Gov’t taps Compass Capital to promote its stake in EPP: State-owned Egyptian Petrochemicals Holding Company(ECHEM)has tapped private equity firm Compass Capital to promote part of the 22% stake it owns — along with the Egyptian Natural Gas Company (GASCO) — in state-owned thermoplastic producer Egyptian Propylene and Polypropylene (EPP) to Gulf- and China-based investors, a government source told Enterprise.

Déjà vu: Local media reported in October that the government was looking to sell 10-15% of its 22% stake in EPP to a foreign investor and that an unnamed Saudi private company has shown interest.

Remember: The plastic maker is one of 35 state-owned companies earmarked for privatization. The government said it is aiming to raise USD 5 bn from asset sales between October 2023 and June 2024.

TMG’S ICON NOW OWNS 51% OF LEGACY-

TMG is now the major shareholder of Legacy hotels: Talaat Moustafa Group’s (TMG) subsidiary Icon Investments has inked the final contract for acquiring a 51% stake in Legacy Hospitality — a group of seven historic hotels — after completing a capital increase, TMG said in a bourse disclosure (pdf) yesterday.

The acquisition is set to double Icon’s topline: TMG expects the seven newcomers to “more than double Icon’s consolidated USD hotels revenues in 2024 to more than USD 250 mn.” The acquisition will also double Icon’s hotel room capacity to a total of 5k, “making the group the largest luxury hospitality platform” in Egypt, the company said.

Refresher: Icon first bought a 39% stake in Legacy Hospitality under an agreement inked with the Sovereign Fund of Egypt and the Egyptian General Company for Tourism and Hotels in December. The plan was to eventually bring Icon’s stake in Legacy to 51% bringing the transaction’s value to USD 800 mn. TMG sold a 40.5% stake in Icon to Abu Dhabi wealth fund ADQ and its subsidiary Adnec Group last month for USD 882.5 mn, helping it secure the remaining funds to up its stake in Legacy.

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