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Tuesday, 7 March 2023

THIS EVENING: National Paints Holdings ups its offer for Pachin + Africa Finance Corporation plans to invest USD 1 bn in Egypt

Good afternoon, wonderful people. Hump day is definitely a news dump day this week, as plenty of privatization stories are coming through.

THE BIG STORIES TODAY

#1- It’s another privatization-heavy day: Dubai-based National Paints Holdings (NPH) has upped its bid for Paint and Chemical Industries (Pachin), submitting a mandatory tender offer to fully acquire the state-owned company for EGP 34 per share, according to a Financial Regulatory Authority (FRA) statement (pdf). NPH’s offer is up from its initial offer of EGP 29 per share.

Meanwhile, the government is still studying the potential sale of a stake in state-owned Telecom Egypt, the company said in a disclosure to the bourse (pdf). The study of the potential sale is still “in the preliminary stages” and no final decisions have been made, Telecom Egypt said in the statement, noting that the studies may end up ruling out a stake sale.

#2- Africa Finance Corporation (AFC) is planning to invest at least USD 1 bn in Egypt in the coming period, AFC Executive Director and Chief Investment Officer Sameh Shenouda tells Al Arabiya. The investments will be geared towards infrastructure projects, including renewable energy and natural gas, along with heavy industries.

THE BIG STORY ABROAD

Labor unions push back against Macron’s pension bill: More than 1 mn people have taken to the streets in France in protest of President Emmanuel Macron’s bill to raise the national pension age, as the labor unions vow to bring the country “to a standstill.” There are calls for more disruption to key sectors like energy and transportation. With the confrontation between Macron and the unions ongoing for the past two months, there is still little indication that either side will back down – and no room for negotiation anymore, an analyst told the New York Times. If Macron fails to push through the bill, which few in government want or see as urgent, he risks becoming “a lame duck president” just a year into his second term, the paper adds.

The story is also getting ink from Bloomberg and Reuters.


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

  • Expect stake sales in pre-IPO fund firms in April: The Sovereign Fund of Egypt’s (SFE) pre-IPO fund is set to offer stakes in 2-3 state-owned companies to strategic investors or via public share sales in April.
  • Is TE the latest addition to Madbouly’s privatization list? The government is reportedly planning to sell a 10% stake in state-owned Telecom Egypt.
  • EFG Hermes Group CEO Karim Awad kicked off the group’s One-on-One Conference in Dubai yesterday, welcoming 179 companies as well as 561 global institutional investors and fund managers to explore key investment opportunities across frontier and emerging markets.

enterprise

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- It’s going to be more or less the same weather we had today in the capital city, with a daytime high of 24°C and nighttime low of 13°C, our favorite weather app tells us.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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