{"id":555020,"date":"2021-11-29T13:43:12","date_gmt":"2021-11-29T13:43:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/tonight-were-still-at-zero-omicron-at-home-sodic-gives-aldar-adq-offer-its-blessing\/"},"modified":"2021-11-29T13:43:12","modified_gmt":"2021-11-29T13:43:12","slug":"tonight-were-still-at-zero-omicron-at-home-sodic-gives-aldar-adq-offer-its-blessing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/tonight-were-still-at-zero-omicron-at-home-sodic-gives-aldar-adq-offer-its-blessing\/","title":{"rendered":"TONIGHT: We\u2019re still at zero Omicron at home + SODIC gives Aldar-ADQ offer its blessing"},"content":{"rendered":"

It\u2019s another Omicron-led news day, ladies and gentlemen.<\/strong> The new variant is still very much driving the conversation abroad on an otherwise quiet afternoon in global headlines.<\/p>\n

<\/a> No Omicron cases have been detected in Egypt so far<\/strong>, Health Ministry spokesperson Hossam Abdel Ghaffar said this morning in a phone-in to state TV (watch, runtime: 12:41)<\/a>. The government is tightening safety measures across airports<\/a>, seaports and landports to reduce the chances of the new covid variant making its way into the country, Abdel Ghaffar said.<\/p>\n

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

<\/a> SODIC\u2019s board nods to Aldar-ADQ\u2019s offer:<\/strong> SODIC\u2019s board of directors gave its nod to the UAE\u2019s Aldar Properties and sovereign wealth fund ADQ\u2019s offer to purchase at least 51% of the company\u2019s shares at EGP 20, according to an EGX filing (pdf).<\/a> The developer cited the \u201ccurrent global economic conditions and the effect of the covid-19 pandemic\u201d as well as the consortium\u2019s \u201ceconomically strong\u201d position as good enough reasons to go through with the transaction. The board\u2019s blessing comes despite the Aldar-ADQ offer falling short of the EGP 23.42 share price SODIC\u2019s independent financial advisor BDO had set in its fair value study, according to an EGX disclosure (pdf)<\/a>.<\/p>\n

Shareholders have until next Tuesday, 7 December to respond<\/strong> to the ongoing mandatory tender offer.<\/p>\n

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

The <\/strong>Egypt Defense Expo (EDEX)<\/a><\/strong> kicked off this morning, after President Abdel Fattah <\/strong>El Sisi<\/strong><\/sup> inaugurated the exhibition<\/strong>, according to an Ittihadiya statement<\/a>. The event will run until this Thursday, 2 December. Some 400 international manufacturers and suppliers are set to showcase military equipment and defense technologies at New Cairo\u2019s International Exhibition Center, with live firepower demonstrations planned for the five days.<\/p>\n

Foreign Minister Sameh Shoukry is in Barcelona to attend the Regional Forum of<\/strong> the Union of the Mediterranean <\/strong>and the EU-Southern Neighborhood Ministerial Meeting, which are taking place back-to-back today, according to a Foreign Ministry statement<\/a>.<\/p>\n

What\u2019s on the agenda?<\/strong> Shoukry is set to discuss with foreign ministers of 42 Mediterranean states the progress on priority areas agreed upon in last year\u2019s forum, including environmental and climate action, sustainable and inclusive economic and human development, social inclusiveness and equality, digital transformation, and civil protection at the UFM Regional Forum. The ministerial meeting will focus on Egypt\u2019s bilateral relations with European countries, including ramping up investments from Europe and exports to the continent.<\/p>\n

The <\/strong>Creative Industry Summit<\/a><\/strong> continues today at the Nile Ritz-Carlton, running through Wednesday.<\/p>\n

The <\/strong>Cairo International Film Festival<\/a><\/strong> continues its 10-day run<\/strong> after kicking off on Friday. The festival wraps next Sunday, 5 December.<\/p>\n

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