Monday, 20 March 2023

THIS EVENING: Infinity Power closes its acquisition of 100% of Lekela Power

Good afternoon, ladies and gentlemen. We’re officially in the final countdown to Ramadan, with reminders everywhere that we will soon part ways with our morning cup of coffee. Case in point…

PSA- The CBE just announced Ramadan working hours for banks: Bank employees will work from 9am-2pm, while customers will have access to services from 9:30am-1:30pm throughout the holy month, the bank said today.

THE BIG STORY TODAY

Infinity Power acquires 100% of Lekela Power: Infinity Power has completed its acquisition of Africa-based wind power platform Lekela Power, according to a press release (pdf), making Infinity Power the largest renewable energy company in Africa. The company now has a combined operational portfolio of 1.3 GW with a pipeline of 13.8 GW.

THE BIG STORY ABROAD

The international business press is leading this afternoon with the contagion from Credit Suisse’s crisis and what UBS’ lifeline will mean for the Swiss bank and the global banking system at large. The story is on the front pages everywhere, including CNBC, Bloomberg, Reuters, the Financial Times, and the Wall Street Journal.

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

  • Gov’t could offload 10% of TE this week: The Madbouly government could finalize the sale of a 10% stake in national telecoms provider Telecom Egypt (TE) to a Gulf investor this week.
  • The clock is ticking for Pachin shareholders: Shareholders of state-owned, EGX-listed Paint and Chemical Industries (Pachin) now have 10 working days to respond to Dubai-based National Paints Holding’s takeover bid after the Financial Regulatory Authority yesterday approved the offer.
  • Two state-owned real estate companies seek investment through capital increases: 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 increases rather than selling stakes from existing shareholders.

☀️ TOMORROW’S WEATHER- The sun will be back tomorrow to bring us a pleasant daytime high of 26°C before the mercury drops to a nighttime low of 14°C, our favorite weather app tells us.

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