Swvl celebrates start of trading on company’s shares on Nasdaq Stock Exchange

CAIRO - 31 March 2022:  Swvl celebrated Thursday, the start of trading on the company’s shares on the Nasdaq Stock Exchange in the United States of America, becoming the first technology-based mass transit company to be offered on any stock exchange in the world, and the second company from the Middle East to be listed on the Nasdaq Stock Exchange.

 

The Egyptian Stock Exchange received the Swvl team in Egypt, coinciding with the start of trading on the company’s shares on the Nasdaq Stock Exchange in New York, in the presence of Minister of Planning and Economic Development, Hala El-Said, Ambassador Nabila Makram, Minister of Immigration, and Jihan Saleh, Economic Adviser to the Chairman of the Board Ministers, as well as representatives of a number of Egyptian startups and investment funds.

 

The company, which provides smart mass transit services in more than twenty countries worldwide, seeks to use the proceeds of the offering to implement an expansion plan that includes access to new markets as well as to deepen its services in existing markets.

 

Mustafa Kandil, founder and CEO of Swvl, said that the listing on Nasdaq represents a milestone for the company and the field of sustainable mass transit globally, stressing that ease of mobility - and the consequent empowerment of different groups of society - is a fundamental right for all and a shared responsibility of governments. and the private sector. 

 

Kandil pointed out that Swvl's transformation into a public joint stock company enhances its ability to achieve high growth rates in its quest to provide smart transportation services at a competitive cost that are safe, comfortable and sustainable in its current and target markets.

 

He added that he is proud that Swvl was launched from Egypt, and was able to break into a number of markets in different continents, stressing that the field of entrepreneurship, innovation and information technology in Egypt is characterized by an abundance of qualified cadres, noting that the sector enjoys great support from the Egyptian government being a major part of the structural reforms programme.

 

Kandil also indicated that Swvl is in the process of studying the possibility of double listing on the Egyptian Stock Exchange.