{"id":550770,"date":"2022-04-26T12:59:26","date_gmt":"2022-04-26T12:59:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/this-evening-welcome-palm-hills-developments-to-enterprisepm-swvl-to-purchase-turkish-firm-volt-lines-elon-musk-buying-twitter-is-the-talk-of-the-town\/"},"modified":"2022-04-26T12:59:26","modified_gmt":"2022-04-26T12:59:26","slug":"this-evening-welcome-palm-hills-developments-to-enterprisepm-swvl-to-purchase-turkish-firm-volt-lines-elon-musk-buying-twitter-is-the-talk-of-the-town","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/this-evening-welcome-palm-hills-developments-to-enterprisepm-swvl-to-purchase-turkish-firm-volt-lines-elon-musk-buying-twitter-is-the-talk-of-the-town\/","title":{"rendered":"THIS EVENING: Welcome Palm Hills Developments to EnterprisePM + SWVL to purchase Turkish firm Volt Lines + Elon Musk buying Twitter is the talk of the town"},"content":{"rendered":"

Good afternoon, wonderful people, and happy would-be hump day.<\/strong> Although days off are typically best when they\u2019re not during Ramadan, we\u2019re not exactly complaining that we have a shortened workweek before we jump into the Eid holiday next week.<\/p>\n

*** We are also delighted to welcome aboard our friends at Palm Hills Developments this<\/strong> afternoon, who are joining us as a pillar sponsor of EnterprisePM <\/strong>alongside Etisalat Misr. PHD's generous support \u2014 alongside that of all our other sponsors \u2014 helps ensure that your favorite read remains available to you without charge each workday.<\/p>\n

SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:29pm CLT this evening in the capital city, and fajr prayers are at 3:43am.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> It\u2019s shaping up to be another M&A-led news day:<\/strong> Cairo-born mass transit firm Swvl is continuing its buying spree, announcing on Monday<\/a> an agreement to purchase Turkish firm Volt Lines in what would be the company\u2019s fourth acquisition in eight months. The transaction could value Volt at almost USD 40 mn, should it reach its earnout targets in the next two or three years, Swvl CFO Youssef Salem told Enterprise.<\/p>\n

Separately, Saudi sovereign wealth fund subsidiary the Saudi Seventh Investment Company has purchased another 6.5% stake (65 mn shares) in Rameda Pharma<\/strong> for EGP 135.2 mn, raising its total stake to 11.01%, Rameda said in an EGX disclosure (pdf)<\/a> today.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Tesla CEO Elon Musk\u2019s <\/strong>takeover of Twitter<\/a><\/strong> is dominating headlines in the global<\/strong> business press this afternoon<\/strong>, after the company\u2019s board agreed to a USD 44 bn offer for a full acquisition of the platform, which he said had \u201ctremendous potential\u201d that he would unlock. With more skepticism than praise, the Washington Post<\/a> suggests that the world\u2019s richest person might have bought the social media platform to protect his perception of free speech as he repeatedly criticized Twitter\u2019s content moderation policies. Musk wants the platform that is important for governments and politics, despite it performing worse than its peers with fewer users and lower revenues, WaPo says.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n