Good afternoon, folks and happy Thursday. The weekend is finally here and temperature has shot up, bidding us to stay in the shade and in the vicinity of our air conditioners.

THE BIG STORY TODAY

Integrated Diagnostics Holdings (IDH) could soon delist its shares from the Egyptian Stock Exchange (EGX) due to “limited trading activity”, the consumer healthcare giant said in its disclosure to theEGX today (pdf). All listed shares will be transferred to their primary market on London stock exchange (LSE) if the general assembly approves the voluntary delisting, the company’s board said in the disclosure.

What’s next? The company will announce later a timetable of the delisting procedures, which include the date of extraordinary general assembly meeting to vote on the move, and dates of the proposed delisting.

Objecting shareholders can then sell their shares back to the company at the highest price of the following: (a) The highest closing share price on EGX during last month, (b) the highest close share price on LSE during last month, (c) the average closing price on EGX in the past three month, or (d) the average closing price on LSE in the past three month based on the average exchange rate in EGP during this period.

Remember: The Cairo-based company had the first technical listing of its kind on the Egyptian stock market in May 2021 when it transferred 5% of its shares from LSE to EGX after having a blockbuster debut in London back in 2015.

THE BIG STORY ABROAD

Meta is facing a huge fine as it battles an investigation by the EU. The European Commission is investigating Meta platforms Facebook and Instagram for child safety risks, believing that the company may be responsible for “behavioral addictions in children,” which run the risk of more serious “rabbit-hole” effects. While Meta insists that extensively researched tools and policies have been in use to protect children for over a decade, the Commission’s decision to investigate was based on a 2023 risk assessment report conducted by Meta. Under the Commission’s Digital Services Act, Meta could be facing a fine of up to 6% of their global annual revenues, which would come out to USD 8.4 bn. (CNBC | Reuters)

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

  • The European Bank for Reconstruction and Development (EBRD) has cut our growth forecast for 2024 to 3.9%,down 0.6 percentage points from its September forecast.
  • Beyon Solutions to acquire controlling stake in Link Development: Beyon Solutions — one of the companies owned by Beyon Group, itself a portfolio company of the Bahraini sovereign wealth fund Mumtalakat — has announced it will acquire a controlling stake in Egypt-based tech provider Link Development for an undisclosed amount.
  • Ministers had a busy Wednesday: The Madbouly cabinet greenlit a raft of decisions during its weekly meeting yesterday, including one that would see the cabinet set up a unit whose sole focus is state-owned companies.

☀️ TOMORROW’S WEATHER- The mercury will be showing highs of 37°C and lows of 20°C in Cairo, according to our favorite weather app.

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