Good afternoon, folks. We are kicking off this week by sending plenty of gratitude to WillisCarrier and his invention that is making this heatwave bearable.

THE BIG STORY TODAY

Electra Investment Holding has put in a bid for a 24.5% stake in Elsewedy Electric, according to a statement (pdf) from the Financial Regulatory Authority (FRA) earlier today.The UAE-based company’s voluntary purchase offer is seeking to buy up 15-24.5% of the company that is over 70% collectively owned by the Elsewedy family for USD 1.05 per share. The FRA is currently studying the offer.

Remember: Elsewedy Electric finished 2023 on a high note after net income after minority interest jumped 87% y-o-y from 2022. The company's revenues also jumped 65% y-o-y to EGP 152.2 bn during the same period.

Market reax: Elsewedy Electric shares jumped 20.0% to EGP 44.41 a share at the end of trading today.

THE BIG STORY ABROAD

Israel is launching more attacks against Palestinians ahead of talks with US envoy. Israeli airstrikes and ground attacks continued to devastate the Gaza Strip throughout the night as US national security adviser Jake Sullivan made his way to the occupying state. Sullivan is set to speak with Israel’s Benjamin Netanyahu to practice discretion in their assault of Gaza and Rafah by targeting militants instead of indiscriminately killing Palestinians, whose death toll has risen to 35.3k. Another item on the agenda is resuming ceasefire talks after Israel’s rejection to bring their hostages home in exchange for a pause in its attacks and access to humanitarian aid last week. (Reuters | Washington Post)

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

  • IDH wants out of the EGX: Integrated Diagnostics Holdings (IDH) could soon delist its shares from the Egyptian Stock Exchange due to “limited trading activity” and the “absence of any investment potential in maintaining the listing on the secondary market.”
  • Ras El Hekma land to be transferred soon:Egypt will finalize the transfer of the land for the Ras El Hekmaproject to the newly established Ras El Hekma for Urban Development Project Company “in the coming days.”
  • Egypt could lose up to USD 20 bn due to war in Gaza: The UN Development Program estimates that the war in Gaza could cost Egypt’s economy between USD 5.6 bn and USD 19.8 bn throughout the current and upcoming fiscal years, with Suez Canal and Tourism revenues expected to take the biggest hit.

enterprise

*** 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: The new industrial fund put together by the National Initiative for Developing Egyptian Industry (Ebda) and Cairo Capital Securities (CCS) could mean a big, positive change for SMEs bringing about access to finance and a contraction in Egypt’s import bill.

☀️ TOMORROW’S WEATHER- The mercury will be showing highs of 42°C and lows of 25°C in Cairo, according to our favorite weather app.

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