Good afternoon, friends, and happy almost-THURSDAY — and International Women’s Day. We have a relatively brisk news day on our hands today here in Omm El Donia as the world celebrates International Women’s Day.
THE BIG STORY TODAY
Pachin is waiting on more offers before it moves forward with a sale: The shareholders of Paint and Chemical Industries (Pachin) will not consider a revised acquisition offer from Dubai-based National Paints Holding (NPH) until two other bidders for the company submit their own revised offers, Al Mal reports citing unnamed sources it says have knowledge of the matter.
THE BIG STORY ABROAD
The international business press isn’t leading with one big story this afternoon. Among the headlines making the rounds:
- Saudi’s Public Investment Fund is planning to start investor meetings this month for its planned USD 1 bn IPO of ADES International Holding. (Bloomberg)
- Elon Musk is facing backlash after criticizing the work ethic of a disabled Twitter employee who was disabled. (CNBC)
- US Federal Reserve Chair Jerome Powell is returning to the Senate for a second day of testimony this afternoon. (Wall Street Journal)
HAPPENING NOW- US Defense Secretary Lloyd Austin is in town to meet with President Abdel Fattah El Sisi, after landing a few hours ago. Austin is broadly expected to bring up Washington’s human rights concerns, the Financial Times reports, citing a senior US defense official. The Biden administration decided to withhold USD 205 mn in military aid to Egypt over human rights concerns in September 2022. Annual aid from the US to Egypt amounts to about USD 1.3 bn.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- AFC plans to invest USD 1 bn in Egypt’s energy + industrial sectors: The Africa Finance Corporation (AFC) has identified an “immediate project pipeline” of investments worth more than USD 1 bn in Egyptian infrastructure projects.
- The gov’t is studying a stake sale in TE: The Finance Ministry yesterday confirmed that the government is working on a feasibility study regarding the sale of an undisclosed stake in Telecom Egypt
- Elevate Healthcare to acquire 100% of Nile Scan: Investment banking outfit Elevate Capital’s Elevate Healthcare fund is reportedly looking to fully acquire clinical radiology and lab service provider Nile Scan & Labs for EGP 500 mn.
We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.
DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HERE to request a spot at this exclusive event.
What’s the Enterprise Exports & FDI Forum? It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.
We will be taking an in-depth look into some of the most vital industry topics, including:
- How to effectively break into new export markets
- How to leverage domestic trends in order to create export opportunities
- What foreign investors are looking for
- What the government's role should be
Why now? Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI, and all the benefits that will come with it for our nation.
Think of the Enterprise Exports & FDI Forum as a hands-on lab for how to turn the devaluation of the EGP into something that will turbocharge your company and our economy.
WANT TO ATTEND? Hit this link to let us know.
WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.
WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.
🗓 CIRCLE YOUR CALENDAR-
We have a date for CIFF: The Cairo International Film Festival (CIFF) will kick off at the Cairo Opera House on Wednesday 15 November and run through to Friday 24 November, the festival’s admins said in a statement last week.
Thanaweya Amma exam schedules are out: Thanaweya Amma exams are scheduled to take place between 12 June and 15 July, the Education Ministry said last month.
☀️ TOMORROW’S WEATHER- We’re likely ending the week on a warmer note, as our favorite weather app tells us to expect a daytime high of 27°C before the mercury falls to 16°C in the evening.