Adnoc eyes a stake in Wataniya: Abu Dhabi National Oil Company (Adnoc) is among several companies interested in acquiring a stake in military-owned fuel retailer Wataniya, sources close to the transaction confirmed to Enterprise yesterday, following a report by Asharq Business.

A Saudi-Emirati competition: Adnoc is competing against an unnamed Saudi company for a stake in Wataniya, one of our sources said, without naming the Saudi firm. Asharq quotes its sources as saying Saudi industrial oils giant Petromin and Emirates National Oil Company (ENOC) have also shown interest in the fuel retailer.

Emirati bidders want at least 20-25% of Wataniya and military-owned bottled water company Safi,Asharq quotes its sources as saying. F&B company Agthia — which is owned by Abu Dhabi sovereign fund ADQ — is among several bidders for Safi, a source close to the transaction confirmed to Enterprise last week.

REMEMBER- The Madbouly cabinet has said that both Safi and Wataniya would start receiving offers from strategic investors this month. The government has reportedly tapped CI Capital to market the two firms.

Do strategics only want part of Safi?The bottled drinks firm has attracted attention from both local and foreign investors but potential buyers are keen to buy the water business on a standalone basis without the firm’s olive oil, pickled olives, and salt subsidiaries, Asharq reports its sources as saying.

More momentum for the privatization program? The government last week made the first significant transaction in its privatization program, raising EGP 3.75 bn through the sale of a 9.5% stake in Telecom Egypt to mostly local institutional investors on the EGX. The government aims to raise USD 2 bn via asset sales by the end of June.

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