SODIC MTO is Going Through⚡
Yesterday was the deadline for SODIC shareholders to respond to the mandatory tender offer (MTO) by Aldar-ADQ consortium. Aldar-ADQ consortium is set to acquire 85.5% of SODIC.
More details🧐 Holders of over 85% of SODIC’s shares (~304.6 million) have placed orders for the EGP 20/share offer by the UAE consortium.
The MTO required a minimum acquisition of 51% of SODIC’s shares to go through. It also offered to buy up to 90% of the real estate developers’ shares.
Government Relaunches Tender for Tobacco Manufacturing License🚬
The government has re-launched bidding for a new license to produce cigarettes in Egypt after the first auction announced earlier this year was canceled for an unknown reason.
Backstory⏪ Last March, the Industrial Development Authority (IDA) launched a tender (an invitation to bid for a project) for a license of cigarette & e-cigarette production in Egypt, after nearly a hundred-year monopoly by state-owned Eastern Company (EAST).
More details🧐 The IDA set tomorrow, Thursday, as the final day for interested companies to purchase the updated license conditions booklet, & will review offers on the 23rd of January, 2022.
Why is this important🤔 Monopolies aren’t great for markets. They are generally associated with higher product prices, & fewer incentives to be efficient. Multiple tobacco licenses would ensure fair competition between companies & provide consumers with competitive options.
GlaxoSmithKline Drug Effective Against Omicron🦠
British drugmaker GlaxoSmithKline (GSK) announced yesterday that research shows its antibody treatment is effective against the full combination of mutations in the new omicron variant.
More details🧐 Last week, other preclinical data showed that the drug works against key mutations of the Omicron variant. But yesterday, a statement by GSK said the antibody treatment “sotrovimab”, stands up to all mutations.
Why is this important🤔 Antibodies are just one way of providing Covid treatments, but they could be key to people who don’t show signs of immunity when given vaccines.
UAE Shifts Weekend Days & Shortens Workweek📅
The United Arab Emirates (UAE) is cutting its working week to four-&-a-half days, down from five. It is also shifting to a Saturday-Sunday weekend, instead of Friday-Saturday, in line with global markets.
More details🧐 Starting January 1st, 2022, the UAE’s workweek will start on Mondays & end mid-Friday, before Muslim prayers. However, “each company, depending on the sector they operate in and what suits and serves their business best, can choose the weekend they decide for their employees”, the UAE Minister of Human Resources & Emiratisation told Reuters.
Why is this important🤔 The UAE last shifted its weekend days in 2006, from Thursday-Friday to the current Friday-Saturday, a move that brought the UAE in line with global markets at a time when its economy was growing rapidly.
The Saturday-Sunday weekend would further increase the number of days the UAE does business with the rest of the world, which would boost trade. It would also enhance the integration of the UAE’s banking sector with the global banking sector.
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