{"id":560822,"date":"2021-03-15T05:35:05","date_gmt":"2021-03-15T05:35:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/what-were-tracking-on-15-march-2021\/"},"modified":"2021-03-15T05:35:05","modified_gmt":"2021-03-15T05:35:05","slug":"what-were-tracking-on-15-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/what-were-tracking-on-15-march-2021\/","title":{"rendered":"What we\u2019re tracking on 15 March 2021"},"content":{"rendered":"<p><strong>Good morning, friends, and welcome to another brisk news day <\/strong>in which M&A news takes a back seat to the latest developments in the pandemic and the launch of an EGP 100 bn program to offer 30-year mortgages to low- and middle-income earners with subsidized rates.<\/p>\n<p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>*** CATCH UP QUICK<\/strong> from yesterday\u2019s M&A-heavy edition of EnterprisePM:<\/p>\n<ul>\n<li><strong>M&A Watch #1:<\/strong> Emirati real estate firm Aldar Properties has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65445c53-bf8c-4144-8e37-6daa4e7031c0\">submitted a non-binding offer<\/a> to acquire at least 51% of real estate giant Sodic, raising hopes for much-needed foreign investment in the real estate sector.<\/li>\n<li><strong>M&A Watch #2: <\/strong>GlaxoSmithKline has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/890946f1-0590-4d05-a8e7-3114087b0939\">temporarily shelved<\/a> plans to sell its units in Egypt and Tunisia following the breakdown of talks with UK-listed Hikma Pharma.<\/li>\n<li><strong>M&A Watch #3: <\/strong>A bidding war for hospitals operator Alexandria Medical Services is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32464677-86e4-46cf-8bd1-d46f985c44a4\">beginning to heat up<\/a> after a consortium of Mabaret Al Asafra Hospitals and investment firm Tana Africa Capital said it plans to submit an offer rivaling another led by Saudi\u2019s Tawasol Holdings and Speed Medical subsidiary Speed Hospitals Company.<\/li>\n<\/ul>\n<p><strong>PICKING UP WHERE WE LEFT OFF- Acdima Pharma expects to hear back<\/strong><strong> from GlaxoSmithKline today on its<\/strong><strong> request from last week to start due diligence<\/strong> on GSK\u2019s Egypt operations. GSK had previously rejected separate takeover bids by Acdima and Rameda Pharma, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff646872-fe4d-42cb-9c86-ab3420e60774\">saying last month<\/a> it was focusing instead on talks with Hikma Pharma. GSK acknowledged yesterday that Acdima asked last week to start DD, but noted its parent company has backed away from a sale. Its board was due to meet yesterday. The breakdown of talks pushed GSK\u2019s lightly-traded shares on the EGX to <a href=\"https:\/\/bit.ly\/30JA1CU\">close down 10% yesterday<\/a>.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>Proposed changes to the Bankruptcy Act could finally see the light of day<\/strong> when MPs reconvene today to finalize their discussion of the bill, according to the <a href=\"https:\/\/bit.ly\/3ldNFHT\">local press<\/a>. The bill was approved at the committee level <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0198280-8660-4624-a350-a39d1a2162b1\">earlier this year<\/a>, and would, if passed, give creditors more power to decide the future of bankrupt businesses and allow debtors to request bankruptcy protection, among other things.<\/p>\n<p><strong>The 2021 Grammys were still underway at dispatch time. <\/strong>Taylor Swift walked away with Album of the Year, while H.E.R.\u2019s \u201cI Can\u2019t Breathe\u201d \u2014 a protest about last year\u2019s police violence in the US, particularly the murder of George Floyd \u2014 landed the Song of the Year award.<\/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>The US Federal Reserve is likely to decide to keep rates on hold at near zero <\/strong><strong>levels during its two-day meeting beginning tomorrow<\/strong>, despite the successful vaccine rollout and the Biden administration\u2019s recently passed USD 1.9 tn relief bill, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-14\/fed-to-hike-rates-in-2023-but-dots-won-t-show-it-economists-say?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> reports. Economists surveyed by Bloomberg projected steady rates until 2023, whereas most economists in an earlier survey said they did not expect any rate changes until 2024. The Fed is also expected to continue with its USD 120 bn monthly asset purchase program, and to raise its estimates of 2021 growth to around 5.8%.<\/p>\n<p><strong>The Central Bank of Egypt meets on Thursday to review rates<\/strong>, with all 12 analysts we spoke with for our regular poll saying <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e93cbb9-79ef-4b1d-807b-d74d1637b427\">they think the CBE will leave rates on hold<\/a>.<\/p>\n<p><strong>Life coach<\/strong> <strong><a href=\"https:\/\/arfeenkhan.com\/\">Arfeen Khan<\/a><\/strong><strong> is giving a talk<\/strong> at a virtual AmCham event today.<\/p>\n<p><strong>Business tech expert and TEDx speaker <\/strong><strong><a href=\"https:\/\/www.patrickschwerdtfeger.com\/\">Patrick Schwerdtfeger<\/a><\/strong> will explain how entrepreneurs, businesses and investors can harness disruptive tech at a webinar hosted by AmCham tomorrow. The two-hour event will see Schwerdtfeger talk block chain, AI and crypto, and discuss how the business community can reposition in a world undergoing rapid technological change. You can register for the event <a href=\"https:\/\/www.amcham.org.eg\/events-activities\/events\/online-paid-registration\/1348\">here<\/a>.<\/p>\n<p><strong>The British-Egyptian Business Association (BEBA) will host a virtual conference on how <\/strong><strong>Egyptian and UK firms can work together on sustainable manufacturing<\/strong> in Africa in the post-Brexit environment on Tuesday, 23 March. Check out the agenda <a href=\"https:\/\/ent.news\/2021\/3\/uk-egypt-partnership-for-the-promotion-of-sustainable-manufacturing-in-africa_official-programme.pdf\">here (pdf)<\/a>.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> The Higher Education Ministry is looking to give Egypt\u2019s universities more of a tech focus, with six new tech universities planned and scientific research flagged as crucial to Egypt\u2019s sustainable development. The shift in government policy priority is also encouraging the private sector to pour investments into tech universities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends, and welcome to another brisk news day in which M&#038;A news takes a back seat to the latest developments in the pandemic and the launch of an EGP 100 bn program to offer 30-year mortgages to low- and middle-income earners with subsidized rates. *** CATCH UP QUICK from yesterday\u2019s M&#038;A-heavy edition of [&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":[7204],"tags":[3659,7097,72,1076,274,7128,388,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560822","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-bankruptcy-act","tag-development","tag-enterpriseam","tag-glaxosmithkline","tag-house-of-representatives","tag-ma-watch","tag-us-federal-reserve","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2207bb35-863b-42d7-9f96-f2be406dcec4","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[560820],"teaser":"","voice_url":""},"yoast_head":"<!-- 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Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635834,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/14\/earnings-watch-glaxosmithkline-reports-1h2018-results\/","url_meta":{"origin":560822,"position":1},"title":"Earnings watch: GlaxoSmithKline reports 1H2018 results","author":"enterpriseam admin","date":"14 December 2017","format":false,"excerpt":"EARNINGS WATCH- GlaxoSmithKline\u2019s local subsidiary reported 1H2016 standalone net profits of EGP 101.679 mn, compared to a net loss of EGP 31.658 mn recorded during the same period last year, according to a bourse statement.","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565042,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/gsk-egypt-rejects-acdimas-bid-to-start-due-diligence-closing-the-door-to-a-sale\/","url_meta":{"origin":560822,"position":2},"title":"GSK Egypt rejects Acdima\u2019s bid to start due diligence, closing the door to a sale","author":"enterpriseam admin","date":"15 March 2021","format":false,"excerpt":"GlaxoSmithKline Egypt\u2019s board of directors has rejected a request submitted by Acdima to start due diligence on the company, GSK said in an EGXdisclosure (pdf) this morning following a board meeting Sunday. Acdima submitted the request last week following the breakdown of talks between GSK and the UK\u2019s Hikma Pharma.This\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/473.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622947,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/17\/three-stories-were-tracking-on-17-october-2018\/","url_meta":{"origin":560822,"position":3},"title":"Three stories we\u2019re tracking on 17 October 2018","author":"enterpriseam admin","date":"17 October 2018","format":false,"excerpt":"** #6 \u2013 Three questions lurk behind the headlines on an otherwise quiet-but-steady newsday: Will the beating handed to the shares of consumer and structured finance player Sarwa earlier this week prompt companies with IPOs now in the market to delay their offerings to 1Q2019 or beyond? Will the Madbouly\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":[]},{"id":565019,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/","url_meta":{"origin":560822,"position":4},"title":"GSK is staying put \u2014 for now","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"GSK puts Egypt exit on the backburner: GlaxoSmithKline has shelved plans to sell its units in Egypt and Tunisia following the breakdown of talks with UK-listed Hikma Pharma, the company said in a disclosure (pdf) to the EGX today. The pharma giant initially wanted to sell its entire 91.2% stake\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565298,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/earnings-watch-b-investments-glaxosmithkline\/","url_meta":{"origin":560822,"position":5},"title":"Earnings Watch: B Investments, GlaxoSmithKline","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"The EGX30 fell 1.6% at today\u2019s close on turnover of EGP 1.21 bn (16.4% below the 90-day average). Foreign investors were net sellers. The index is down 2.6% YTD.In the green: Orascom Financial (+5.0%), Heliopolis Housing (+0.6%) and Madinet Nasr Housing (+0.5%).In the red: Fawry (-4.4%), Pioneers (-2.6%) and Ibnsina\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"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\/560822","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=560822"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560822\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560820"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560822"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560822"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}