will be listed on the Nasdaq exchange under the symbol DFLI.

Dragonfly, based in Reno, Nevada, makes lithium-ion storage batteries, which are non-toxic and replace lead-acid batteries, according to its website.

In 2021, the company generated $78 million in revenue.

Chardan inked this deal with Dragonfly Energy at a time when several top banks including Goldman Sachs and Bank of America have decided to stop helping SPACs to find companies to buy.
 


African central banks halt interest rates for two weeks to support recovery

African central banks halt interest rates for two weeks to support recovery
Updated 33 min 5 sec ago

African central banks halt interest rates for two weeks to support recovery

African central banks halt interest rates for two weeks to support recovery

RIYADH: Central banks in five of eight major African nations will most likely hold interest rates in the next two weeks, Bloomberg has reported. 

According to Tatonga Rusike, an economist at the Bank of America, countries like Kenya, Zambia and Angola where inflation is slowing or within target may leave interest rates unchanged to support the recovering economy. 

On the other hand, countries like South Africa that are more connected with the global markets through asset flows and commodity prices may most likely hike the interest rates, stated Rusike. 

Several factors, including the ongoing war between Russia and Ukraine and the rising COVID-19 cases in China, have clouded the outlook for Africa’s post-pandemic recovery. 

Now, African policymakers should also consider portfolio outflows and exchange-rate weakness in emerging markets as they work on interest rate decisions this month.