Good afternoon ladies and gentlemen, and happy THURSDAY. With the weekend finally here, we’re more than ready to put our feet up and get some well-deserved r’n’r.

THE BIG STORY TODAY

FRA gives UAE’s Electra the green light for Elsewedy Electric acquisition: The Financial Regulatory Authority (FRA) approved Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding ’s bid to acquire a 24.5% stake in Elsewedy Electric, according to a statement (pdf).

The pricing: Electra will pay USD 1.05 (EGP 49.63 at today’s exchange rate) a pop — marking a premium to Elsewedy Electric’s Wednesday share price of EGP 44.3 (USD 0.94). The pricing means Electra will pay a total of USD 560 mn for the stake.

What’s next? Elsewedy Electric will need to tap a financial advisor and clarify the board’s decision within the next 15 days, according to the statement. The share sale will be conducted via the special operations market (OPR) within the next 20 days.

THE BIG STORY ABROAD

South Africa’s current government is on the brink of losing majority control: A tumultuous political transition shows the governing African National Congress (ANC) polling at just 41.77%, losing votes to the Democratic Alliance (DA) and the Marxist Economic Freedom Fighters (EFF). Projections from the results of 8.5% of polling stations show the DA poll at 26.52%, and the EFF at 7.2%. The loss of majority may encourage the ANC to strike an alliance with other parties, muddying the future political direction of the country. (Reuters | CNBC | Bloomberg | Financial Times)

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

  • Gov’t raises the price of subsidized bread starting Saturday: The government will hike the price of subsidized bread to EGP 0.20 from its current price of EGP 0.05 at the beginning of June.
  • Electricity bills will rise this summer: The government will hike electricity prices in July with the beginning of the new fiscal year.
  • El Sisi, Xi talk Gaza: President Abdel Fattah El Sisi discussed the ongoing situation inRafah, Egypt’s water security, as well as efforts to strengthen ties between the two countries, with his Chinese counterpart Xi Jinping during his time in Beijing.

☀️ TOMORROW’S WEATHER- We’re getting a balmy Friday, complete with sunny skies punctuated with a few clouds as the mercury rises to 34°C in Cairo before dipping to 23°C, according to our favorite weather app.

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