National Investment Bank shelves plans to privatize portfolio companies

National Investment Bank shelves plans to privatize portfolio companies: The National Investment Bank (NIB) has postponed plans to market seven of its portfolio companies to investors due to the covid-19 crisis, Masrawy reports, quoting an unnamed source from the state-owned bank. The plan, first announced in November, would have seen the Sovereign Fund of Egypt market partial or entire stakes owned by NIB to local or foreign investors, including its stake in the Arab Investment Bank, the source said. Other companies in which the NIB holds stakes include state-owned Abu Qir Fertilizers, Sidi Kerir Petrochemicals, e-Finance, and Madinet Nasr Housing and Development. The move comes amid ongoing turbulence in global equity markets thanks to the covid-19 pandemic.