Thursday, January 29, 2015
Sent from my iPad
Sunday, January 18, 2015
A very wise move that may put few exporters under pressure but will make life easier for the rest of the Swiss population. For the few affected exporters, they should focus on quality, and try to market "a Superior Swiss Quality" to be able to sell their products abroad to the wealthy nations, like Rolex is doing for the last decade and proved to be a lucrative business.
Saturday, January 17, 2015
Sunday, January 11, 2015
Thursday, January 8, 2015
and "is there a man greater than Mohamed?!"
Further George Bernard Said "the world much needs a man with Mohamed's bright thinking"
Micheal Hart said "Mohamed is the most influential and successful on both the religious and secular levels"
Mahatma Gandi said "after if finished reading the biography of Mohamed i felt i needed to know more about this great personality, who uncontested, won the hearts and souls of billions of people all over the world"
In addition to being mentioned in all the holy books by Almighty God.
To the same extent of severeness they condemn such cartoons, and totally disagree with the French President that this is freedom of expression, as this is pure vulgar, defaming and disrespectful expression to a holy religion figure who has billions of followers all over the world. This same president who previously condemned and closed by administrative orders a TV show that was having fun of the Jews, and considered it unacceptable, to him we say your double standards is the only unacceptable thing, and freedom of expression is and should in civil respectable countries be limited to the respect of the rights of the others and should not include insults and defamation, which is a criminal offense, specially if it is directed to holy messengers of god like (Moses, Jesus and Mohamed).
Other analysts insist that the French government should investigate the matter with the Israili authorities as it is for sure a matter of organized crime planned and executed by the Israili authority rather than by a single person who does not have the means to do that on French soil, and further claim that the Israili are the only beneficiary from such a conflict between the Muslims and Christians, which has always been the case through history, as history repeats itself, and the media which are all Jewish driven also label it to Islam to enhance the Islamophobia in Europe.
Others upset Muslims societies in the Middle East are starting a campaign to boycott French product, including cars, food, oil & gas stations, ban travel to France, like they did before with Denmark and made it suffer great economic loss in order to put pressure on the French and European governments to limit freedom of expression laws to insulting holy profits (Moses, Jesus and Mohamed) like the Anti-Semitic laws currently in force in Europe that protect Jewish feelings.
However, nobody know for sure yet who really did that, and the French government is investigating the matter.
The Tourism Investors Association (TIA) in the Red Sea and Ain Sokhna will issue a note to the Tourism Ministry regarding damage from the import of coal. The Ministry of Transportation has been using ports along the Red Sea coast to receive imported coal. On Monday, the ministry chose Safaga and Al-Adabiya Ports close to Ain Sokhna, where there are many tourist resorts, according to the official. (Source: Daily News Egypt)
We strongly condemn such expansion as it will seriously affect the marine biology in the Red Sea which is the back bone of the local economy's tourism, and urge government officials to consider the environment before issuing any such a decision, which we shall take every legal step to challenge before supervising authorities and competent courts.
Khalid Al-Gharabawi, a lawyer and shareholder at Ajwa, said this case was filed by some shareholders after a ruling was issued against former Managing Director Mahmoud El Sayed Abdel Fattah who was ordered to pay damages for the period of halting the stock.
The stock resumed trading in mid-October 2014 after being stopped for more than three years.
Al-Gharabawi told Mubasher in a phone call that shareholders also plan to take more legal actions against Ajwa, demanding compensations for the huge losses they incurred from the stock halt.
Other groups of shareholders of different companies, such as Abraj Capital, Al Borg Lab, El Mokhtabar, and Orascom are also discussing filing the same law suits against the management of their comapnies for delisting their stocks from the Egyptian Stock Market which affected minority shareholders who have been diluted by the new acquirers of such companies.
We urge all joint stock companies' managements and boards to consider minority shareholders rights' and interests to avoid such law suits, and to abide by more ethical corporate governance rules and principals of equity.
Sunday, January 4, 2015
Sent from my iPad
Begin forwarded message:
Egyptian Company for Foods/Bisco Misr
Egypt 4 January 2015
Kellogg wins price war with Abraaj to acquire Bisco Misr - Positive
► Global food producer Kellogg Co. offered EGP89.86/share for Bisco Misr (BISM) on 24/12/2014, surpassing Abraaj Group's last offer price of EGP88.09/share. Post the Kellogg offer, Abraaj announced that it withdrew from the race to acquire BISM
► The Egyptian Financial Supervisory Authority (EFS) has extended the mandatory tender offer period by five working days, starting from the day after 31/12/2014 to 11/01/2015
► The background - the latest move by Kellogg, comes as part of a bidding war with Abraaj to acquire BISM, which started back in November 2014. Abraaj first made an approach to buy at least 51% of Bisco Misr at a price of EGP73.91/share (with 56% of BISM shareholders then agreeing to sell). This was followed by multiple counter offers made by each of the parties, with Kellogg making its previous offer at EGP86.36/share, only to be countered by Abraaj (at EGP88.09/share). BISM was supposed to have also been approached previously by JUFO and Savola group
Our take – Positive
► The latest offer price of EGP89.86/share, represents a total equity value of EGP1,033m for 100% of Bisco Misr – 22% above the first initial offer made by Abraaj at EGP73.91/share
► Annualising BISM's 3Q14 results, the offer price (excluding available cash in the B/S) implies a 2014e P/E of 15.3x and price-to-sales of 1.9x
► BISM has a strong B/S with available net cash of EGP44m as of September 2014 – representing EGP3.8/share. Net of cash, the effective cost of acquisition would amount to EGP989m or EGP86.0/share for Kellogg – Implying a forward P/E of 14.7x; a decent premium (of around 20%) compared to EGX30 and MSCI EM multiples
► While viewing this definitely as good news for BISM shareholders and, for similar such companies exposed to the consumers space in Egypt, this to us also implies increasing interest in M&A activity in the country - indicating to us, foreign investors' risk perception on Egypt, to an extent having shifted over the past one year; a result of political stability, better security and, improving macro-economic indicators. Overall, some foreign investors seem to perceive this to be an ideal time, in order to be favorably exposed to Egypt's fundamental dynamics being on a path of recovery
► We await to see the next move by Kelloggs to complete the acquisition of BISM
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