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The government is moving ahead with plans to list the Gabal El Zeit wind farm on the EGX before year-end, likely by November or December, two government sources told EnterpriseAM. Procedures are already in motion to float 30-40% of the farm in a sale that could raise between USD 300-400 mn, we were told.
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But the government is still open to offers from a strategic investor — assuming they can meet the new valuation. A previous acquisition bid for the station by UK-based private equity giant Actis fell apart after the government pushed to increase the value of the sale from USD 300 mn to USD 350-400 mn. The government is now looking to raise roughly USD 600-800 mn from a majority stake sale to a strategic investor.
GCC and British investors are said to be circling the Red Sea wind farm, which would mark one of the first major listings under the government’s revived privatization drive as it seeks to draw foreign capital, the sources said.
What’s next? Advisors are preparing to market both the IPO and the potential strategic sale, depending on investor appetite.
IN CONTEXT- The move comes shortly after authorities finalized a census of 561 state-ownedcompanies to anchor the updated State Ownership Policy. The government is also working on a package of tax and regulatory incentives that would exempt IPO proceeds from taxes and expand breaks for investment funds to boost liquidity on the EGX.
Also in the pipeline: The government is preparing to list at least two other companies affiliated with the military’s National Service Projects Organization (NSPO), one of the sources said.
REFRESHER- Gabal El Zeit is among 10 companies for which the government tapped investment banks and counsels as part of efforts to fast-track its privatization program. The list also includes Safi, Wataneya, Silo Foods, Chill Out, Midor, Alamal Alsharif Plastics, and HoldiPharma subsidiaries CID Pharma and Misr Pharm.
