{"id":603907,"date":"2023-08-22T00:00:00","date_gmt":"2023-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/this-evening-cihc-studying-bids-for-30-of-its-stake-in-eastern-company-unemployment-inches-down-in-2q-2023\/"},"modified":"2023-08-22T00:00:00","modified_gmt":"2023-08-22T00:00:00","slug":"this-evening-cihc-studying-bids-for-30-of-its-stake-in-eastern-company-unemployment-inches-down-in-2q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/this-evening-cihc-studying-bids-for-30-of-its-stake-in-eastern-company-unemployment-inches-down-in-2q-2023\/","title":{"rendered":"THIS EVENING: CIHC studying bids for 30% of its stake in Eastern Company + Unemployment inches down in 2Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Good afternoon, wonderful people, and welcome to a busy hump day. <\/strong> Where yesterday was largely dominated by M&A news, today is shaping up to be a more heterogeneous news day, with a little bit of everything. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORIES TODAY <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> #1- CIHC studying acquisition bids for Eastern Company stake: <\/strong> State-owned Chemical Industries Holding Company (CIHC) is looking at several offers it has received to acquire 30% of its 51% stake in Eastern Company<strong> , <\/strong>CIHC said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/1031.pdf\" style=\"\" rel=\"noopener\">statement<\/a>. Japan Tobacco International is also following <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54c7e4ac-4d65-4d33-82d7-1ffa202da7cd\" style=\"\" rel=\"noopener\">Philip Morris\u2019 footsteps<\/a> with a rival minority stake bid in Eastern Company, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3E726rf\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing two unnamed sources reportedly familiar with the negotiations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- Unemployment inched down to 7% in 2Q 2023<\/strong>, down 0.1 percentage points from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8edc621-58b9-430d-8622-390fe02b8187\" style=\"\" rel=\"noopener\">first quarter<\/a> of the year, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/1020.pdf\" style=\"\" rel=\"noopener\">data (pdf)<\/a> released by statistics agency Capmas. Unemployment was down 0.2 percentage points compared with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7975860e-e03c-4f0c-833a-8e0733261d2b\" style=\"\" rel=\"noopener\">same period last year<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> REMEMBER- The official unemployment rate only includes people who are looking for <\/strong><strong> work. <\/strong>The labor force participation rate \u2014 which counts everyone aged 15-64 either in work or actively looking for work \u2014 recorded 43%, unchanged from last quarter and up from 42.6% in the same quarter of 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORY ABROAD <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Microsoft\u2019s new proposal to acquire Activision Blizzard, a US tech giant, is <\/strong><strong> dominating headlines in the international business press. <\/strong> An initial bid issued in January 2022, offering USD 69 bn, has met regulatory obstacles in the US, Europe, and the UK. The new proposal has passed the initial stage with the UK\u2019s Competition and Markets Authority (CMA) and they will share their decision by Friday, 18 October. The previous proposal was rejected by the CMA citing a possible disruption to the competition of the emerging cloud game market in Europe, which Microsoft has offered to resolve by not having cloud rights for existing Activision PC and console games, or for more releases in the next 15 years. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/uk-opens-new-probe-into-microsofts-purchase-activision-2023-08-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ba6a13de-5318-4630-b8f8-9680d4529642\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/microsoft-submits-revised-activision-deal-to-u-k-watchdog-d8923283?mod=hp_lead_pos2\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/08\/22\/microsoft-submits-new-activision-blizzard-takeover-deal-to-uk.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ** CATCH UP QUICK <\/strong> on the top stories from today\u2019s <strong> EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong> No due diligence on United Bank just yet: <\/strong>Investors interested in acquiring stakes in United Bank will begin due diligence by the end of September.<\/li>\n<li><strong> Sukuk issuances just got easier: <\/strong>Companies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0164991b-fb6e-4d25-b0cb-3dedaa3b2290\" style=\"\" rel=\"noopener\">will now be able to sell sukuk without first acquiring a credit rating<\/a> after the Financial Regulatory Authority (FRA) waived the requirement.<\/li>\n<li><strong> A fresh bid for locally-made electrolyzers in Egypt: <\/strong><a target=\"_blank\" href=\"https:\/\/www.hydrogenegypt.com\/\" style=\"\" rel=\"noopener\">Hydrogen Egypt<\/a> is partnering up with China\u2019s <a target=\"_blank\" href=\"https:\/\/english.peric718.com\/\" style=\"\" rel=\"noopener\">Peric Hydrogen Technologies<\/a> to explore the manufacturing and assembly of electrolyzers critical for green hydrogen production in Egypt.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/finance.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/climate.enterprise.press\/wp-content\/uploads\/2023\/08\/Finance-Forum-1920px.jpg\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CHECK OUT OUR AGENDA- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Enterprise Finance Forum is taking place on 18-19 September at <\/strong><strong> the St. Regis Hotel in Cairo. <\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> This is our first two-day event<\/strong>,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Our full agenda will be out at month\u2019s end. Among the topics we\u2019ll be discussing: <\/strong><\/p>\n<ul>\n<li><strong> Looking into the crystal ball: <\/strong> Top industry CEOs will join us on stage to answer tough questions on where we are as an industry, the forces that will shape all of our businesses going forward, and their views on dealflow in the year ahead.<\/li>\n<li><strong> Surviving nuclear winter: <\/strong> We discuss how private equity and venture capital players are tackling challenges including fundraising and deployment in an environment in which it\u2019s awfully difficult to price your local asset in USD terms.<\/li>\n<\/ul>\n<ul>\n<li><strong> The robots are coming: <\/strong> We explore what the coming AI and big data means for the industry in our part of the world and what can bankers, NBFI, and fintech players do to capitalize on them.<\/li>\n<li><strong> What do you do when nobody wants to be a banker <\/strong> \u2014 and when those who are already (investment or commercial) bankers are either (a) dreaming of doing their own startup or (b) moving to Dubai (or, increasingly, Riyadh)? We go deep into the weeds with industry leaders on how they\u2019re building talent for tomorrow.<\/li>\n<li><strong> NBFIs are a bubble. Prove me wrong: <\/strong> We chart the explosive rise of NBFIs and ask whether the industry is ready for a wave of consolidation. We\u2019ll dive into whether consumer finance is starting to mature as a segment \u2014 and ask which sector is next.<\/li>\n<li><strong> Handicapping the winners and losers in fintech in 2024: <\/strong> We dive deep into which categories are getting traction, where the untapped opportunities are, what business they would start today if they could, and what we can expect of the sector in the year ahead.<\/li>\n<li><strong> What\u2019s a bank, anyway? <\/strong>Wherein we talk challenger and neobanks with the players looking to shake up the brick-and-mortar industry. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ** NEW: MORE NETWORKING TIME- <\/strong> Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> STAY TUNED for more detail <\/strong>about our exciting agenda in the weeks to come.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/finance.enterprise.news\/\" style=\"\" rel=\"noopener\">TAP OR CLICK HERE<\/a><\/strong> if you want to express interest in attending. We\u2019ll be sending out the first batch of invitations soon. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Do you want to become a commercial partner? <\/strong> Ping a note to <a target=\"_blank\" href=\"mailto:mtaalab@inktankir.com\" style=\"\" rel=\"noopener\">Moustafa Taalab, our head of commercial<\/a>.<\/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 target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u2600\ufe0f <\/strong><strong> TOMORROW\u2019S WEATHER- <\/strong>Expect the heat to continue with the mercury staying at 40\u00b0C during the day and dropping to 23\u00b0C in the evening, tells us our favorite weather app. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, wonderful people, and welcome to a busy hump day. Where yesterday was largely dominated by M&#038;A news, today is shaping up to be a more heterogeneous news day, with a little bit of everything. THE BIG STORIES TODAY #1- CIHC studying acquisition bids for Eastern Company stake: State-owned Chemical Industries Holding Company (CIHC) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":603908,"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":[7213],"tags":[2219,247,633,7128,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-chemical-industries-holding-company","tag-eastern-company","tag-enterprisepm","tag-ma-watch","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"d447bd96-9a0c-4db1-9c69-88fe7805ccf2","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2021\/4\/985.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[603905],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.45e66021-ef64-49ae-9fbe-b925ed7e916b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: CIHC studying bids for 30% of its stake in Eastern Company + Unemployment inches down in 2Q 2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/this-evening-cihc-studying-bids-for-30-of-its-stake-in-eastern-company-unemployment-inches-down-in-2q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: CIHC studying bids for 30% of its stake in Eastern Company + Unemployment inches down in 2Q 2023\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, wonderful people, and welcome to a busy hump day. Where yesterday was largely dominated by M&amp;A news, today is shaping up to be a more heterogeneous news day, with a little bit of everything. 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Eastern Tobacco, will keep a controlling stake: The Chemical Industries Holding Company (CIHC) is planning to sell only 4% of its stake in the Eastern Tobacco Company under the state\u2019s IPO program and retain a controlling 51% stake, CIHC Chairman Emad El\u2026","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":627296,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/cihc-hopes-to-raise-over-egp-3-bn-from-sale-of-stake-in-eastern-company-abu-qir-fertilizers\/","url_meta":{"origin":603907,"position":1},"title":"CIHC hopes to raise over EGP 3 bn from sale of stake in Eastern Company, Abu Qir Fertilizers","author":"enterpriseam admin","date":"29 July 2018","format":false,"excerpt":"CIHC hopes to raise over EGP 3 bn from sale of stake in Eastern Company, Abu Qir Fertilizers: The Chemical Industries Holding Company (CIHC) is hoping to raise more than EGP 3 bn from the sale of stakes in Eastern Company and Abu Qir Fertilizers on the EGX later this\u2026","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":548778,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/as-a-bidding-war-heats-up-pachins-biggest-shareholder-is-doing-its-own-fv-and-seeking-investment-bankers\/","url_meta":{"origin":603907,"position":2},"title":"As a bidding war heats up, Pachin\u2019s biggest shareholder is doing its own FV and seeking investment bankers","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Pachin\u2019s biggest shareholder to hire advisors 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