FRA Approves Aldar’s MTO for SODIC👍

Local Pickup🌇

FRA Approves Aldar’s MTO for SODIC👍

The FRA approved the mandatory tender offer by UAE company Aldar Properties & UAE sovereign wealth fund ADQ for SODIC, at EGP 20 per share. 

More details🧐 The offer could see the purchase of up to 320.5 million shares, representing 90% of SODIC’s shares. SODIC shareholders now have 10 business days to respond to the offer, starting November 24 & ending December 7. 

Why is this important🤔 SODIC’s largest shareholder, a consortium including Hassan Allam Properties, Act Financial, & Concrete Plus Engineering & Construction had asked for a fair value assessment of SODIC’s stock price back in April, hiring EFG Hermes (HRHO) to advise on it.

It’s important to note that the acquisition can’t go through unless at least 51% of the shares are sold. 

Startup Spotlight💡 – Hollydesk Raises $325k in pre-Seed Round💰

Fintech application Hollydesk has closed a $325,000 pre-seed investment round led by angel investor Faisal Abdel Salam & others.

More on Hollydesk🧐 Hollydesk provides technology solutions to help small & medium-sized enterprises monitor, & control their daily expenses. 

Employees of a company can request petty cash through the Hollydesk app, which connects members from different teams within the company. The finance team can then approve the transaction within minutes.

Why is this important🤔 Hollydesk was established in June 2021, & has since been able to expand its services to more than 3000 clients from companies in different sectors such as building, construction, delivery, start-ups, & some NGOs.

Headlines We’re Watching👀

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Global Pickup🌎

El Salvador to Build “Bitcoin City”🏙️

40-year old President of El Salvador Nayib Bukele said the country plans to build a volcano-powered  “Bitcoin city” financed partly by an issue of $1 billion in sovereign Bitcoin bonds. What could go wrong?🙃

More details🧐 The shape of the city will be circular, the same shape like a coin. Mucho creative.

What’s that about a volcano🤷‍♀️ The city plans to take advantage of the Conchagua volcano’s geothermal energy to power Bitcoin mining, which requires a significant amount of energy.

Wait, back up🤨 El Salvador recently became the first country to use Bitcoin as legal tender, resulting in protests over fears that Bitcoin would bring instability & inflation to the already vulnerable economy of El Salvador.

Bitcoin Bonds?😵 The bonds will be US dollar-denominated 10-year bonds, with half the funds converted to Bitcoin & the other half used for infrastructure & Bitcoin mining.

Why is this important🤔 The infrastructure would cost around 300,000 Bitcoins. One Bitcoin currently sells for slightly less than $60k. However, Bitcoin is a controversial currency because its price is highly volatile.

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