{"id":551649,"date":"2022-07-05T13:53:22","date_gmt":"2022-07-05T13:53:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/tonight-sodic-wants-mnhd-cbe-gives-banks-a-week-off-and-issues-new-egp-10-note-also-el-sisi-ratifies-budget\/"},"modified":"2022-07-05T13:53:22","modified_gmt":"2022-07-05T13:53:22","slug":"tonight-sodic-wants-mnhd-cbe-gives-banks-a-week-off-and-issues-new-egp-10-note-also-el-sisi-ratifies-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/tonight-sodic-wants-mnhd-cbe-gives-banks-a-week-off-and-issues-new-egp-10-note-also-el-sisi-ratifies-budget\/","title":{"rendered":"TONIGHT: SODIC wants MNHD + CBE gives banks a week off and issues new EGP 10 note. ALSO: El Sisi ratifies budget"},"content":{"rendered":"

It\u2019s two more working days until the weekend<\/strong>, ladies and gentlemen, and boy are we smiling at this next nugget\u2026<\/p>\n

<\/a> Get your banking needs taken care of by Thursday:<\/strong> The private sector workers will be off on 9-14 July for Eid Al Adha, the Manpower Ministry announced in a statement<\/a>. This follows an announcement (pdf)<\/a> earlier in the day from the central bank that banks will be off during the same period. Banks will open for business on Sunday 17 July. Public sector workers were given<\/a> off on 9-14 July yesterday.<\/p>\n

And while we\u2019re on banks, we\u2019re welcoming a new EGP 10 polymer banknotes, <\/strong>which were released by the CBE today. Apart from the neat design, the new banknotes (which you can see above) are more durable, robust and resistant to damage from dirt and moisture. More importantly, the bills are cheaper to make, a statement (pdf)<\/a> by the CBE read.<\/p>\n

You can get your hands on the news notes through your local bank. <\/strong>The old paper banknotes, however, are still valid and available, the statement said.<\/p>\n

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<\/a> THE BIG STORY TODAY- <\/strong>Blast from the past: SODIC wants MNHD (again).<\/strong> Leading real estate developer SODIC has submitted a non-binding offer to acquire up to 100% of EGX-listed Madinet Nasr Housing and Development (MNHD) in a potential all-cash acquisition, the developer said in a disclosure to the EGX (pdf).<\/a> SODIC offered to acquire the developer through a mandatory tender offer at a price range of EGP 3.2-3.4, a 32% premium on its share price at yesterday\u2019s close. The mid-point of the range of EGP 3.30 values the company at EGP 6.18 bn.<\/p>\n

The transaction has done wonders for their respective share prices:<\/strong> MNHD was the EGX30\u2019s top performer today as its shares rose 8% to EGP 2.7 on the news. Meanwhile, SODIC\u2019s shares rose 0.82% to EGP 11.10.<\/p>\n

^^We\u2019ll have more on this story and others in tomorrow\u2019s EnterpriseAM. <\/strong><\/p>\n

<\/a> HAPPENING NOW- President Abdelfattah El Sisi has ratified the FY2022-2023 budget, <\/strong>after the House of Representatives gave it the stamp of approval earlier this month, state news agency MENA reports. The FY2022-2023\u2019s final spending plan is unchanged from the one Finance Minister Mohamed Maait and Planning Minister Hala El Said presented to the House in May<\/a>, despite MPs raising concerns about borrowing plans, social safety net allocations, and the government\u2019s forecasted wheat and oil prices.<\/p>\n

ALSO- <\/strong>Public consultations on<\/strong> the state\u2019s privatization plans for the <\/strong>transportation sector began today. <\/strong>Every Sunday and Tuesday see workshops discussing the state ownership policy document<\/a> and how privatization plans will affect specific industries. You can find more details on the schedule of the meetings here<\/a>.<\/p>\n

Meanwhile, t<\/strong>he national dialogue kicked off today<\/strong>, with the 19-member board of trustees running the process convening its first meeting, according to Ahram Gate<\/a>. Board members include lawmakers, journalists, and political and economic experts.<\/p>\n

Need a refresher on the national dialogue?<\/strong> You can read our explainer here<\/a>.<\/p>\n

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THE BIG STORY ABROAD-<\/strong> Highland Park Independence Day Parade shooting suspect in <\/strong>custody:<\/strong> Law enforcement arrested a 22-year-old-man as a suspect in a deadly shooting on an Independence Day parade in the Chicago suburb of Highland Park that saw at least six killed and over 36 wounded, BBC<\/a> reports. Police apprehended the suspect, Robert E. Crimo III, yesterday in nearby Lake Forest after a brief chase.<\/p>\n

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