THIS EVENING: Chimera is acquiring 45% of GB Lease + Twitter users really don’t want Musk to stick around

Good afternoon, friends. It appears we’re still some ways away from that end-of-year news slowdown, even though the number of OOO auto-responders we’re getting in our inbox keeps rising by the day.
*** Would the real Enterprise Fantasy World Cup winner please stand up? We’re ready to announce the top finisher of our Fantasy World Cup League and send them a special prize. If you signed up to the league under the nickname Buttoot, get in touch with us at editorial@enterprise.press.
THE BIG STORY TODAY
Chimera to acquire 45% of GB Lease: GB Auto subsidiary GB Capital has agreed to indirectly sell a 45% stake in GB Lease to our friends at Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn, the EGX-listed automotive and finance player said in an EGX disclosure (pdf). GB Capital now owns the remaining 55% of GB Lease, according to the disclosure.
THE BIG STORY ABROAD
The people have spoken: More than half of Twitter users voted for Elon Musk to step down as the platform’s CEO, with the final results of a poll Musk posted last night showing 57.5% of respondents want him out. The tech b’naire has said that he will “abide by the results of this poll,” but it remains unclear whether he will actually follow through. The story is leading the conversation in the international business press this afternoon: Bloomberg | The Financial Times | Reuters | CNBC | The Wall Street Journal.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- A new task force will suggest fair prices for up to 15 strategic commodities: The Supply Ministry has set up a committee to determine the “fair price” of a number of foods classed as strategic commodities amid soaring inflation.
- EBRD lends USD 40 mn to Angel Yeast to up local production: The European Bank for Reconstruction and Development (EBRD) is lending USD 40 mn to the Egyptian branch of China-based yeast maker Angel Yeast.
- House gives its final nod to Unified Tax Procedures Act amendment: The House of Representatives yesterday voted through a controversial amendment to the Unified Tax Procedures Act that would allow foreign tax authorities to access individuals and businesses’ financial information.
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???? CIRCLE YOUR CALENDAR-
It’s the Central Bank of Egypt’s final policy meeting of the year on Thursday, and analysts we surveyed last week expect policymakers to close out 2022 with another king-size 200-bps rate hike to support the currency and tackle rising inflation. Seven of the nine analysts and economists are forecasting the central bank to raise rates, five of which see a 200-bps hike. This would take the policy rate to 15.25%, its highest level since early 2019.
EGX-listed Pachin will brief shareholders on acquisition offers it has received in its ordinary general assembly on Tuesday, 20 December. Dubai-based National Paints Holdings has offered to purchase 100% of the company for EGP 29 per share, valuing it almost EGP 700 mn and far outbidding earlier offers from Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment that have since been withdrawn.
TOMORROW’S WEATHER- Expect temperatures to drop 4-5 from today's high of 24°C later this week — in line with the winter solstice on Wednesday — but until then we’re looking at a fairly warmer day tomorrow in Cairo with the mercury expected to hit 23°C during the day before falling to 13°C at night, our favorite weather app tells us. If you’re in Alexandria or elsewhere on the north coast, you should probably pack an umbrella, as there may be some light rain, according to the Meteorological Authority.