Good afternoon all you wonderful people, and happy Monday. The presses haven’t slowed down today, with news of a possible Delta Ins. buyout, continued political jockeying in Syria, and a major milestone for the advertising industry all on today’s docket.

THE BIG STORY TODAY

Delta Ins. has two new suitors: AXA Egypt and Attijariwafa Bank subsidiary Wafa Assurance have registered their interest in buying up to 100% of Egypt Kuwait Holding Company subsidiary Delta Ins.’s shares through mandatory purchase agreements, with both firms initially valuing Delta’s shares at EGP 50 a pop, according to an EGX statement (pdf). AXA would need to acquire at least 75% of the firm’s shares for the offer to go through, while Wafa Assurance would need to acquire at least 51% of Delta’s shares to execute the offer. Both companies have requested the Financial Regulatory Authority’s approval to conduct due diligence on the firm, while Delta’s board of directors is studying the two offers.

AND- Naguib Sawiris will be pumping at least USD 150 mn into building “one or two” hotels near the Pyramids and Sphinx International Airport, according to comments covered by Hapi Journal.

THE BIG STORY ABROAD

It’s another busy day in the int’l press today as the fallout from Bashar Al Assad’s toppling, the ongoing political crisis in Korea, and a looser monetary policy stance in China dominate global headlines.

US and Israeli strikes on Syria continued Monday as Israeli forces seized further swathes of Syrian territory along the two countries’ previously demilitarized border. Iranian government sources confirmed that Iran is in touch with multiple factions within Syria’s nascent governing structure, with one official telling Reuters that this engagement “is key to stabilizing ties and avoiding further regional tensions.” This comes as the Biden administration seeks to limit Iranian influence in the new regime.

And to the east: The Chinese Communist Party’s politburo has announced that it will be changing its monetary policy stance from “prudent” to “moderately loose” for the first time in 14 years, with the decision coming as the country grapples with deflationary pressures and weak local demand. Meanwhile, South Korean president Yoon Suk Yeol has been slapped with a travel ban after narrowly surviving an impeachment vote Saturday.

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

  • Egypt to conclude negotiations with the IMF by year-end: The government expects talks with the IMF to extend timelines for reforms under its economic reform program to wrap up by the end of the year.
  • Ezz Steel may soon delist its shares from the EGX: Ezz Steel’s board of directors has voted to begin procedures for delisting its shares from the EGX.
  • The wait for Egypt’s second credit rating agency is almost over, with Beltone Financial Holding subsidiary Beltone Capital forming a joint venture with Italy’s CRIF Ratings to launch a credit ratings and business solutions company in Egypt.

☀️ TOMORROW’S WEATHER- Temperatures remain stable in the capital tomorrow with the mercury peaking at 24°C in the morning and dipping to 14°C in the evening, according to our favorite weather app.

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