Orascom Construction Approves Acquisition of Three Companies🟢
The extraordinary general meeting (EGM) of Orascom Construction (ORAS) has approved the acquisition of Orascom Trading, National Equipment Company, & Orascom Free Zone for a total value of $35 million.
More Details🧐 ORAS had announced it was exploring the possibility of acquiring three firms in Egypt in October 2021, including the National Equipment Company, which ORAS’ board of directors recommended acquiring earlier this month.
Why is this Important🤔 ORAS is set to acquire up to 100% of the companies, all three of which belong to the Sawiris family. ORAS also approved the report prepared by financial advisor HLB for Financial Consultancies to determine the fair value of the three companies. ORAS closed -1.16% at the end of yesterday’s trading session.
Heliopolis Housing Picks Mountain View as Partner for Heliopark Project🏘
Heliopolis Housing’s (HELI) decision & award committee had initially chosen Mountain View Development as a partner in developing the Heliopark project (1,695 acres).
More Details🧐 The decision is pending approval by HELI’s board of directors.
Heliopark is expected to generate EGP 397 billion in revenues over 23 to 25 years, of which HELI’s share is around EGP 115 billion.
Why is this Important🤔 Mountain View was chosen out of a total of three companies that made offers, with the two other offers coming from Hassan Allam Properties & Majid Al Futtaim Real Estate Misr. HELI closed -4.22% at the end of yesterday’s trading session.
Ministry of Public Enterprise Could Offer Additional Stake in KIMA🧪
Minister of Public Enterprise Hisham Tawfik revealed the ministry’s intentions to offer an additional stake in Egyptian Chemical Industries (KIMA) on the EGX.
More Details🧐 His announcement came during the opening of the “KIMA 2” factory in Aswan, in which he stated that the plan to offer an additional stake will come once KIMA’s profitability improves on the back of this expansion.
Why is this Important🤔 KIMA would be another state-owned company with plans to offer an additional stake on the EGX. Earlier this month Abu Qir Fertilizers (ABUK) offered an additional 10% stake, & Heliopolis Housing (HELI) is expected to offer an additional stake by mid-2022.
KIMA’s stock (EGCH) closed 5.05% in the green at the end of yesterday’s trading session.
China Files Complaint Against Elon Musk’s SpaceX🌌
Elon Musk received backlash from Chinese citizens after China reported that its space station was forced to take immediate & unexpected action to avoid collision with satellites launched by Musk’s Starlink program.
More on Starlink🛰 Starlink is a satellite internet constellation operated by SpaceX providing satellite Internet access to most of the Earth through more than 1,900 satellites.
More Details🧐 China had two “close encounters” with Starlink satellites this year. The incidents occurred on 1 July & 21 October, according to a complaint filed to the United Nations Office for Outer Space Affairs. Musk & SpaceX received immediate backlash once the news was made public, & were heavily criticized on China’s Twitter-like Weibo platform.
Why is this Important🤔 There are almost 30,000 satellites & other debris believed to be orbiting Earth, which has prompted scientists to urge governments to share data to reduce the risk of space collisions.
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