Swvl Holdings Corp., the Cairo-born, Dubai-based mass transit and shared mobility services provider, will have to postpone its plans for dual listing in Egypt and Saudi Arabia, its chief financial officer told Amwal Al Ghad on Sunday.
“The company has determined that the dual listing on Egyptian and Saudi stock exchanges cannot be concluded at this time due to the ongoing local and regional market conditions under the influence of economic challenges as in the case for global stock markets,” Youssef Salem said. “It has, therefore, decided to postpone the dual listing plans until may be next year.”
Salem added that the company is also planning to boost its revenues to $400 million within 2023 to be supported by increased bookings to 500,000 per day and give more focus on the highly lucrative trips and suspend low-margin ones in the light of mounting inflation rates.
Earlier in March, Swvl has begun trading on the Nasdaq in the U.S. following approval of a merger with special purpose acquisition company (Spac) Queen’s Gambit Growth Capital, the first blank-cheque company led entirely by women.