{"id":558172,"date":"2021-09-30T13:47:22","date_gmt":"2021-09-30T13:47:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/30\/this-evening-the-us-is-sending-us-1-6-mn-pfizer-doses-e-finance-egx-debut-slated-for-18-october-also-scammers-are-pretending-to-be-the-cbe\/"},"modified":"2021-09-30T13:47:22","modified_gmt":"2021-09-30T13:47:22","slug":"this-evening-the-us-is-sending-us-1-6-mn-pfizer-doses-e-finance-egx-debut-slated-for-18-october-also-scammers-are-pretending-to-be-the-cbe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/30\/this-evening-the-us-is-sending-us-1-6-mn-pfizer-doses-e-finance-egx-debut-slated-for-18-october-also-scammers-are-pretending-to-be-the-cbe\/","title":{"rendered":"THIS EVENING: The US is sending us 1.6 mn Pfizer doses. + e-Finance EGX debut slated for 18 October. ALSO: Scammers are pretending to be the CBE."},"content":{"rendered":"

Well, friends, we\u2019ve made it through another quarter together<\/strong>, and our reward is a super-busy news day with which to end the week. We\u2019ve hit the trifecta, with IPO, M&A and investment news all in one issue. So let\u2019s jump right in:<\/p>\n

<\/a> HAPPENING RIGHT NOW- A flight from the US landed at around 3pm CLT carrying 1.6 <\/strong>mn doses of Pfizer\u2019s covid-19 jab <\/strong>as a gift from the United States government<\/a> to the people of Egypt. That, ladies and gents, is friendship.<\/p>\n

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

<\/a> #1- e-Finance has issued an indicative price range for its IPO and set Monday, 18 October <\/strong>as the day for its EGX debut<\/strong>, the state-owned fintech platform and payments infrastructure firm said in a statement out around noon today (pdf)<\/a>. The company expects to price its shares in the EGP 12.50 to EGP 13.98 range<\/strong> and should announce the final price for the offering on or around 9 October. E-Finance is on the road (virtually) now, meeting with global institutional investors, CEO Ibrahim Sarhan told us yesterday. The subscription period for domestic retail investors will run 6-13 October. E-Finance is offering 14.5% of its shares<\/a> for sale in the transaction, including both existing and capital increase shares.<\/p>\n

<\/a> #2- EFG Hermes is reportedly in talks to acquire a 45-49% stake in Ignis Energia, one of <\/strong>Spain\u2019s largest photovoltaic developers<\/strong>, reports Spanish-language press Expansion<\/a> in a story picked up by Reuters<\/a>. The transaction could reportedly cost EUR 1 bn and occur through a capital increase, Expansion said. EFG Hermes declined to comment when we reached out earlier today. EFG Hermes-managed renewable energy investment platform Vortex Energy had said a few months ago<\/a> that it was eyeing investments worth around USD 2 bn in Europe and the US.<\/p>\n

<\/a> #3- <\/strong>Middle East-focused <\/strong>Anchorage Investments<\/a><\/strong> is developing a USD 2.5 bn <\/strong>industrial complex in the Suez Canal Economic Zone<\/strong> (SCZone), producing a range of derivatives and petrochemical products, according to a company statement (pdf)<\/a>.<\/p>\n

^^ We\u2019ll have more on each of these stories in Sunday\u2019s edition of EnterpriseAM<\/strong> \u2014 look for it in your inbox by 6am CLT.<\/p>\n

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THE BIG STORY ABROAD- The US government will shut down at midnight tonight<\/strong> (Eastern time) if House Speaker Nancy Pelosi doesn\u2019t broker a budget agreement. Fortune has a rundown on everything that has to happen to avert a shutdown<\/a>, while Reuters<\/a>, the FT<\/a>, WSJ<\/a> and New York Times<\/a> have wall-to-wall coverage \u2014 and you can expect lots more in the hours to come.<\/p>\n

Sound like an Beltway insider: Politico\u2019s Morning Money says <\/strong>there won\u2019t be a shutdown<\/a><\/strong>, with Ben White and Aubree Eliza Weaver writing that \u201cthe Senate is expected to pass a bill this morning extending funding until Dec. 3, which will then go to the House and to President Joe Biden\u2019s desk.\u201d That will keep government working, but it won\u2019t address the fate of some USD 4 tn worth of infrastructure spending Biden wants to pass, nor will it raise the debt ceiling.<\/p>\n

<\/a> IN OUR CORNER OF THE WORLD- Egypt could be one of the top beneficiaries as global companies<\/strong> trim back sprawling global supply chains<\/strong>, Reuters suggests<\/a>, noting that fashion brands are \u201cincreasingly turning away from globe-spanning supply chains and low-cost manufacturing hubs in Asia.\u201d Benetton, for example, is \u201cbringing production closer to home, boosting manufacturing in Serbia, Croatia, Turkey, Tunisia and Egypt,\u201d aiming to cut its reliance on Asia by half next year.<\/p>\n

The Egypt advantage: <\/strong>If it takes 4-5 months to get goods from Asia to Europe (a figure that has ballooned to 7-8 months right now thanks to lack of ships), \u201cwhen clothes are produced in Egypt, delivery to warehouses and stores in Europe can be shortened to two or two and a half months.\u201d<\/p>\n

The trend should be positive for major garment manufacturers such as Alaa Arafa, Tolba <\/strong>Group and the folks at Mobaco<\/strong>, among many others?<\/p>\n

YOUR AFTERNOON MUST-READ includes video, too: Mohamed El-Erian<\/strong>, Cathie Wood (Ark Investments) and Scott Minerd (Guggenheim Investments) talk about deflation, inequality and cybersecurity in Bloomberg\u2019s Wall Street titans warn of the next big risks for investors<\/a><\/strong>.<\/p>\n

ALSO IN THIS NECK OF THE WOODS- <\/strong>Shares of STC\u2019s internet unit surged on the Tadawul in their market debut today, part of what Bloomberg is calling a \u201cGulf IPO rush\u201d<\/a><\/strong> that has seen Dubai edged out of the regional driver\u2019s seat<\/a><\/strong> by both Abu Dhabi and Riyadh.<\/p>\n

SIGN OF THE TIMES- Baller move. <\/strong>NBA players who skip games because they refuse to be vaccinated will not be paid, Sports Illustrated<\/a> reports, in a decision that could ramp up tension with stars including Kyrie Irving and Andrew Wiggins, who are resisting getting jabbed. About 90% of the NBA\u2019s players are fully vaccinated.<\/p>\n

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? WELCOME TO 4Q2021-<\/strong><\/p>\n

<\/a> LET\u2019S START WITH THE GOOD- You have two long weekends this month<\/strong>, including 7-9 October (Thursday-Saturday) in observance of Armed Forces Day. We can also expect to have a Sunday or Thursday off thanks to the Prophet Muhammad\u2019s Birthday, which is formally observed on Monday, 18 October. Those will have to tide you over until year\u2019s end, unless you want to declare yourself an honorary \u2018Murican and use a day off to celebrate US Thanksgiving at the end of November.<\/p>\n

THE BAD- Your morning commute is about to get worse<\/strong> \u2014 and your afternoon drive home won\u2019t be getting any better: Public schools are back in session on Saturday, 9 October.<\/p>\n

ALSO- The House of Representatives is back in session on Saturday, 2 October <\/strong>to kickstart the 2021-2022 legislative session. The Senate follows suit on Tuesday, 5 October.<\/p>\n

October will also see the Central Bank of Egypt meet at month\u2019s end <\/strong>to review interest rates, while the coming 10 days will see the release of data points including the PMI, foreign reserves and monthly inflation figures.<\/p>\n

It could be a huge month for two key figures in the global economy \u2014 IMF boss <\/strong>Kristalina Georgieva and US Fed chief Jay Powell. <\/strong>Georgieva is caught up in a scandal in which she allegedly inflated data to make China look better<\/a>. She\u2019s on the outs with the Biden administration and will face plenty of pressure when the IMF and World Bank annual meetings<\/a> take place in the week starting 11 October. Meanwhile, Powell\u2019s term as Fed chairman isn\u2019t set to expire until February 2022, but President Joe Biden is reportedly nearing a decision on whether to give him a second term. Powell\u2019s stock dimmed this week after progressive Democratic leader Elizabeth Warren called him a \u201cdangerous man\u201d<\/a> and said she\u2019d oppose a second term.<\/p>\n

PSA- <\/strong>Winter trading hours are in effect as of today.<\/strong> Shops and malls will close one hour earlier at 10pm (11pm on Thursdays, Fridays and national holidays) while cafes and restaurants will shutter at midnight rather than 1am. As during the summer, essential services such as grocery stores, supermarkets and pharmacies are exempt from the rules and can open and close their doors when they want.<\/p>\n

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A BIG, HONKING, IMPORTANT PSA-<\/strong> The Central Bank of Egypt is NOT calling you to <\/strong>update your KYC <\/strong>or ask questions about your account(s) or recent banking activity. Neither is your bank of choice<\/strong>. Fraudsters appear to have gotten their hands on one or more telemarketing lists and are placing calls in which they use social engineering tactics to try to brow beat you out of your personal information. The tactics, in a call one of us received this afternoon, included aggressive threats of fines and frozen accounts if we didn\u2019t cough up the information they wanted.<\/p>\n

AS A REMINDER- Our friends at the CBE tell us no bank will ever call you unbidden <\/strong>asking for your <\/strong>personal information <\/strong>or grilling you about recent transactions. If that happens, go to your branch, log into your online banking account to check for messages, or call your wealth manager or another contact at the bank you know in person. You can also dial the short number for your bank\u2019s contact center to ask for help.<\/p>\n

How do you handle a call like the one we received today? <\/strong>Hang up \u2014 and block the number that called you. We think muttered incantations about that person\u2019s parentage and where they can spend the afterlife are optional, and only after you hang up.<\/p>\n

The one caveat: <\/strong>You will definitely need to identify yourself and provide proof of who you are if you call the bank asking for help.<\/p>\n

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