UAE’s Amass Investments submits binding offer to invest EGP 100 mn in Osool ESB capital increase

Good afternoon, friends. Today’s issue comes with news of investments, US tariffs, an announcement of the death of the internet, and some fun ways you can forget about all of that.

THE BIG STORY TODAY-

The UAE’s Amass wants a piece of Osool ESB: Abu Dhabi-based AmassInvestments has submitted a binding offer to subscribe to the capital increase shares that will be issued by EGX-listed brokerage Osool ESB, according to two separate filings to the exchange here (pdf) and here (pdf). There’s no publicly available information about the size of the potential capital increase.

The details: Amass is offering to invest EGP 100 mn in the capital increase at the fair value price that will be decided by an independent financial advisor, with the investment set to be an off-market private placement transaction. It’s noteworthy that Osool Holding holds a 74.2% stake (pdf) in the listed company, while another substantial shareholder has an 8.2% stake. Only around 25.8% of the company is on free-float.

A deposit in good faith: The Emirati firm has transferred the full amount they are willing to invest to Osool’s bank account, which will remain in escrow until the Osool makes a decision to accept or reject the offer. Osool will hold a board meeting on Thursday to evaluate the offer.

Market reax: Osool’s shares jumped 20% today closing at EGP 0.92 apiece.

THE BIG STORY ABROAD-

Trump’s new tariffs see USD strengthen, non-US stock markets slide: US president Donald Trump’s administration recently announced tariffs on Mexican, Canadian, and Chinese imports — set to take effect tonight at midnight — has sent investors into a selling spree, with indications that markets had not taken Trump’s tariff threats at face value, Reuters reports.

The fallout: The greenback has strengthened against other currencies as investors take refuge in it and US treasuries. Meanwhile, the CAD has dropped to a 20-year low against the USD, with the MXN also falling to a three-year low against the greenback. Stock markets the world over have also been under pressure, with bourses from London to Tokyo registering declines of over 1%. In the long-term, the outlook remains foggy, with Trump stoking fears that the EU is next in the firing line.

The pain could deepen if there’s no eleventh-hour reversal from the Trump admin: “Markets were a little complacent in wanting to believe that some of the threats wouldn't be carried through,” BlueBay Asset Management's chief investment officer Mark Dowding told Reuters. “It feels like there is further to run if there's no last-minute olive branch from the US.”

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

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• The pharma sector’s performance last year gives us reason to believe the market is en route to normalcy, with local pharma sales climbing 42% y-o-y in 2024, coming in at EGP 292 bn according to Ibnsina Pharma.

☀️ TOMORROW’S WEATHER- Warm-ish temperatures continue tomorrow in the capital, with the mercury set to reach a high of 22°C, before a dive to 14°C at night according to our favorite weather app.