The Egypt-founded firm, which is based in Dubai, will list through special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital, the company’s CFO Youssef Salem tells The Africa Report in an exclusive interview. The listing will take place despite market volatility driven by the Russia-Ukraine war.
“There is heightened volatility in the short term. However, it doesn’t have a material impact on Swvl given that the company has a fully funded business plan and additional committed capital to fund its M&A business,” says Salem. “As such, the company is able to continue to deliver on its long-term strategy.”
[…] since there is no other stock from the same sector and region [on Nasdaq, Swvl] could attract interest.
“Recently, after what happened in Ukraine, there has been a selloff in tech stocks,” says Amr Elalfy, head of research at Prime Securities, an investment bank
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