Good afternoon, friends, and welcome to a new work week. The weather is off to a cool start this Sunday, as is the news cycle.

THE BIG STORY TODAY

UAE’s Nas Investment Holding wants a bigger piece of EgyFert: UAE-based Nas Investment Holding intends to submit a mandatory tender offer for an additional 57.5% stake — represented in 5.5 mn shares — in EGX-listed fertilizers player EgyFert, the Financial Regulatory Authority (FRA) said in a statement (pdf).

The potential offer: Nas will offer to purchase EgyFert’s shares at EGP 95 apiece, putting the transaction value at some EGP 522.5 mn and valuing the company at some EGP 912 mn. The offer price is 5% below EgyFert’s share price of EGP 99.56. The company will have 60 days to submit its offer, as per FRA regulations. If accepted, the acquisition will give Nas a controlling 90% stake in the fertilizer company, allowing its shares to remain listed on the EGX.

REFRESHER- Nas acquired a 32.4% stake in EgyFert back in October, purchasing 3.1 mn of phosphate exporting company MidFert Misr’s shares in the fertilizers producer. The company paid EGP 60 per share, putting the transaction value at some EGP 186.6 mn.

THE BIG STORY ABROAD

The int’l news cycle remains relatively light this morning, as southern California’s wildfires continue to dominate global headlines.

Concerns over the possible targeting of anti-Trump political figures have returned to the global front pages today with the resignation of US special council Jack Smith, the prosecutor who led the federal cases against Donald Trump for his attempt to overturn the 2020 US election results and his mishandling of official documents. Trump has previously threatened retribution against Smith, saying that he would fire him the day he took office and repeatedly calling him “deranged.”

AND IN BUSINESS NEWS- Advertisers are speaking out against Meta’s move to endfact-checking, citing concerns that toxic content could expose their brands to reputational risks, the Financial Times reports. While Meta has assured advertisers — who drive most of Meta’s USD 135 bn in annual revenue — that brand safety tools remain intact, some industry leaders say that companies may reduce their spending if harmful content increases.

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

  • Gov’t readies new social protection package: The Madbouly government’s new social protection package that Prime Minister Moustafa Madbouly teased at his most recent weekly presser will include raises in the minimum wage and pensions, tax thresholds, and social protection coverage.
  • China’s Asia Potash International Investment announced one of Egypt’s largest ever investments, with its recently unveiled plans to set up a phosphate fertilizer industrial complex in Upper Egypt set to have a final investment ticket of USD 7-10 bn.
  • Annual headline urban inflation dropped to 24.1% in December, down from 25.5% in November.

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: We sat down with Chief Commercial Officer at Fine Hygienic Holding Nedal Alzatari to discuss how the tissue and healthcare goods manufacturer has fared amid regional and global challenges — as well as what the company has planned in the coming period.

☀️ TOMORROW’S WEATHER- Warmer days and cooler nights are approaching, with the mercury set to reach 23°C in the daylight and dip down to 11°C at night.

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