{"id":551751,"date":"2022-07-19T13:31:12","date_gmt":"2022-07-19T13:31:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/this-evening-sodic-facing-a-dead-end-in-mnhd-acquisition-bid-plus-chimera-closes-in-on-beltone\/"},"modified":"2022-07-19T13:31:12","modified_gmt":"2022-07-19T13:31:12","slug":"this-evening-sodic-facing-a-dead-end-in-mnhd-acquisition-bid-plus-chimera-closes-in-on-beltone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/this-evening-sodic-facing-a-dead-end-in-mnhd-acquisition-bid-plus-chimera-closes-in-on-beltone\/","title":{"rendered":"THIS EVENING: SODIC facing a dead end in MNHD acquisition bid? Plus: Chimera closes in on Beltone"},"content":{"rendered":"

Happy hump day, friends.<\/strong> It\u2019s a relatively busy news day here on the home front, with that M&A boomlet we signposted this morning still keeping up pace.<\/p>\n

PSA- <\/strong>We\u2019re not getting (yet another) long weekend: <\/strong>Saturday will be a national holiday in observance of the 23 July Revolution, astatement<\/a>by the Cabinet read. Both the public and private sector will be off, the statement said. Saturday is typically already a day off for many private sector workers, but the government will not push up the revolution observance day to Thursday, as is sometimes the case.<\/p>\n

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

<\/a> Is SODIC\u2019s bid to acquire MNHD\u2019s hitting a dead end?<\/strong> SODIC said it will not revise the price it offered to acquire up to 100% of Madinet Nasr Housing and Development (MNHD) without conducting due diligence on the company in a disclosure to the EGX (pdf)<\/a>. This comes a few days after MNHD\u2019s board of directors said the price was too low as it stands, and recommended that the general assembly reject SODIC\u2019s request for due diligence during its scheduled meeting on 16 August unless SODIC bumps its offer price in a new bid.<\/p>\n

One step closer to Chimera\u2019s acquisition of Beltone:<\/strong> Chimera Investments\u2019 bid to acquire up to 90% of Beltone Financial is poised to go through after getting the the Financial Regulatory Authority\u2019s (FRA) stamp of approval in a disclosure to the EGX (pdf)<\/a> yesterday.<\/p>\n

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

The international business press is largely preoccupied this afternoon with the<\/strong> possibility of Europe waving goodbye to its era of negative rates<\/strong> following the European Central Bank\u2019s monetary policy meeting this Thursday. The policy committee is expected to discuss potentially raising rates by 50 bps in a bid to tamp down soaring inflation and debt costs, while the eurozone also faces a stronger USD that has now reached parity<\/a> with the EUR. The story is getting play in the Financial Times<\/a> and Re<\/a>uters<\/a>, among others.<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

The state\u2019s national dialogue meetings resume:<\/strong> The board overseeing the Sisi administration\u2019s national dialogue is holding its second meeting to set a schedule of debate, discuss the agenda, and form subcommittees.<\/p>\n

Need a refresher on the national dialogue?<\/strong> We\u2019ve got you covered.<\/a><\/p>\n

The government\u2019s public consultations on its state ownership policy are also continuing today<\/strong> with representatives from the wholesale and retail sectors having their say. Sunday\u2019s session brought leather manufacturers together to discuss the state\u2019s privatization plans. Every Sunday, Tuesday and Thursday sees workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings here<\/a>.<\/p>\n

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