{"id":582365,"date":"2023-03-07T00:00:00","date_gmt":"2023-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/this-evening-national-paints-holdings-ups-its-offer-for-pachin-africa-finance-corporation-plans-to-invest-usd-1-bn-in-egypt\/"},"modified":"2023-03-07T00:00:00","modified_gmt":"2023-03-07T00:00:00","slug":"this-evening-national-paints-holdings-ups-its-offer-for-pachin-africa-finance-corporation-plans-to-invest-usd-1-bn-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/this-evening-national-paints-holdings-ups-its-offer-for-pachin-africa-finance-corporation-plans-to-invest-usd-1-bn-in-egypt\/","title":{"rendered":"THIS EVENING: National Paints Holdings ups its offer for Pachin + Africa Finance Corporation plans to invest USD 1 bn in Egypt"},"content":{"rendered":"

Good afternoon, wonderful people.<\/span> Hump day is definitely a news dump day this week, as<\/span> plenty of privatization stories are coming through.<\/span><\/p>\n

THE BIG STORIES TODAY<\/span><\/p>\n

<\/span>#1- It\u2019s another privatization-heavy day:<\/span> Dubai-based National Paints Holdings (NPH) has<\/span> upped its bid for Paint and Chemical Industries (Pachin), submitting a mandatory tender offer to fully acquire the state-owned company for EGP 34 per share, according <\/span>to a Financial Regulatory Authority (FRA) <\/span>statement (pdf)<\/a><\/span>. NPH\u2019s offer is up from its <\/span>initial offer of EGP 29 per share<\/a><\/span>. <\/span><\/p>\n

Meanwhile, the government is still studying the potential sale of a stake in state-owned<\/span> Telecom Egypt<\/span>, the company said in a <\/span>disclosure to the bourse (pdf)<\/a><\/span>. The study of the potential sale is still \u201cin the preliminary stages\u201d and no final decisions have been made, Telecom Egypt said in the statement, noting that the studies may end up ruling out a stake sale. <\/span><\/p>\n

<\/span>#2- Africa Finance Corporation (AFC) is planning to invest at least USD 1 bn in Egypt in<\/span> the coming period<\/span>, AFC Executive Director and Chief Investment Officer Sameh Shenouda tells <\/span>Al Arabiya<\/a><\/span>. The investments will be geared towards infrastructure projects, including renewable energy and natural gas, along with heavy industries.<\/span><\/p>\n

THE BIG STORY ABROAD<\/span><\/p>\n

Labor unions push back against Macron\u2019s pension bill:<\/span> More than 1 mn people have taken to the streets in<\/span> France in protest of President Emmanuel Macron\u2019s bill to raise the national pension age, as the labor unions vow to bring the country \u201cto a standstill.\u201d There are calls for more disruption to key sectors like energy and transportation. With the confrontation between Macron and the unions ongoing for the past two months, there is still little indication that either side will back down \u2013 and no room for negotiation anymore, an analyst told the <\/span>New York Times<\/a><\/span>. If Macron fails to push through the bill, which few in government want or see as urgent, he risks becoming \u201ca lame duck president\u201d just a year into his second term, the paper adds.<\/span><\/p>\n

The story is also getting ink from <\/span>Bloomberg<\/a><\/span> <\/span>and <\/span>Reuters<\/a><\/span>.<\/span><\/p>\n

<\/p>\n

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