M&A WATCH –

#1- The Financial Regulatory Authority has approved CIRA Education’s request to extend the validity of its MTO for Cairo Educational Services by 10 business days, according to an EGX disclosure (pdf). The MTO period is now valid until 13 October, instead of 28 September.

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REMEMBER- Last month the authority cleared CIRA’s bid to raise its stake in Cairo Educational Services to 90% through a mandatory tender offer covering 20.6% of the company at EGP 32.7 per share, valuing the transaction at EGP 80.8 mn.

#2- The Crédit Agricole Egypt-owned Egyptian Housing Finance Company has acquired 100% of the consumer finance company Just Finance, according to a disclosure (pdf) to the EGX. The company did not disclose the value of the acquisition but stated that it is less than 0.75% of Crédit Agricole’s net worth as per last June’s financials.

TECHNOLOGY-

Homegrown AI and robotics company Marses and UAE-based Mulk Holdings’ Mulk International launched a new robotics joint venture — dubbed Mulk Marses Robotics — according to a statement. The JV aims to help the global construction sector bypass labor-intensive methods and instead use robotic manufacturing to improve operational and cost efficiency.

The companies plan to launch “fully-automated modular construction factories” in the UAE, the US, and Europe to produce wall panels, pods, and modular housing systems. The two are also set to establish the Construction Automation Training Academy, looking to secure a talent pipeline.

DIPLOMACY-

Egypt, Rwanda sign MoUs during Kagame’s visit: Egypt and Rwanda inked several MoUs during Rwandan President Paul Kagame time in Cairo, according to an Ittihadiya statement. The MoUs — which came following talks with President Abdel Fattah El Sisi — span water resources management, reciprocal allocation of land for logistics and trade, housing, and investment promotion and protection.

Also on the agenda: The two leaders also discussed boosting joint investment in pharma, medical supplies, food industries, and construction.

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