Good afternoon, folks, and a happy Monday to you all.

THE BIG STORY TODAY

Half of Helios’ USD 40 mn acquisition bid for Raya Foods will go towards building a new factory: Raya Food’s parent company Raya Holding will direct USD 20 mn of Helios Investment Partners’ USD 40 mn bid for 49% of the subsidiary towards building a second factory partly dedicated to freeze-dried fruits and vegetables, Raya Holding CEO Ahmed Khalil told Al Arabiya (watch, runtime: 4:07)

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All part of a bigger plan to increase exports — and in turn FX revenues: The plan is to turn the company from the country’s second largest frozen produce exporter — with an annual production capacity of 50k tons — to the country’s largest, the company said in a statement (pdf) released earlier this week. The new factory — most likely to be set up next to its existing factory in Sadat City, according to Khalil — and its use of freeze drying produce will play an important role in reorientating the company more towards exports.

THE BIG STORY ABROAD

The US presidential election — now just over 14 days away — and Israel’s indiscriminate attacks in Gaza continue to compete for the day’s top story. Israel’s ramping up of operations following the killing of Hamas leader Yahya Sinwar has continued, with Israeli forces storming shelters housing displaced families, burning schools, besieging schools, and killing at least 26 in airstrikes already today. While over in the states, the global press focusing in on the two competing presidential campaigns to get their candidate across the line in the too-close-to-call election.

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

  • Raya gives preliminary greenlight to Helios Investment Partners’ acquisition bid: Africa-focussed PE outfit Helios Investment Partner ’ offer to acquire 49% of Raya Foods for USD 40 mn has been approved and initially accepted by parent company Raya Holding’s board.
  • It looks like Port Said’s EGP 1.6 bn grain silo factory has lost its foreign partner: The Egyptian arm of Polish grain silo company Feerum has reportedly pulled out of an agreement to set up a factory to manufacture grain silos with with Egyptian construction and engineering firm Samcrete and the state-owned Egyptian Holding Company for Silos and Storage.
  • El Sisi’s latest remarks dominated last night’s talk shows: The nation’s talking heads honed in on President Abdel Fattah El Sisi’s statements regarding the economic pressures the nation is enduring as the country undergoes reforms as part of its loan agreement with the IMF. “Egypt is implementing the current economic reform program amid very difficult regional and international circumstances,” El Sisi said.

☀️ TOMORROW’S WEATHER- The mercury is expected to take a slight dip, cooling down to a high of 30°C and a low of 19°C in the capital, according to our favorite weather app.

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