{"id":544136,"date":"2022-02-13T13:43:41","date_gmt":"2022-02-13T13:43:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/this-evening-efg-looks-to-tap-advisors-for-fab-acquisition-draft-labor-act-gets-final-nod-from-house-countries-tell-citizens-to-leave-ukraine\/"},"modified":"2022-02-13T13:43:41","modified_gmt":"2022-02-13T13:43:41","slug":"this-evening-efg-looks-to-tap-advisors-for-fab-acquisition-draft-labor-act-gets-final-nod-from-house-countries-tell-citizens-to-leave-ukraine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/this-evening-efg-looks-to-tap-advisors-for-fab-acquisition-draft-labor-act-gets-final-nod-from-house-countries-tell-citizens-to-leave-ukraine\/","title":{"rendered":"THIS EVENING: EFG looks to tap advisors for FAB acquisition + Draft Labor Act gets final nod from House + Countries tell citizens to leave Ukraine"},"content":{"rendered":"<p><strong>Good afternoon, folks: It\u2019s a good news \/ bad news sort of afternoon<\/strong>, with reports of new investment into Egypt\u2019s healthcare sector and new developments in FAB\u2019s potential acquisition of EFG Hermes being balanced with the increasing prospect of major conflict in Europe. Let\u2019s get to it.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><strong> THE BIG STORIES TODAY<\/strong><\/p>\n<p><strong>#1- EFG looks to appoint advisors for FAB acquisition bid:<\/strong> EFG Hermes\u2019 board of directors agreed on Thursday to proceed with appointing an international financial advisor and local counsel for its potential acquisition by First Abu Dhabi Bank (FAB), the leading financial institution announced today in <a href=\"https:\/\/ent.news\/2022\/2\/EFG-Hermes-board-members-discuss-potential-FAB-acquisition.pdf\">an EGX disclosure (pdf)<\/a>. The Emirati lender <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d68b5eb-a11f-4c88-b404-0e64bb3de85d\">last week announced<\/a> that it had offered to purchase at least 51% of EFG for EGP 19.00 a share.<\/p>\n<p><strong>#2- Alta Semper to invest Macro proceeds in healthcare?<\/strong> Private equity player Alta Semper Capital could invest part of the proceeds from the sale of its shares in Macro Group\u2019s IPO into the Egyptian healthcare sector, according to a report in the <a href=\"https:\/\/dailynewsegypt.com\/2022\/02\/12\/alta-semper-considers-healthcare-investment-opportunities-in-egypt\/\">local press<\/a>, which cites Managing Director Ahmed Rady. The firm made USD 85 mn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41f12ac1-51f9-49c7-ad9e-9955e248aa88\">selling its stake<\/a> in Macro during its IPO last week, handing it spare capital to deploy to the sector.<\/p>\n<p><strong>^^We\u2019ll have more <\/strong>on these stories and others in tomorrow\u2019s <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>M&A in Egypt <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13ff6b75-266e-40ce-865a-fa0c3487d475\">continued to accelerate in 2H2021<\/a><\/strong> as waning pandemic uncertainties and cheap international borrowing rates fuelled a rebound in transaction volumes following the covid shock in 2020, according to a Baker McKenzie report.<\/li>\n<li><strong>The Madbouly government wants our first Samurai bond issuance <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18bfc87d-7721-43f1-af35-003a6015a137\">to be fully guaranteed<\/a><\/strong><strong> by the Japan International Cooperation Agency<\/strong> (JICA) to ensure strong investor participation.<\/li>\n<li><strong>The private sector was Egypt\u2019s leading wheat importer last year:<\/strong> Private sector wheat imports <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00c7971f-5639-4f29-a2a8-3953167f20be\">surpassed purchases<\/a> by the state-run General Authority for Supply Commodities (GASC) in 2021 \u2014 and could continue to lead Egypt\u2019s wheat imports.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The Senate gave its final approval to the draft Labor Act earlier today<\/strong>, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2524973\">Al Masry Al Youm<\/a> reports. The Senate will now pass the bill back to the House of Representatives for final approval. The law would, if enacted, extend both maternity leave and notice periods, cap working hours, and change minimum raise increments, among other things. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae083a4f-781c-443d-ad37-ab705d0103ee\">We have an explainer on the bill\u2019s finer points here.<\/a><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f367e03e-6de0-4e5c-8a74-8d404b059219\">draft Ins. Act<\/a><\/strong><strong>, meanwhile,<\/strong><strong> is up for debate at the Senate\u2019s Financial Affairs Committee<\/strong> today and tomorrow, <a href=\"https:\/\/english.ahram.org.eg\/News\/460963.aspx\">Ahram Online<\/a> reports. The bill would make the Financial Regulatory Authority the primary regulator for the ins. sector and make ins. compulsory for SMEs and freelancers.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/asdweek.co\/\">Arab Sustainable Development Week<\/a><\/strong> <strong>is ongoing and will run until Tuesday <\/strong>at the Arab League headquarters and the Nile Ritz Carlton.<\/p>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Talk of war in Ukraine is still front-page news everywhere you look this <\/strong><strong>afternoon:<\/strong> As Western nations move to pull non-essential diplomatic staff from Ukraine and advise citizens to evacuate, some airlines are now canceling or diverting flights to the country on fears that war is imminent between Moscow and Kiev, according to <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-joe-biden-russia-europe-moscow-dce9b30db290a6e82f5aaa0f35a3125a\">the Associated Press<\/a>. More than a dozen countries, including the US, the UK, and Germany, have told their nationals to leave Ukraine as Russia continues its war games in Belarus, amassing an estimated 100k troops along Ukraine's border.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong> The three-day <strong><a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a><\/strong><strong> (EGYPS)<\/strong> begins at the Egypt International Exhibition Center tomorrow, and runs until Wednesday.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>An <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/1\/Dream-Art-Exhibition-First-Press-release-English-final-ML-1.pdf\">art exhibition<\/a><\/strong><strong> featuring work from marginalized children will be held at Townhouse<\/strong><strong> Gallery from tomorrow until Saturday.<\/strong> The event is organized by the Sawiris Foundation for Social Development, AlexBank, Townhouse Gallery, Al Ismaelia for Real Estate Investment, and Ubuntu Art Gallery.<\/p>\n<p><strong>PSA- Companies that are required to sign up to the sixth phase of the rollout of the<\/strong> <strong>government\u2019s electronic invoicing platform must do so by Tuesday.<\/strong> Over 31k <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd71a905-06a7-4e5b-a5d1-42a1ca1dc557\">companies had signed<\/a> up by January to the Tax Authority\u2019s e-invoicing system for B2B transactions, <a href=\"http:\/\/20.50.48.69\/\">Egyptian eInvoicing<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a daytime high of 21\u00b0C tomorrow, while the mercury will fall to 9\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, folks: It\u2019s a good news \/ bad news sort of afternoon, with reports of new investment into Egypt\u2019s healthcare sector and new developments in FAB\u2019s potential acquisition of EFG Hermes being balanced with the increasing prospect of major conflict in Europe. Let\u2019s get to it. THE BIG STORIES TODAY #1- EFG looks to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[930,204,84,633,882,274,391,187,77,758,270,392,304,703,7263,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544136","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-alta-semper","tag-banking","tag-efg-hermes","tag-enterprisepm","tag-first-abu-dhabi-bank","tag-house-of-representatives","tag-labor-act","tag-legislation-watch","tag-macro-group","tag-private-equity","tag-russia","tag-senate","tag-ukraine","tag-unified-insurance-act","tag-war","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"ca0eee4d-fde9-42b2-b59e-d153ab58a28e","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[544134],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: EFG looks to tap advisors for FAB acquisition + Draft Labor Act gets final nod from House + Countries tell citizens to leave Ukraine - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/this-evening-efg-looks-to-tap-advisors-for-fab-acquisition-draft-labor-act-gets-final-nod-from-house-countries-tell-citizens-to-leave-ukraine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: EFG looks to tap advisors for FAB acquisition + Draft Labor Act gets final nod from House + Countries tell citizens to leave Ukraine\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, folks: It\u2019s a good news \/ bad news sort of afternoon, with reports of new investment into Egypt\u2019s healthcare sector and new developments in FAB\u2019s potential acquisition of EFG Hermes being balanced with the increasing prospect of major conflict in Europe. 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Let\u2019s get to it. 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EFG\u2019s board of directors held a meeting on Thursday to discuss the possible transaction and hiring\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571404,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/fab-completes-due-diligence-on-bank-audi-egypt-acquisition-now-finalizing-its-offer\/","url_meta":{"origin":544136,"position":1},"title":"FAB completes due diligence on Bank Audi Egypt acquisition, now finalizing its offer","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"M&A WATCH- FAB completes due diligence on Bank Audi Egypt: First Abu Dhabi Bank (FAB) has completed due diligence on Bank Audi\u2019s Egypt arm and now finalizing its offer, a banking official with knowledge of the matter told Al Shorouk. FAB has persevered with the acquisition process despite the covid-19\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544097,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/tonight-fab-makes-a-play-for-efg-hermes-amendments-to-the-old-rent-law-and-real-estate-registry-act-are-up-in-parliament\/","url_meta":{"origin":544136,"position":2},"title":"TONIGHT: FAB makes a play for EFG Hermes + amendments to the Old Rent Law and Real Estate Registry Act are up in parliament","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"Good afternoon, wonderful people. It\u2019s nearly the end of this workweek that has felt like an entire month on its own. Our almost-weekend reward: A healthy news cycle that\u2019s keeping us on our toes. THE BIG STORY TODAY-FAB makes a play for EFG Hermes: The UAE\u2019s First Abu Dhabi Bank\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636132,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/21\/efg-hermes-advised-eagle-on-egyptian-media-group-acquisition\/","url_meta":{"origin":544136,"position":3},"title":"EFG Hermes advised Eagle on Egyptian Media Group acquisition","author":"enterpriseam admin","date":"21 December 2017","format":false,"excerpt":"We got in touch with our friends at EFG Hermes yesterday who confirmed to us that EFG Hermes Investment Banking acted as the sole buy-side advisor to Eagle Capital in their acquisition of Egyptian Media Group. Maged El Ayouti, Deputy Head of Investment Banking at EFG Hermes, commented saying \u201cthe\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543628,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/","url_meta":{"origin":544136,"position":4},"title":"First Abu Dhabi Bank makes play for EFG Hermes","author":"enterpriseam admin","date":"10 February 2022","format":false,"excerpt":"First Abu Dhabi Bank wants EFG Hermes: First Abu Dhabi Bank (FAB) has offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. USD 1.2 bn), the Emirati bank announced in a disclosure (pdf) to\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/136.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634692,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/22\/eagle-capital-hires-efg-zulficar-for-restructuring-of-egyptian-media-group\/","url_meta":{"origin":544136,"position":5},"title":"Eagle Capital hires EFG, Zulficar for restructuring of Egyptian Media Group","author":"enterpriseam admin","date":"22 January 2018","format":false,"excerpt":"IPO WATCH- Eagle Capital has tapped EFG Hermes and Zulficar & Partners to act as financial and legal advisors on the restructuring of Egyptian Media Group (EMG), which Eagle Capital had acquired last month, unidentified sources tell Al Borsa. EFG Hermes had acted as the sole buy-side advisor to Eagle\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544136"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544136\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/544134"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544136"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544136"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}