{"id":542964,"date":"2022-01-26T03:49:52","date_gmt":"2022-01-26T03:49:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/its-privatization-the-speed-metal-version\/"},"modified":"2022-01-26T03:49:52","modified_gmt":"2022-01-26T03:49:52","slug":"its-privatization-the-speed-metal-version","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/its-privatization-the-speed-metal-version\/","title":{"rendered":"It\u2019s privatization, the speed-metal version"},"content":{"rendered":"

<\/a> Gov\u2019t to step up privatization efforts in coming months:<\/strong> The Madbouly government is planning to sell stakes in state-owned companies every month or two, Planning Minister Hala El Said told Reuters<\/a>.<\/p>\n

Riding the e-Finance wave:<\/strong> State-owned e-payments firm e-Finance completed the EGX\u2019s biggest IPO since 2015 in October<\/a>, attracting strong demand from foreign institutional investors and seemingly breathing new life into the government\u2019s stalled privatization agenda.<\/p>\n

It\u2019s these investors the government wants:<\/strong> \u201cWe're trying to select the right companies that can attract good institutional and good private sector [investors], and at the same time help in deepening the capital market in Egypt,\u201d she told the newswire. \u201cWe're almost targeting a company every month, or every two months.\u201d<\/p>\n

But no names:<\/strong> El Said declined to tell Reuters which companies the government is considering offering to investors.<\/p>\n

Military firms to be part-privatized this year:<\/strong> Stakes in the National Service Projects Organization\u2019s bottled water company Safi<\/a> and oil company Wataniya Petroleum<\/a> could be offered to investors later this year, El Said said. The Sovereign Fund of Egypt is currently restructuring the companies ahead of the sales, which could involve buy-ins by strategic investors ahead of possible IPOs on the EGX.<\/p>\n

The program, stalled since launch in 2018 by market conditions and then the pandemic, gained momentum last year<\/strong> following e-Finance\u2019s IPO<\/strong>, which raised almost USD 370 mn<\/a> for the fintech firm. Several weeks later, state petrochem firm Abu Qir sold a 10% stake<\/a> in a secondary offering. State-owned Ghazl El Mahalla FC<\/a> is set to offer a 67.5% stake in early February in its IPO, which is expected to raise a total of EGP 135 mn after attracting EGP 37 mn from institutional investors during the private placement.<\/p>\n

Also from El Said:<\/strong><\/p>\n