SODIC Fair Value Set at EGP 23.42/Share👀
Independent financial advisor “BDO Keys Financial Consulting” set the fair value of SODIC stock at EGP 23.42 per share, EGP 3.42 higher than the received MTO by the UAE consortium. This is a fair value assessment of SODIC’s stock & doesn’t affect the MTO in any way.
But..🤔 With that said, SODIC’s board of directors (BoD) said that in light of “current global economic conditions & uncertainty around the pandemic”, having a partner of Al Dar & ADQ’s economic prominence would reflect positively on SODIC & its employees.
Another but…🙃 With that also said, SODIC’s BoD stressed that the final decision on the MTO belongs to its shareholders, who must agree to sell a minimum of 51% of the company’s shares for the deal to go through. SODIC’s shareholders have until December 7th to respond to the MTO.
Telecom Egypt Will Not Purchase an Additional Stake in Vodafone Egypt📋
Minister of Communications & Information Technology Dr. Amr Talaat said there is no intention to change Telecom Egypt’s (ETEL) stake in Vodafone Egypt.
Quick recap🧐 Earlier this month Vodafone Egypt received an offer for a 55% stake in the company. ETEL owns the other 45% & has preferential rights when it comes to shareholder restructuring, allowing it to step in & acquire the 55% stake in question.
Why is this important🤔 ETEL would gain full control of two of the four mobile operators in the country if its stake in Vodafone Egypt exceeds 51%, posing a potential concentration risk to the sector.
Hotel Room Prices Rise 20-30% in Q3-2021🛌
Hotel room prices in the Red Sea recorded a 20-30% quarterly growth rate in Q3-2021, compared to Q2-2021, according to Al Borsa.
More details🧐 The growth came on the back of an increase in occupancy, which exceeded 90% in Hurghada hotels & 70% in Marsa Alam hotels. Earlier this month, the Ministry of Tourism raised its expected tourist arrivals for 2021 to between 8.5 to 9 million arrivals.
Why is this important🤔 Other things held constant (cc: Omicron), hotel room prices in Egypt are expected to continue rising during the last quarter of 2021 until mid-2022.
Headlines We’re Watching👀
- Orascom Financial Holding Reports EGP 54.5m in Net Profit Since Establishment Until 30th September 2021
- Egypt’s Exports Increase 40% in 9 Months
Apple Could Launch Augmented Reality Glasses by End of 2022👓
Apple’s long-awaited augmented reality (AR) glasses could launch by the end of 2022.
What is augmented reality🤷♀️ Ar is the technology that imposes a computer-generated image on a user’s view of the real world. AR is different from virtual reality (VR) in that VR is a full-on computer-generated simulation of a three-dimensional image or environment.
More details🧐 Apple’s computerized glasses will use the same processor, the M1 chip, as Mac computers. The tech giant plans to position the glasses as an iPhone accessory, not a replacement for the iPhone.
Why is this important🤔 The decision to classify it as an accessory is part of Apple’s strategy to sell wearable accessories like AirPods & Apple Watches tied to its star product, the iPhone.
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