THIS EVENING: Adnoc now owns half of TotalEnergies + Sturgeon is out
Good afternoon, wonderful people. It’s a busy Wednesday afternoon, with a pipeline of news to keep you busy as we count down to the weekend.
THE BIG STORY TODAY
Adnoc Distribution now owns half of one of Egypt’s largest fuel retailers: Adnoc Distribution, the distribution arm of UAE’s state oil company Abu Dhabi National Oil Company, has completed its acquisition of a 50% stake in fuel retailer TotalEnergies Egypt, it said in a statement (pdf) yesterday. The acquisition marks Adnoc’s entry into the Egyptian market. The transaction has been in the works since last July.
THE BIG STORY ABROAD
Scotland’s First Minister Nicola Sturgeon resigned from her position after eight years in office, citing concerns over helping her country secure independence. The story is leading coverage in the international business press this afternoon: Financial Times | Wall Street Journal | Reuters | CNBC
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Privatization update: United Bank, Helwan Fertilizers, Pachin. Head here for the latest on potential stake sales in three state-owned companies that were last week named on the list of 32 state-owned companies the government plans to take to market over the next year.
- EFG Hermes shares rise as Ripplewood flips big part of its stake to Chimera + others: EFG Hermes’ second-largest shareholder, Tim Collins’ Ripplewood, has sold two thirds of its position in a series of block transactions on the EGX on Monday.
- We could host Africa’s largest data center complex: El Sewedy Capital’s subsidiary, El Sewedy Data Centers, and Emirati firm Gulf Data Hub plan to invest USD 2.1 bn to build three data center complexes here.
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???? CIRCLE YOUR CALENDAR-
The Naguib Mahfouz Festival kicks off today at Zawya Cinema in downtown.
Cairo Photo Week is still running through this Saturday, 18 February.
Want to become a private equity expert in three days? The Egyptian Private Equity Association (EPEA) and the African Private Equity and Venture Capital Association (AVCA) are hosting a three-day intensive private capital funds masterclass at the Ernst & Young office at Cairo Festival City. The masterclass kicks off on Friday 24 February.
Interested? You can attend the masterclass for EGP 18k or EGP 12k for EPEA and AVCA members. Register to attend here and take a look at the agenda here (pdf).
Find our regular business calendar, which includes a comprehensive listing of upcoming news events and news triggers, in EnterpriseAM and on the web.
☀️ TOMORROW’S WEATHER- The mercury is going to rise ever so slightly during the day, but we’re getting a colder night. Our favorite weather app is forecasting a daytime high of 18°C and nighttime low of 8°C.