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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Compass Capital wraps up DD on Pachin + China isn’t happy about Taiwan’s president meeting with US house speaker

Good afternoon, friends, and happy almost-THURSDAY. As we approach the end of the week — and the one-week mark since the beginning of Ramadan — our collective brain fog is starting to wear off.

ALSO- Did you know you can bookmark stories to read later on our newly relaunchedwebsite? Our new home on the web looks cool, loads fast, and has a raft of new features, from deep dives into topic pages, story tags to let you follow the issues and companies that matter most, to an audio feature so you can listen to our news on the go. Have a suggestion or want to report a bug? Hit reply to this email.

THE BIG STORY TODAY

Eagle Chemicals’ rival bid for Pachin goes live tomorrow: Eagle Chemicals’ mandatory tender offer (MTO) to acquire at least 75% of state-owned Paint and Chemical Industries (Pachin) will open tomorrow and run until market close on 12 April, according to an EGX statement out today. Eagle Chemicals is offering EGP 37.00 per share, EGP 1.00 higher than the rival bid submitted by National Paints Holding (NPH) last week. The NPH offer — which had been set to close on 4 April — has been extended and will now wrap on the same date.

Is Compass stepping back into the mix? Compass Capital has reportedly wrapped up due diligence on Pachin and is preparing to submit a rival MTO within days, Al Mal reports, citing unnamed sources it says are close to the matter.

THE BIG STORY ABROAD

China is threatening Taiwan over President Tsai Ing-wen’s unconfirmed meeting with US House Speaker Kevin McCarthy. Mainland China sees the trip as a challenge and direct blow to the “One China” mandate. If Ing-wen — who is on a 10-day trip to visit other countries on the continent — proceeds with the visit, it would be seen as harmful to “China’s sovereignty and territorial integrity,” an official from China’s Taiwan Affairs Office has said, and the mainland has warned it will retaliate. Ing-wen meanwhile told reporters that China’s ”external pressure will not hinder [Taiwan’s] determination to go global”; Taiwan is calm and is neither giving in to intimidation nor is it intending to incite a reaction from China. A US government official stated that the threats are nothing more than an overreaction and a pretext for warmongering.

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

Fair value studies completed for Damietta, Port Said port operators:The Financial Regulatory Authority (FRA) is reviewing fair value studies of the state-owned Damietta and Port Said terminal operators ahead of stake sales in the two firms.
HoldiPharma is enlisting the private sector to help localize production: State-owned pharma manufacturer HoldiPharma plans to build five new factories in partnership with private-sector firms.

? CIRCLE YOUR CALENDAR-

PSA- Start planning next month’s holidays now:

Coptic Easter falls on Sunday, 16 April;
Sham El Nessim is on Monday, 17 April;
Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

PSA- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.

☀️ TOMORROW’S WEATHER- Expect the weather to feel more or less like today, as our favorite weather app tells us to expect a daytime high of 22°C and a nighttime low of 9°C.

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

Forget the stocks — invest in bubbly + Are people going back to the office for the coffee?

Getting coffee at the office could be a major driving force precipitating the end of the WFH era,Bloomberg says. The allure of having caffeine on demand without paying for it is part of the equation, but the availability of coffee is about more than waking ourselves up and staying fueled throughout the day, the business information service suggests. After covid-19 dismantled life as we knew it, workers have found it increasingly appealing to share a cup of joe with colleagues and forge social connections in the workplace. As employees adjust to the hybrid work system after extended weeks and months of social isolation, mingling with peers over coffee is helping mend bonds and re-establish a pleasant and humane atmosphere at work. This pull comes as more major US corporations are signaling to their employees that the work from home era is coming to a close last week.

Offices are banking on the love of coffee as global consumption is on the rise: Green beans exports grew by 10.8% y-o-y to 9.2 mn bags last November, the article quotes the International Coffee Organization. And employers are aware of that: Attempts at boosting office morale can be seen as offices mimic the coffeeshop experience in-house.

ROI in a bottle: The champagne market is outperforming many traditional asset classes, including stocks and gold, Bloomberg reports. The London International Vintners Exchange (also known as Liv-Ex) initially saw champagne accounting for a tiny proportion (2%) of its secondary market trades a decade ago, but that share has grown significantly in the past several months, according to the business information service. In the first nine months of last year, one case of all-Chardonnay 2012 Salon Le Mesnil popped 232%. Altogether, the Liv-Ex Champagne 50 Index — which includes “recent vintages of a dozen top brands” — outperformed gold, the FTSE, and the S&P 500, as well as the Bordeaux First Growths and even Burgundy.

Our comedy mosalsal pick: A mashup of Click, Bedazzled, and Teer Enta

? ON THE TUBE TONIGHT-
(all times CLT)

El Soffara is so far demonstrating it’s the comedy mosalsal of choice this Ramadan:Comedian Ahmed Amin and his cast — including new faces like stand-up comedian Taha Dessouky — lead the line-up of a hilarious sequence of events that combine Adam Sandler’s Click, Brendan Fraser’s Bedazzled, and Ahmed Mekky’s Teer Enta. The premise is that Shafik discovers King Tut’s whistle that has the magical power to transport him back in time for three minutes only, giving him a chance to change one of the events, and return to the present to handle the consequences of his choices. So far, he has come back as an alarmingly overweight business mogul, CEO of “Shifo Tours” a disliked boss who runs his firm akin to a slave shop and has a penchant for mahshy. On the personal level, he marries the love of his life, Shereen, but she is disappointed by his figure and wishes he would work on himself to fit the season’s trend of being “slim fit.” The show doesn’t only give us some enduring punch lines (or effehaat) — it also leaves us on a cliff-hanger every episode wondering where Shafik will end up next. Catch the latest episodes on Watchitand Shahid.

? With no football to speak of today, we turn our attention to the quarter-finals of the Miami Open. Finland’s Emil Ruusuvuori faces Italy’s Jannik Sinner at 9pm today in the first men’s singles quarter-final match of the championship. In the wee hours of the morning at 2:30am, the US’ Taylor Fritz and Spain’s Carlo Alcaraz will continue the quarter-final round.

The women’s singles kicked off the quarter-final round yesterday, with Kazakhstan’s Elena Rybakina beating Italy’s Martina Trevisan 6-3, 6-0 to advance to the semi-finals. US national Jessica Pegula also advanced to the semi-final round after beating Russia’s Anastasia Potapova earlier today in a three-set match. Later this evening, Aryna Sabalenka (Belarus) meets Romania’s Sorana Cîrstea at 9pm in the championship’s penultimate quarter-final match. And if you’re staying up late, you can also catch Petra Kvitová’s (Czech Republic) 1am match against Russia’s Ekaterina Alexandrova.

Want to get some exercise during Ramadan for a good cause? Participate in the Trifactory’sRamadan Virtual Running Challenge and try to run (or walk) 100 km by the end of the month. Proceeds from participants’ tickets will be donated directly to Misr El Kheir for its annual Ramadan campaign to feed less fortunate families.

Pick up new fabric skills with a Macrame workshop: Starting this Thursday, 30 March until Saturday, 1 April at Gusour Cultural Center you will have the chance to learn with Martina Luther the fundamentals of this art form through her workshop.

Get your karaokeon at Room Art Space in New Cairo this Wednesday, 29 March. Check out their Facebook page for more details.

Enjoy oriental music in the AUC Tahrir Cultural Center garden this Thursday, 30 March at 8:30pm. Zaii Zaman — a trio of violin, oud, and double bass players — will be playing traditional Arabic music to their audience. This event is open to the public and is without charge.

Attend a Sufi Dance Performance on Friday, 31 March at Dawar Arts. Immerse yourself in the season with a mulit-faceted cast and crew who will provide a performance of dance, poetry and singing.

Love the drum? Join a drum circle on Friday, 31 March with Mostafa Baccar at Gusour Cultural Center. There will be two 50-minute drum circles, the first at 8pm and the second at 9pm. Check out their page on Facebookto know more details about the event.

The Comedy Bunch’s “Make’em Laugh 16” at Art Room Space in New Cairowill be stirring some chuckles on Saturday, 1 April. Want to have your shot at stand-up? This will be your chance as there will be an open mic during the evening. Visit their Facebook page to learn more details and register.

Get moving after iftar with Trifactory’s Relay Run next Wednesday, 5 April in Palm Hills Club, 6 October. Call up four buddies for a 2-hour (non-konafa-related) competition to run as many laps as possible. This event is happening from 9-11pm. Visit Trifactory’swebsite to register.

For the young and not so young, Goha in Beit Yakan in Al Darb El Labbana puts on a show adapting Goha’s famous anecdotes, along with other short scenes from Egyptian folklore with enduring messages. The production will run on 5, 7, and 8 April, with ticket proceeds going to public sector children’s hospitals. For more information, check out the event’s Facebook page and for reservations click here.

Want to make new friends in the great outdoors?Head over to the Wadi Degla Protectorate next Friday, 7 April with your food in hand and join others gathering for iftar or sohour. The event is organized by Backpacker.

Expose yourself to some art and culture and walk around central Cairo: Qahrawya are organizing two separate “iftour” (iftar tour) events next month, which entail an art walking tour after sitting down for iftar together. The tours include one in Zamalek on Saturday, 8 April and one in downtown Cairo on Saturday, 22 April, both starting at 5:30pm.

Sophie’s World is a beginner’s guide to philosophy embedded in a fantasy novel: It all starts when 14-year-old Sophie Amundsen receives two anonymous letters in her mailbox saying, “who are you?” and “where does the world come from?” More letters keep turning up, with the sender revealing that they’re part of a short course in philosophy. Inadvertently, Sophie becomes the student of an old philosopher named Alberto Knox, who walks her through the history of Western philosophy, from existentialism and the big bang to the works of Darwin, Marx, and others. The book is an enchanting blend of fact and fantasy, with an Alice-in-Wonderland style plot unfolding alongside an informative core. While it isn’t an in-depth probe into Western thought, Sophie’s World packs just enough for readers to pick up topics and philosophers that pique their interest.

What the markets are doing on 29 March, 2023

The EGX30 rose 3.17% at today’s close on turnover of EGP 2.03 bn (2.5% below the 90-day average). Local investors were net buyers. The index is up 12.4% YTD.

In the green: Egypt Kuwait Holding - EGP (+10.0%), Oriental Weavers (+8.4%) and Telecom Egypt (+7.4%).

In the red: Edita (-1.4%), Talaat Moustafa Group (-0.8%) and CIRA Education (-0.5%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

16 April (Sunday): Coptic Easter

17 April (Monday): Sham El Nessim.

21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Monday): Labor Day.

1 May (Monday): Backstreet Boys at 7pm, ZED East, New Cairo.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

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