{"id":552160,"date":"2022-08-16T13:32:59","date_gmt":"2022-08-16T13:32:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-evening-auf-group-snaps-up-75-5-of-modern-international-confectionery-its-a-mixed-bag-out-in-the-international-press\/"},"modified":"2022-08-16T13:32:59","modified_gmt":"2022-08-16T13:32:59","slug":"this-evening-auf-group-snaps-up-75-5-of-modern-international-confectionery-its-a-mixed-bag-out-in-the-international-press","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-evening-auf-group-snaps-up-75-5-of-modern-international-confectionery-its-a-mixed-bag-out-in-the-international-press\/","title":{"rendered":"THIS EVENING: Auf Group snaps up 75.5% of Modern International Confectionery + It\u2019s a mixed bag out in the international press"},"content":{"rendered":"<p><strong>Happy hump day, ladies and gentlemen.<\/strong> It\u2019s a mixed day on the news front today \u2014 not too busy here at home, but not quite what we would call a \u201cslow\u201d day.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Auf Group grabs local snacks player: <\/strong>Egyptian healthy food company Auf Group acquired a 75.5% stake in Modern International Confectionery Co, Auf Group\u2019s Chief Marketing Officer Rasha Ghaly told Enterprise, confirming a report from <a href=\"https:\/\/tinyurl.com\/bdz7t66t\">Al Mal<\/a>. The acquisition comes nearly a month after UAE\u2019s food and beverages group Agthia\u2019s board<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\">approved a proposed acquisition<\/a> of a majority stake in Auf Group for EGP 2.9 bn.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>There\u2019s no single story capturing the attention of the international business press this<\/strong><strong> afternoon.<\/strong> Among the stories getting coverage is an explosion in Russia-held Crimea targeting an ammunition depot, with Ukraine hinting it was responsible for the attack without outright claiming responsibility (<a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-calls-world-show-strength-after-shelling-near-nuclear-plant-2022-08-15\/\">Reuters<\/a> | the <a href=\"https:\/\/www.washingtonpost.com\/national-security\/interactive\/2022\/ukraine-road-to-war\/?itid=hp-top-table-main\">Wall Street Journal<\/a>). <a href=\"https:\/\/www.cnbc.com\/2022\/08\/16\/putin-claims-us-wants-to-drag-out-war-in-ukraine.html\">CNBC<\/a> is also on a similar topic, leading its front page with Russian President Vladimir Putin lashing out against the West for \u201ctrying to prolong\u201d Russia\u2019s conflict with Ukraine. Elsewhere, the <a href=\"https:\/\/www.ft.com\/content\/f9d0c388-9cda-4377-9694-f607d86b5591\">Financial Times<\/a>\u2019 top story is hedge fund Elliott Management offloading nearly its entire stake in Japan\u2019s SoftBank.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Israeli energy firms want to invest in Egypt\u2019s renewables sector: <\/strong>Israeli gas producer <a href=\"https:\/\/newmedenergy.com\/\">NewMed Energy<\/a> is lining up a joint venture with Tel Aviv-listed <a href=\"https:\/\/enlightenergy.co.il\/\">Enlight Renewable Energy<\/a> to invest in renewables projects across the MENA region.<\/li>\n<li><strong>Ukrainian officials are <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df6c9f76-c51a-4b64-a1d9-c4f2100d0502\">trying to arrange<\/a><\/strong><strong> the release of a 60k-ton shipment of wheat destined for Egypt<\/strong> after the ship carrying it was detained last month for investigation into its ownership.<\/li>\n<li><strong>Giza Systems is one step closer to being Saudi-owned:<\/strong> Saudi Arabia\u2019s competition watchdog has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44f1ce57-8e07-42e8-b0d6-b06d64270dd9\">given the greenlight<\/a> to Saudi Telecom\u2019s internet subsidiary to acquire a controlling stake in Giza Systems.<\/li>\n<\/ul>\n<p><strong>CORRECTION-<\/strong> In our coverage this morning of foreign holdings of Egyptian treasury bills, we incorrectly reported the figures for May and June. Based on Central Bank of Egypt FX rates at the end of May and June, foreign holdings in June were USD 8.35 bn, and May holdings were USD 8.10 bn. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99f68ca1-991b-4ed4-a5ee-4fe5f226a2fa\">The story<\/a> has been updated on our website. H\/t Ahmed A.<\/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>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Consensus in the market is that the Central Bank of Egypt will go for a rate hike on <\/strong><strong>Thursday. <\/strong>We\u2019re updating this morning our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f0f5186-ad0c-49ca-8eb6-bd47cd2f4504\">interest rate poll<\/a> from earlier this week after hearing back from another analyst and their crystal ball. As of this morning, six of eight analysts and economists we surveyed see the CBE going for a rate hike: Four are calling a 100-bps hike, one is forecasting a 200-bps rise and another a more modest 50-bps increase. A <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypts-central-bank-seen-hiking-rates-dampen-price-rises-2022-08-15\/\">Reuters poll<\/a> out yesterday is also calling a rate hike, with the wire service saying the sweet spot is 50 bps.<\/p>\n<p><strong>Expect more details on how gov\u2019t plans to cut back on electricity: <\/strong>The Electricity Ministry will hold a press conference in the next few days to announce details of measures to curb electricity use that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34592f12-233d-4901-ae0a-b210c9ca855e\">cabinet approved last week<\/a>, Electricity Minister Mohamed Shaker reportedly told <a href=\"https:\/\/tinyurl.com\/e4y7eyb8\">Al Mal<\/a>.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury will rise to 39\u00b0C during the day tomorrow before falling to 23\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy hump day, ladies and gentlemen. It\u2019s a mixed day on the news front today \u2014 not too busy here at home, but not quite what we would call a \u201cslow\u201d day. THE BIG STORY TODAY Auf Group grabs local snacks player: Egyptian healthy food company Auf Group acquired a 75.5% stake in Modern International [&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":[2264,633,7128,9758,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-552160","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-auf-group","tag-enterprisepm","tag-ma-watch","tag-modern-international-confectionery","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"f347350c-9d1d-4380-9bd7-60e3ec545a8a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[552158],"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: Auf Group snaps up 75.5% of Modern International Confectionery + It\u2019s a mixed bag out in the international press - 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\/08\/16\/this-evening-auf-group-snaps-up-75-5-of-modern-international-confectionery-its-a-mixed-bag-out-in-the-international-press\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Auf Group snaps up 75.5% of Modern International Confectionery + It\u2019s a mixed bag out in the international press\" \/>\n<meta property=\"og:description\" content=\"Happy hump day, ladies and gentlemen. It\u2019s a mixed day on the news front today \u2014 not too busy here at home, but not quite what we would call a \u201cslow\u201d day. 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Auf Group declined to make public the value of the transaction. The acquisition comes less than\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\/8\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":661094,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/23\/abu-dhabis-aghthia-group-now-owns-80-of-abu-auf\/","url_meta":{"origin":552160,"position":1},"title":"Abu Dhabi\u2019s Aghthia Group now owns 80% of Abu Auf","author":"enterpriseam admin","date":"23 February 2025","format":false,"excerpt":"The financial terms of the transaction were not disclosed","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\/2025\/2\/2093.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655032,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/12\/tanmiya-capital-ventures-to-pick-up-20-9-stake-in-local-confectionary-leader-el-abd\/","url_meta":{"origin":552160,"position":2},"title":"Tanmiya Capital Ventures to pick up 20.9% stake in local confectionary leader El Abd","author":"enterpriseam admin","date":"12 November 2024","format":false,"excerpt":"The investment will go towards opening new branches and finishing a new facility","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\/2024\/11\/1023.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577689,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/01\/adqs-agthia-now-owns-60-of-auf-group\/","url_meta":{"origin":552160,"position":3},"title":"ADQ\u2019s Agthia now owns 60% of Auf Group","author":"enterpriseam admin","date":"1 December 2022","format":false,"excerpt":"UAE\u2019s Agthia is now the majority owner of Abu Auf: Emirati food and beverage major Agthia has completed its acquisition of a 60% stake in Egyptian food company Auf Group, Agthia said in astatement (pdf). The stake was sold by three members of the Auf family as well as Tanmiya\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\/12\/7.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552180,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/this-evening-tarek-amer-resigns-as-cbe-governor-tansik-minimum-grades-are-out\/","url_meta":{"origin":552160,"position":4},"title":"THIS EVENING: Tarek Amer resigns as CBE governor + Tansik minimum grades are out","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"Good afternoon, wonderful people. The uncharacteristically busy August news day we spoke of this morning has only gathered steam.THE BIG STORIES TODAY Tarek Amer stepped down as governor of the Central Bank of Egypt (CBE), ending his almost-seven-year tenure at the bank more than a year early. President Abdel Fattah\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":661021,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/20\/to-cut-or-not-to-cut\/","url_meta":{"origin":552160,"position":5},"title":"To cut, or not to cut","author":"enterpriseam admin","date":"20 February 2025","format":false,"excerpt":"Good afternoon, wonderful people, and happy Thursday. Despite the slow newsday the EnterpriseAM presses continue to churn, with today\u2019s issue covering all the latest on possible Central Bank of Egypt rate cuts and Microsoft\u2019s recent advance in quantum computing.THE BIG STORY TODAY- #1- It\u2019s interest rate day: All eyes are\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/552160","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=552160"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/552160\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/552158"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=552160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=552160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=552160"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=552160"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=552160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}