Happy almost-THURSDAY, friends. It’s almost the weekend, and we have a capital markets-heavy news day to show for it. But first:

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THE BIG STORIES TODAY

Chimera Investment is in talks with GB Auto to acquire 45% of its leasing arm GB Lease, according to a company disclosure to the EGX (pdf). The investment will be used to “deleverage the auto business and finance the further growth of GB Capital,” Marina Kamal, GB Auto’s IR head, told Enterprise.

A consortium led by Expedition Investments won’t up its ongoing mandatory tender offer for shares in Domty after an independent study valued the shares 38% higher, Al Mal reports, citing sources it says have knowledge of the matter.

THE BIG STORY ABROAD

The international business press is having another energy-dominated news day, between the ongoing tit-for-tat energy war between Russia and the EU, and the bloc’s scrambling to cope with soaring energy prices. All eyes are currently on Moscow after Russian President Vladimir Putin threatened to cut off the bloc’s gas supplies if it decides to impose price caps on the gas it imports from Russia — which is exactly what the EU proposed hours later. The story is getting ink from Reuters, the Financial Times, and the Wall Street Journal.

HAPPENING NOW-

The Egypt-International Cooperation Forum (Egypt-ICF) is currently underway at the new administrative capital. The three- day event will bring together global policymakers, ministers, development partners and other participants ahead of COP27 to discuss climate action and green transition, food security, and others with a focus on Africa. Check the full agenda here (pdf).

Who’s had the mic so far: President Abdel Fattah El Sisi, US climate envoy John Kerry, and Odile Renaud-Basso, head of the European Bank for Reconstruction and Development (EBRD), among others.

Renaud-Basso is also meeting with El Sisi and Finance Minister Mohamed Maait, and has already sat down with International Cooperation Minister Rania Al Mashat. Look for climate finance to be at the top of the agenda for the meetings alongside the practicalities of COP27.

Editor’s Note: In this morning’s edition of EnterpriseAM, we said that Renaud-Basso is in town to “talk turkey” — meaning that she is discussing serious matters, not that Turkey the country is on her agenda.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• It’s official: Gov’t is on board with a flexible exchange rate. “We as a government do agree that a flexible exchange rate is definitely good for the economy,” Planning Minister Hala El Said told Bloomberg yesterday.
• BDO has valued Domty at EGP 6.90 per share — 38% higher than the price that the Expedition Investments-led consortium is offering shareholders in its ongoing mandatory tender offer.
• IDH wants to table a new offer for Islamabad Diagnostic Center amid economic woes in Pakistan: IDH is looking to renegotiate terms of its bid to acquire a major stake in one of Pakistan's largest diagnostics providers due to economic and political turbulence in the country.

???? CIRCLE YOUR CALENDAR-

Consoleya and Cairo Angels will host a business meet-up on Monday, 12 September focusing on Nigeria’s tech ecosystem and how it compares with Egypt’s startup scene. Tarek Shahin (CI Capital’s chief investment officer), Biola Alabi Media CEO Biola Alabi, and Ibrahim Sagna (Afreximbank’s global head of advisory and capital markets) and take part in a panel discussion moderated by Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.

Our monthly list of data points to keep your eye on:

• Inflation figures: Inflation data for August from Capmas will land on Saturday, 10 September. Expect the Central Bank of Egypt to follow up on Sunday, 11 September with its inflation report.
• Interest rates: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 September to review interest rates.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 37°C tomorrow and a nighttime low of 24°C, according to our favorite weather app.

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