{"id":551711,"date":"2022-07-17T13:22:28","date_gmt":"2022-07-17T13:22:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/this-evening-mnhd-says-the-price-isnt-right-on-sodics-acquisition-bid-swvl-buys-another-competitor-despite-cutbacks-plus-el-sisi-is-in-berlin\/"},"modified":"2022-07-17T13:22:28","modified_gmt":"2022-07-17T13:22:28","slug":"this-evening-mnhd-says-the-price-isnt-right-on-sodics-acquisition-bid-swvl-buys-another-competitor-despite-cutbacks-plus-el-sisi-is-in-berlin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/this-evening-mnhd-says-the-price-isnt-right-on-sodics-acquisition-bid-swvl-buys-another-competitor-despite-cutbacks-plus-el-sisi-is-in-berlin\/","title":{"rendered":"THIS EVENING: MNHD says the price isn\u2019t right on SODIC\u2019s acquisition bid + Swvl buys another competitor despite cutbacks. Plus: El Sisi is in Berlin."},"content":{"rendered":"

Good afternoon, friends.<\/strong> We\u2019re still shaking off the cobwebs from a well-earned long Eid break, but the news waits for exactly no-one and is kicking into full gear.<\/p>\n

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

<\/a> MNHD says the price isn\u2019t right on SODIC\u2019s acquisition bid: <\/strong>The board of Madinet Nasr Housing and Development (MNHD) held off from giving the green light to SODIC\u2019s offer to buy the company in an all-cash transaction valuing MNHD at some EGP 6.2 bn (USD 328 mn). SODIC\u2019s acquisition bid<\/a> does not match the \u201creal value\u201d of the company or its assets, MNHD\u2019s board said in a letter (pdf)<\/a> to SODIC\u2019s majority shareholder Aldar.<\/p>\n

Swvl is buying another competitor despite cutbacks:<\/strong> Nasdaq-listed mass transport app Swvl is acquiring 100% of Mexico-based transport startup Urbvan Mobility<\/a> in a share-swap transaction worth some USD 28 mn based on Swvl\u2019s current share price, Swvl CFO Youssef Salem confirmed to Enterprise. The move is the latest in a string of acquisitions by the Cairo-born startup, as it continues to pursue global expansion plans despite recently announcing major layoffs and operational cutbacks to reach profitability next year.<\/p>\n

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

<\/a> Wildfires rage across western Europe amid historic <\/strong>heatwave<\/strong>: <\/strong>Thousands of firefighters in Spain, Portugal, France, and Greece are continuing to battle huge wildfires that swept across tens of thousands of hectares, fanned by strong winds and hot, dry weather. Soaring temperatures have exceeded 40\u00b0C, a record for this part of the world at this time of year. In Portugal, authorities say at least 238 people have died over the past week from the heat, while thousands more have been evacuated in France and Spain.<\/p>\n

The story is leading headlines everywhere: <\/strong>Reuters<\/a> | BBC<\/a> | The Guardian<\/a> | DW<\/a><\/p>\n

HAPPENING NOW- President Abdel Fattah El Sisi is in Berlin to participate in the Petersberg Climate<\/strong> Dialogue<\/strong> following an invitation by German Chancellor Olaf Scholz, according to an Ittihadiya statement<\/a>. The summit is one of several climate-related stops ahead of the Sharm El Sheikh-hosted COP27 in November, the statement reads. El Sisi is set to meet several top German officials, including Scholz, to discuss cooperation and issues of mutual interest.<\/p>\n

**PSA- 6 October and Sheikh Zayed residents have full access to the Mehwar again<\/strong> after authorities fully reopened the crucial roadway from Sheikh Zayed to Lebanon Square, Youm7<\/a> reports. The Mehwar was closed in one direction for nearly two weeks while it was being expanded.<\/p>\n

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