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Sunday, 19 March 2023

THIS EVENING: El Nasr Housing + Maadi for Development looking at capital increases to raise investments + UBS offers Credit Suisse USD 1 bn all-share acquisition

Happy Sunday, friends, and welcome to another privatization-driven news day here in Omm El Donia as we kick off this week.


#1- Two state-owned real estate companies seek investments through capital increase: State-owned real estate companies, El Nasr Housing and Development and Maadi for Development and Construction, will drum up investments from strategic investors through capital increase rather than selling a stake belonging to existing shareholders,” a source with knowledge of the matter, who asked to remain anonymous, told Enterprise today. Making public share offerings in the two companies will come at a later stage,” the source added.

#2- Pachin shareholders are facing a regulatory ultimatum: Paint and Chemical Industries (Pachin) will have 10 working days to respond to Dubai-based National Paints Holding’s (NPH) mandatory tender offer (MTO) to fully acquire the company, according to a a Financial Regulatory Authority (FRA) statement (pdf). The countdown to the FRA-enforced deadline begins from the day of publishing the announcement of the acquisition bid, the statement reads.


UBS has offered to buy Credit Suisse for USD 1 bn in an all-share transaction, which could be signed as early as this evening, the Financial Times reports, citing several sources with knowledge of the transaction. The “fast-moving” agreement is expected to be fast-tracked by Swiss authorities, which could “change the country’s laws to bypass a shareholder vote on the transaction,” the salmon-colored paper reports. The story is leading the conversation in the international business press this afternoon, with front-page coverage in the Wall Street Journal, Reuters, Bloomberg, and CNBC.


Palestine, Israel participate in Egypt-brokered security meeting: Officials from the two sides met in Sharm El Sheikh today as part of a five-way meeting with Egyptian, Jordanian, and US officials, a cabinet statement said. The discussions follow on from a meeting in Jordan last month that attempted to encourage a dialogue between the two sides but which did little to calm tensions.

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

  • First up from the SFE’s pre-IPO fund: Egyptian Linear Alkyl Benzene (Elab) will be the first company to go to market via the Sovereign Fund of Egypt’s (SFE) pre-IPO fund.
  • No limits on Safi, Wataniya stake sales -SFE’s Soliman: The Sovereign Fund of Egypt (SFE) could sell up to 100% of military-owned firms Safi and Wataniya to strategic investors depending on market appetite.
  • Abu Dhabi Ports just established itself as a major player in Egypt’s port infrastructure: Abu Dhabi Ports (ADP) will develop and operate a container terminal at Safaga Port under a USD 200 mn, 30-year concession agreement signed with the government yesterday.


*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: As Egypt works to grow its exports and slash its import bills, industry players and other stakeholders have called for the government to enact certain reforms that they believe are necessary to prop up exporters and streamline their work.

????️ TOMORROW’S WEATHER- The sun is going into hiding tomorrow, bringing down the mercury a couple of degrees to 20°C during the day and 12°C in the evening, according to our favorite weather app.

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