{"id":673941,"date":"2025-10-21T00:00:00","date_gmt":"2025-10-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/"},"modified":"2025-10-21T00:00:00","modified_gmt":"2025-10-21T00:00:00","slug":"electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/","title":{"rendered":"Electra parent company Sagasse hits regulatory wall in Elsewedy takeover push"},"content":{"rendered":"

FRA b<\/strong>locks Sagasse\u2019s bid to take full control of Elsewedy Electric: <\/strong>The Financial Regulatory Authority (FRA) rejected an acquisition offer submitted by Abu Dhabi-listed holding company Sagasse Investments to acquire 100% of EGX-listed industrial heavyweight Elsewedy Electric, citing governance, valuation, and minority rights concerns, the regulator said in a statement (pdf)<\/a>. Sagasse wanted to offer EGP 65 per share in cash or via share swap through newly-issued Sagasse stock to buy up all of Elsewedy Electric. The Abu Dhabi-based firm already holds an indirect 18.9% stake in Elsewedy Electric through its subsidiary Electra Investment Holding<\/a>. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

RATIONALE- <\/strong>The proposed structure violates market fairness and investor protection principles, according to the FRA. The regulator also pointed to the firm\u2019s limited track record and lack of operating assets, saying its shares cannot form a credible valuation basis for a swap offer. The FRA also raised concerns over conflict of interest risks, given Sagasse\u2019 indirect stake and warned that private negotiations with major shareholders could undermine equal treatment of investors. The watchdog said the offer, if executed, could distort trading dynamics while Elsewedy remains listed on the EGX.<\/p>\n

ICYMI- Electra <\/strong>buying into the company last year<\/strong> reshaped Elsewedy\u2019s <\/strong>freefloat<\/strong> profile<\/strong>, leading to its removal from the<\/a>EGX\u2019s main index<\/a> earlier this year. The drop in trading activity had prompted speculation over a potential delisting, which Elsewedy dismissed<\/a>, reiterating it has no plans to leave the EGX and remains committed to its listing.<\/p>\n

IN OTHER M&A NEWS- <\/p>\n

Raya Customer Experience\u2019s (Raya CX) board rejected a mandatory tender <\/strong>offer (MTO) <\/strong>from its parent company Raya Holding<\/strong>, deeming the offer price (EGP 7.50 per share) below fair value, it said in a bourse filing (pdf)<\/a>. The board\u2019s rejection doesn't block the move outright; shareholders can still choose to tender their shares allowing the acquisition to go through. <\/p>\n

REFRESHER- <\/strong>Raya Holding launched the MTO<\/a> after obtaining FRA approval last month, aiming to raise its ownership in the outsourcing arm to 90% from 60.8%. The offer, open through Sunday, 26 October, is valued at around EGP 330 mn, implying a total valuation of EGP 1.54 bn for Raya CX.<\/p>\n

ADVISORS- <\/strong>Al Ahly Pharos is the broker, Zilla Capital is the transaction advisor, and Zaki Hashem & Partners is providing counsel.<\/p>\n","protected":false},"excerpt":{"rendered":"

The proposed structure violates market fairness and investor protection principles, according to the FRA<\/p>\n","protected":false},"author":1,"featured_media":673942,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7363],"tags":[152,72,76,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-673941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-elsewedy-electric","tag-enterpriseam","tag-financial-regulatory-authority","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"d1d60c92-eb18-41d1-953e-ea9d3831e086","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/663.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Electra 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stake","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620346,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/20\/uaes-electra-eyes-up-to-24-5-of-elsewedy-electric\/","url_meta":{"origin":673941,"position":1},"title":"UAE\u2019s Electra eyes up to 24.5% of Elsewedy Electric","author":"enterpriseam admin","date":"20 May 2024","format":false,"excerpt":"Elsewedy Electric shares jumped 20.0% at the end of trading yesterday following the news","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1213.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632003,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/09\/uaes-electra-snaps-up-20-of-elsewedy-electric-for-usd-450-mn\/","url_meta":{"origin":673941,"position":2},"title":"UAE\u2019s Electra snaps up 20% of Elsewedy Electric for USD 450 mn","author":"enterpriseam admin","date":"9 July 2024","format":false,"excerpt":"Elsewedy Electric\u2019s share price remained relatively stable following the transaction","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/663.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":673911,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/20\/electra-parent-company-sagas-hits-regulatory-wall-in-elsewedy-takeover-push\/","url_meta":{"origin":673941,"position":3},"title":"Electra parent company Sagas hits regulatory wall in Elsewedy takeover push","author":"enterpriseam admin","date":"20 October 2025","format":false,"excerpt":"Good afternoon, folks. We\u2019re taking advantage of the slow news cycle today to dig into the AI bubble, what that has to do with gold prices, and what a burst may mean for the global economy.THE BIG STORY TODAY- ? FRA blocks Sagas\u2019 bid to take full control of Elsewedy\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/663.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621086,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/30\/this-evening-fra-signs-off-on-electras-bid-for-elsewedy\/","url_meta":{"origin":673941,"position":4},"title":"THIS EVENING: FRA signs off on Electra\u2019s bid for Elsewedy","author":"enterpriseam admin","date":"30 May 2024","format":false,"excerpt":"Good afternoon ladies and gentlemen, and happy THURSDAY. With the weekend finally here, we\u2019re more than ready to put our feet up and get some well-deserved r\u2019n\u2019r. THE BIG STORY TODAY FRA gives UAE\u2019s Electra the green light for Elsewedy Electric acquisition: The Financial Regulatory Authority (FRA) approved Abu Dhabi-based\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549695,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/","url_meta":{"origin":673941,"position":5},"title":"Elsewedy Electric secures EGP 2 bn in Islamic financing","author":"enterpriseam admin","date":"27 September 2022","format":false,"excerpt":"Elsewedy Electric has secured EGP 2 bn in Islamic financing from a banking consortium led by Abu Dhabi Islamic Bank (ADIB), according to a statement (pdf). The financing will help the company and its subsidiaries expand activities, the statement read. Who else is involved? Al Baraka Bank, Al Ahli Bank\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"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\/673941","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=673941"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/673941\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/673936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/673942"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=673941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=673941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=673941"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=673941"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=673941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}