Privatization and politics top last night’s talk shows: The nation’s talking heads covered the Madbouly government’s privatization plans, the latest in Sudan, and what we can expect from the first day of the National Dialogue.
First, Pachin is no longer state-owned: Yesterday, Dubai-based National Paints Holding (NPH) acquired over 80% of EGX-listed Paint and Chemical Industries (Pachin) for around EGP 770.5 mn (c. USD 25 mn).
USD 25 mn is not much, but it’s something: “The USD 25 mn transaction makes up a mere 1% of the Madbouly’s government’s goal to raise USD 2 bn for its privatization program by June … what’s important is that the money is coming from a foreign investor, bringing USDs into the country,” Amr Elalfy, head of research at Prime Securities, told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 7:02). He explained that the transaction is a message of reassurance that despite our exchange rate, Egypt still has strong assets that attract investors. We have the full story in the news well, above.
The situation in Sudan could have dangerous consequences for the region: “Sudan has a very important strategic location, sharing borders with seven countries … the prolonging of the war in Sudan could end up spilling over and enticing violence in its neighbors which would be very dangerous for the Horn of Africa,” International Affairs Professor and African affairs expert Hamed Faris told Al Hayah Al Youm (watch, runtime: 5:59).
There’s a big question mark over the future of the country: “There is no knowing how things will be once the situation calms down,” former foreign minister Mohamed El Orabi told Masa’a DMC (watch, runtime: 9:33).