{"id":556786,"date":"2021-10-18T14:00:25","date_gmt":"2021-10-18T14:00:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/tonight-its-prophet-muhammads-birthday-the-eca-isnt-happy-that-ma-agreements-are-happening-without-its-knowledge\/"},"modified":"2021-10-18T14:00:25","modified_gmt":"2021-10-18T14:00:25","slug":"tonight-its-prophet-muhammads-birthday-the-eca-isnt-happy-that-ma-agreements-are-happening-without-its-knowledge","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/tonight-its-prophet-muhammads-birthday-the-eca-isnt-happy-that-ma-agreements-are-happening-without-its-knowledge\/","title":{"rendered":"TONIGHT: It\u2019s Prophet Muhammad\u2019s birthday + the ECA isn\u2019t happy that M&A agreements are happening without its knowledge."},"content":{"rendered":"

Good afternoon, ladies and gentlemen. <\/strong>The foreign business press today is warning of a potential EM selloff on the back of rising energy prices. It\u2019s been an uncharacteristically slow Monday in the local press today, where the talk is still over the anticipated e-Finance\u2019s IPO.<\/p>\n

<\/a> Trading of e-Finance shares on the EGX is set to begin this Wednesday<\/strong>, the state-owned fintech platform and payments infrastructure provider\u2019s Chairman and CEO Ibrahim Sarhan<\/a> and the EGX<\/a> confirmed. The retail component of the IPO officially closed yesterday 61.4x oversubscribed.<\/p>\n

The EGX has continued its streak in the green for a tenth consecutive session<\/strong>, with the bourse up 1.1% today.<\/p>\n

It\u2019s the Prophet Muhammed\u2019s birthday today and<\/strong> public and private sector workers and the business community at large take this<\/strong> Thursday off in observance.<\/strong> Banks and the EGX will be closed, the Central Bank of Egypt and the bourse have confirmed. Remember \u2014 it\u2019s our final long weekend of the year, so put the time to good use.<\/p>\n

THE BIG STORIES TODAY (so far)-<\/strong><\/p>\n

<\/a> #1- The Egyptian Competition Authority (ECA) is not happy that a number of M&A had <\/strong>taken place without it being notified.<\/strong> In a statement<\/a> today, the ECA warned businesses making EGP 100 mn in annual revenues looking to merge that they must inform the ECA of these transactions or they could be potentially in violation of the ECA Act. The statement did not specifically name the companies alleged to be in violation.<\/p>\n

#2- Aspire Capital Holding (formerly Pioneers Holding) has set up its microfinance arm, <\/strong>Kheir<\/strong> Microfinance<\/strong>, the holding company announced in a bourse filing (pdf)<\/a>. The company is currently awaiting the Financial Regulatory Authority to issue the needed licenses to begin operations.<\/p>\n

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

EBRD Vice President of Banking Alain Pilloux is in town through Wednesday<\/strong> for a series of high-level meetings (pdf).<\/a><\/p>\n

CORRECTION- The government is keeping electricity prices for industry fixed for the<\/strong> next few years<\/strong> as part of a package of incentives for the private sector. We incorrectly said in this morning\u2019s EnterpriseAM that natural gas prices would be fixed for four years.<\/p>\n

Read more about how the Finance Ministry is lining up new business incentives in <\/strong>Part II<\/a><\/strong>of our one on one<\/a><\/strong>with Vice Minister of Finance Ahmed Kouchouk<\/strong>, including help for the automotive industry and new export subsidies.<\/p>\n

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