Gov’t to offload its 46.6% stake in state-owned plastic maker Alamal Alsharif within weeks

Alamal Alsharif Plastics stake sale within weeks? The Madbouly government ispreparing to fully exit state-owned plastics manufacturer Alamal Alsharif Plastics, selling its entire 46.6% stake within weeks, Hapi Journal reports. The government wants to sell its stake to a strategic investor paying in USD.

Another state asset sale ticked off the list: Alamal Alsharif is one of 35state-owned assets earmarked for privatization.

Sale managers appointed? The government has reportedly tapped investment banks EFGHermes and Al Ahly Pharos to manage the sale. The two banks will wrap up their evaluation of the company and start promoting the stake to investors in the coming days, according to the outlet.

The gov’t is offering up a bigger stake than expected: Late last year, Asharq Businessquoted two unnamed government sources saying that the government is looking to sell a 30% stake in the plastics maker to a strategic investor by 1Q 2024. The sources valued the company at that time at some EGP 7 bn.

Who owns what? Some 46.6% of Alamal Alsharif is held by state-owned banks including the National Investment Bank (with a 29.5% stake), the National Bank of Egypt (11.3%), United Bank (5.3%), and Suez Canal Bank (0.5%), according to the company’s website. The remaining 53% is held by unnamed individual shareholders.