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Jumia, Konga Plan $4.7b IPOs on Intl Market

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  • Jumia, Konga Plan $4.7b IPOs on Intl Market

Online marketplace operators, Jumia and Konga, are planning an Initial Public Offering of their individual shares on the international market valued at $4.7 billion combined.

Jumia is set for an initial public offering in the New York Stock Exchange in 2019, which will see the business valued at $1.5 billion.

Also, Konga is planning an initial public offering in either the New York Stock Exchange or the London Stock Exchange by the last quarter of 2020, which will see the e-Commerce platform valued at $3.2 billion.

Mark Jersey, a prominent stock analyst at the New York Stock Exchange, disclosed the possibility of Konga initial public offering before the end of 2020.

According to Jersey, the offering is a much sought-after by investors, who have been following him for the past eight months, when the business experienced a huge stride under the new ownership after the exit of previous majority investors, Naspers and AB Kinnevik.

It is expected that Jumia’s listing, would help MTN, Jumia’s largest shareholder reduce its debt which has increased from $4.1 billion at the end of 2017 to $5 billion in June 2018. On the other hand, Konga’s imminent initial public offering is one that should see the business excite a horde of potential investors, going by the current standing of the company.

Speaking on the likely listing of Konga, Chris Uwaje, Africa Chair for IEEE World Internet of Things, said that the Konga Group had added huge value to the e-Commerce landscape which should see its gross over $3.5 billion.

Uwaje, further spoke on Konga’s huge infrastructure and technology backbone which is rare in Africa, adding that in valuing Konga, the strategic 360 degrees Omni-channel strategy of the business must be considered.

“Within the last seven months, I am aware that the new owners of Konga have repositioned the company strategically and upped the overall value of the business.

“In valuing Konga, you must consider its strategic 360 degrees Omni-channel strategy, their Central Bank of Nigeria-licensed mini bank – KongaPay which I am sure cannot be valued anything less than $750 million and best in Africa digital logistics division known as Kxpress with a nationwide network,” he said.

Technology

Uber Raises Tfare By 13 Percent In Lagos

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Uber

The economy option for ride-share giant company, Uber, popularly referred to as UberX, has been increased by 13 percent in Lagos State.

An electronic mail message from the ride-hailing firm to its drivers stated that the increment would start from May 11, 2021.

Uber said the increase was to ensure a reliable earning opportunity for driver-partners.

“At Uber, we remain committed to providing a reliable earning opportunity for driver-partners, as well as a reliable and affordable service for riders. With this in mind, starting 11th May 2021, we are increasing prices on UberX by about 13 percent,” the message read.

Earlier, Uber and Bolt drivers under the aegis of Professional E-hailing Drivers and Partners Association, declared a strike in April in Lagos, seeking an upward review of e-cab fares to reflect the current economic

They also wanted both companies to reduce the commission charged on rides from 25 percent to 10 percent.

National President of PEDPA, Mr. Idris Shonuga, had at a news conference in Lagos, said, “Instead of fixing a new and reasonable fare in line with inflation, the companies have recklessly continued to maintain the low fare, thereby, impoverishing hard-working young Nigerians who are diligently and lawfully trying to make a decent living.”

The e-cab operators also demanded adequate welfare package for drivers and compensation to the families of those that lost their lives or are permanently disabled in the line of duty.

The association said that more than 15 drivers had lost their lives, while some had been permanently disabled in accidents in the course of the service.

It also said more than 20 others have also lost their lives through kidnapping or killed by ritualists without any compensation from the operators.

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Technology

CEOs of Major Tech Companies Have Sold Over $6 Billion of Their Stocks in 2021

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Stocks - Investors King

Data acquired and calculated by Finbold indicates that CEOs of the five selected major tech firms have sold $6.36 billion worth of shares between January 1 and May 10, 2021.

Jeff Bezos leads, having offloaded AMZN shares worth $4.9 billion. Facebook CEO Mark Zuckerberg has sold $1.2 billion of his stock. Cumulatively, the two executives have offloaded $6.1 billion worth of shares from their respective companies.

Elsewhere, Nvidia CEO Huang Jen Hsun has sold $77.28 million worth of shares to rank third. Microsoft chief executive Nadella Satya has offloaded $65.44 million of MSFT stock, while Alphabet’s Pichai Sundar has sold $33.05 million. Among the top tech companies, only Tesla and Apple CEOs have not sold any of their stock in 2021.

Insider selling follows a surge in tech stocks

The highlighted companies have recorded a spike in the stock value over the past year, and the research report notes that:

“The sales come in the wake of tech sector stocks surging to new highs amid the coronavirus pandemic. In the pandemic, with wide-scale lockdowns, the companies run by the CEOs played a key role by offering services and products to help people manage the effects of the health crisis. The attention on these services drives the stock prices to record levels.”

Although insider trading is increasing in popularity, the activity is an essential indicator for investors to predict future price movement.

Overall, insider trades offer the overall market and investor outlook. When a single executive increases selling activity but others hold their shares, it does not call for alarm among investors.

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Telecommunications

MTN Nigeria Resumes SIM Card Sales, Activation

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sim card - Investors King

MTN Nigeria has resumed the sales of SIM cards across the nation, according to the latest report from the leading telecommunications company.

In a statement released on Monday, MTN Nigeria said customers can walk into any of the stores listed below to buy and activate their SIM cards.

Customers are therefore advised to visit with their National Identity Number (NIN) and any of their voter’s card, driver’s license and international passport.

The statement reads “We are delighted to inform you that SIM card sales have commenced in some select MTN stores.

“Simply walk into any of the stores listed below to buy and activate your SIM.

“Thank you for choosing MTN

“To make your experience at our store seamless and make the process faster, please be kind to come with the following:

1. Your National Identity Number (NIN) is mandatory by law for registering and activating your new SIM.

2. In addition, please come along with any one of these valid, government issued IDs:
i. Your NIN slip
ii. Your Voter’s Card
iii. Your Driver’s License
iv. Your international passport.

SIM registration cannot be done by proxy.

If you do not yet have a NIN, please click on this link Enrolment Centres – CUSTOMER NIN CAPTURE (mtnonline.com) to find the nearest enrollment center

“We look forward to seeing you, and welcoming you to the Yello Family soon!”

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