{"id":555366,"date":"2021-11-11T04:11:21","date_gmt":"2021-11-11T04:11:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/this-morning-whats-happening-with-aldar-adqs-play-for-sodic-us-inflation-at-30-year-high-deadline-for-anghami-spac-merger\/"},"modified":"2021-11-11T04:11:21","modified_gmt":"2021-11-11T04:11:21","slug":"this-morning-whats-happening-with-aldar-adqs-play-for-sodic-us-inflation-at-30-year-high-deadline-for-anghami-spac-merger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/this-morning-whats-happening-with-aldar-adqs-play-for-sodic-us-inflation-at-30-year-high-deadline-for-anghami-spac-merger\/","title":{"rendered":"THIS MORNING: What\u2019s happening with Aldar-ADQ\u2019s play for SODIC? US inflation at 30-year high; Deadline for Anghami SPAC merger."},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We\u2019ve nearly made it through another workweek together, and our reward is a blockbuster issue on a morning that\u2019s simply jam-packed with news.<\/p>\n

SOMETHING THAT DELIGHTED US this morning: EFG Hermes is hosting a PHYSICAL <\/strong>One on One. <\/strong>Save the dates went out yesterday for the sixteenth edition of the world\u2019s largest investor conference focused on frontier emerging markets. The gathering will take place in Dubai from 28 February through 3 March. We\u2019re looking forward to seeing many of you there.<\/p>\n

More and more foreign investors are coming to Egypt these days to kick the tires <\/strong>on potential investments. <\/strong>Fund managers and strategics alike are arriving in numbers we haven\u2019t seen in at least four years to talk with local management teams, according to friends on the buy- and sell-sides as well as top corporates. They\u2019re coming individually and in quietly-organized roadshows. There\u2019s a palpable change in sentiment taking place right now, and we really hope global sentiment holds up at what\u2019s increasingly feeling like an inflection point. After nearly two years of isolation, there\u2019s no better time to hear that we\u2019re going to be meeting face to face in Dubai.<\/strong><\/p>\n

THINGS MAKING US SMILE on this fine morning: <\/strong>Vodafone Egypt is indeed going to be part South African-owned, it seems. ALSO: a Saudi tech company is moving its operations lock, stock and barrel to Egypt \u2014 so it can IPO on the EGX.<\/p>\n

SMART POLICY- <\/strong>The government is moving to minimize the impact of the capital gains tax on the EGX ahead of the measure coming into effect on 1 January. The measures also suggest the government wants to make life a bit easier for listed companies. Interestingly, the statement outlining a wide basket of measures is couched in language that suggest policymakers understand the long-term importance to the economy of functional capital markets.<\/p>\n

*** AND A HUGE WELCOME THIS MORNING to <\/strong>our friends at Abu Auf<\/a><\/strong>, the healthy foods brand, who join us this morning as the sponsor of our very popular My Morning Routine section. The generous support of companies including Abu Auf ensure not just that we keep the A\/Cs running and team fed here at Enterprise World Headquarters, but also that your favourite morning read remains available to you free of charge every weekday around 6am CLT. Thank you, all.<\/p>\n

WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n

<\/a> Where do things stand with the <\/strong>Aldar-ADQ acquisition of SODIC?<\/strong> It\u2019s now been almosttwo<\/a>months<\/a> since we have heard anything official on the mandatory tender offer that the UAE\u2019s Aldar Properties and Abu Dhabi\u2019s sovereign wealth fund ADQ launched to acquire 90% of upmarket real estate developer SODIC. We reached out yesterday to the parties involved for an update on what would be a landmark inbound M&A for the real estate sector.<\/p>\n

The transaction is now on the desk of the Financial Regulatory Authority (FRA)<\/strong>, we were told, and we reached out to the FRA to understand where things stand. An official, speaking on condition they not be named, told us there are procedural matters in the balance and that more information would be forthcoming in the form of an announcement when the regulator is ready. The official would not comment on when to expect the approval process to wrap up, nor would they specify what the FRA is looking into.<\/p>\n

The concern is that significant further delay could pose a risk to the transaction<\/strong>, a source close to the matter told Enterprise.<\/p>\n

The acquisition has been in the works now for over eight months: <\/strong>Aldar submitted a non-binding offer back in March<\/a> to acquire at least 51% of Sodic\u2019s shares in an offer that initially valued the company at EGP 6.6 bn.<\/p>\n

What\u2019s at stake?<\/strong> The all-cash offer saw the consortium \u2014 which is 70% controlled by Al Dar and 30% owned by ADQ \u2014 up its offer to EGP 20.00 per share from a previous range of EGP 18.00-19.00, and values SODIC at EGP 7.1 bn (USD 453 mn). Sodic\u2019s shares on the EGX closed yesterday at EGP 17.90.<\/p>\n

The transaction could be good news for the industry<\/strong>, Karim Nehma, managing partner at Act Financial, told us back when the MTO was announced. Nehma suggested there has been a view that real estate players are undervalued and that the industry has been lagging. Activist investor Act holds a 15% stake in Sodic, making it the developer\u2019s largest effective shareholder. Olayan Saudi Investment holds 14%, while the Abanumay family has 10% and Ripplewood 9%.<\/p>\n

And then there\u2019s the fact that ADQ and Aldar have both telegraphed they have lots of <\/strong>appetite for Egypt: <\/strong>The SODIC transaction \u201cis a part of Aldar\u2019s overall expansion strategy into the attractive Egyptian real estate market, with Aldar currently assessing several opportunities,\u201d Aldar said in a disclosure (pdf)<\/a> a few months back. ADQ, meanwhile, has mounted bids for drugmaker Amoun<\/a> (in partnership with the Sovereign Fund of Egypt<\/a>) and food outfit Atyab<\/a>, among others.<\/p>\n

ALSO TODAY- It\u2019s the deadline for the Anghami SPAC merger:<\/strong> Anghami\u2019s deadline<\/a> to pull the trigger on a merger with blank-check firm Vista Media Acquisition Company and list on the Nasdaq expires today. The company had previously extended the deadline in August and there\u2019s been silence in the period since.<\/p>\n

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THE BIG STORIES ABROAD-<\/strong><\/p>\n

US inflation hit levels not seen for more than 30 years last month \u2014 and stocks are not <\/strong>happy.<\/strong> Scroll down to this morning\u2019s Planet Finance for the story, which is leading the front pages in the financial press this morning: FT<\/a> | Wall Street Journal<\/a> | Bloomberg<\/a>.<\/p>\n

Amazon-backed EV startup <\/strong>Rivian<\/a><\/strong> could raise as much as USD 11.9 bn from its <\/strong>upcoming IPO<\/strong> after pricing its shares at USD 78.00 apiece \u2014 above the initial range of USD 72.00-74.00 it previously announced, according to the Financial Times<\/a>. This would be the largest amount raised by a US company in an IPO since Facebook went public in 2012 and the seventh-largest in the history of US stock exchanges. The pricing gives Rivian a market valuation of around USD 77 bn on a fully diluted basis, the Wall Street Journal<\/a> says.<\/p>\n

Rivian isn\u2019t in the black yet:<\/strong> The company\u2019s losses widened in 1H2021 to USD 1 bn and it expects to continue posting losses over the next several years until it ramps up production.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We\u2019ve nearly made it through another workweek together, and our reward is a blockbuster issue on a morning that\u2019s simply jam-packed with news. SOMETHING THAT DELIGHTED US this morning: EFG Hermes is hosting a PHYSICAL One on One. Save the dates went out yesterday for the sixteenth edition of the world\u2019s […]<\/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":[7204],"tags":[299,215,318,534,72,356,182,7128,83,312,439,90,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555366","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-adq","tag-aldar-properties","tag-amazon","tag-anghami","tag-enterpriseam","tag-evs","tag-inflation","tag-ma-watch","tag-real-estate","tag-sodic","tag-spacs","tag-uae","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"44bf1782-f0f6-4167-bdd7-be8e29a07a60","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[555364],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: What\u2019s happening with Aldar-ADQ\u2019s play for SODIC? 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Mondays are typically the slowest news days of the week, but today probably takes the cake \u2014 save for one massive story: THE BIG STORY TODAY- Aldar-ADQ acquisition of SODIC gets FRA nod: The UAE\u2019s Aldar Properties and sovereign wealth fund ADQ\u2019s bid to acquire 90% of\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":555020,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/tonight-were-still-at-zero-omicron-at-home-sodic-gives-aldar-adq-offer-its-blessing\/","url_meta":{"origin":555366,"position":1},"title":"TONIGHT: We\u2019re still at zero Omicron at home + SODIC gives Aldar-ADQ offer its blessing","author":"enterpriseam admin","date":"29 November 2021","format":false,"excerpt":"It\u2019s another Omicron-led news day, ladies and gentlemen. The new variant is still very much driving the conversation abroad on an otherwise quiet afternoon in global headlines. No Omicron cases have been detected in Egypt so far, Health Ministry spokesperson Hossam Abdel Ghaffar said this morning in a phone-in to\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":606094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/sodic-gets-two-new-board-members\/","url_meta":{"origin":555366,"position":2},"title":"SODIC gets two new board members","author":"enterpriseam admin","date":"11 September 2023","format":false,"excerpt":"ADQ\u2019s Roque Solabarrieta and Khalifa Albloushi will now sit on the board","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/745.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561785,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/aldar-to-begin-dd-on-sodic-within-days-magued-sherif\/","url_meta":{"origin":555366,"position":3},"title":"Aldar to begin DD on Sodic \u201cwithin days\u201d -Magued Sherif","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"The UAE\u2019s Aldar Properties is expected to begin due diligence on EGX-listed Sodic \u201cwithin days\u201d as it seeks a majority stake in the upmarket real estate developer, SODIC chief Magued Sherif said in an interview with Al Arabiya (watch,runtime: 9:45). Sodic has already begun providing \u201cthe necessary data\u201d for Aldar\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/209.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565017,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/","url_meta":{"origin":555366,"position":4},"title":"UAE\u2019s Aldar makes offer for majority stake in Sodic","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"The UAE\u2019s Aldar wants a controlling stake in Sodic: Emirati real estate firm Aldar Properties has submitted a non-binding offer to acquire at least 51% of real estate giant Sodic\u2019s shares for EGP 18-19 per share, the two companies said in separate bourse disclosures (here and here -pdfs) this morning.\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/458.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561783,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/this-morning-aldar-kicking-off-dd-on-sodic-soon-derek-chauvin-found-guilty-of-murdering-george-floyd\/","url_meta":{"origin":555366,"position":5},"title":"THIS MORNING: Aldar kicking off DD on Sodic soon + Derek Chauvin found guilty of murdering George Floyd","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"Good morning, nice people, and welcome to a very busy morning for news on this ninth day of Ramdan.THE BIG STORY here at home on this fine April morning: News that the UAE\u2019s Aldar will shortly begin due diligence on its blockbuster offer for a controlling stake in upmarket real\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"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\/555366","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=555366"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555366\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555364"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555366"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555366"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}