{"id":548170,"date":"2022-07-28T03:44:16","date_gmt":"2022-07-28T03:44:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/state-ipos-may-be-possible-this-year-but-first-sukuk-could-be-sold-at-home-maait\/"},"modified":"2022-07-28T03:44:16","modified_gmt":"2022-07-28T03:44:16","slug":"state-ipos-may-be-possible-this-year-but-first-sukuk-could-be-sold-at-home-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/state-ipos-may-be-possible-this-year-but-first-sukuk-could-be-sold-at-home-maait\/","title":{"rendered":"State IPOs may be possible this year, but first sukuk could be sold at home \u2013Maait"},"content":{"rendered":"

<\/a> The government is still holding out hope that it could sell stakes in as many as 10 <\/strong>companies before the end of the year<\/strong>, Finance Minister Mohamed Maait told Al Arabiya yesterday (watch, runtime: 1:16<\/a>), insisting that a state program to divest assets through IPOs and secondary sales of already-listed companies still has legs despite ongoing market turbulence. \u201cWe\u2019re still committed to 10 sales this year,\u201d the minister said, without getting into further details.<\/p>\n

This was the plan before the world turned upside down in February:<\/strong> The government said at the beginning of the year<\/a> that it wanted to pull the trigger on 10 primary and secondary offerings by state companies this year, only for the plans to be derailed by the economic crisis triggered by the war in Ukraine.<\/p>\n

Two 2022 IPOs have been pulled in the past week:<\/strong> Banque du Caire<\/a> (state owned) and Aman Holding<\/a> (private sector) both delayed plans to debut on the EGX this year due to the tumult in the global markets. As of today, we\u2019re not aware of a single would-be Egyptian issuer lining up to tap the equity markets this calendar year. The global investor pullback from EM, anemic volumes on the EGX (with foreign institutional buying flatlined), rising US interest rates, redemptions from equity funds around the world, and talk of recessions in developed economies make the IPO climate here at home inhospitable.<\/p>\n

We expect the government has a good chance of lining up multiple sales to Emirati (and perhaps Saudi) investors <\/strong>given the GCC is riding a wave of high oil prices that has left sovereign funds and state-affiliated companies flush with cash. (See related story in Planet Finance, below.) Egyptian assets are very well priced right now, and Cairo can count on strategic support from Abu Dhabi and Riyadh \u2014 but through the sale of compelling assets, not straight-up assistance. It is possible that some of these transactions could include token domestic retail offerings or otherwise be executed via the EGX (for already-listed companies, for example).<\/p>\n

KEEP IN MIND- GCC investors are not looking to buy stakes in moribund state-owned enterprises with zombie listings on the EGX.<\/strong> They want viable, interesting assets with plenty of potential to generate real ROIs \u2014 and to serve as springboards for growth. They\u2019re not going to transact if that type of asset isn\u2019t on the table.<\/p>\n

The government\u2019s new hotels company could be on the list: <\/strong>Public Enterprises Minister Hisham Tawfik told Bloomberg Asharq (watch, runtime: 4:00<\/a>) the company could make its EGX debut in November. The state plans to sell 10-15% of the company to investors on the EGX and an additional stake will be sold to a strategic investor, he said. The Saudi sovereign wealth fund has previously expressed<\/a> its interest in purchasing up to 20% of the company.<\/p>\n

What new hotels company? <\/strong>The state is currently working on merging<\/a> seven or eight state-owned hotels into a single entity to be offered up as part of the state\u2019s privatization plans<\/a>, which aims to attract USD 40 bn of fresh investment into the country over the next four years.<\/p>\n

Remember:<\/strong> The resumption doesn\u2019t necessarily need to feature share sales on the EGX but could be done via private sales to strategic investors, the latter of which is increasingly becoming the tool of choice<\/a> for the state\u2019s privatization push.<\/p>\n

SEPARATELY-<\/strong><\/p>\n

The Madbouly government might opt for a local sale of its first-ever sukuk <\/strong>issuance due to volatility in the global markets<\/strong>, Finance Minister Mohamed Maait told Al Arabiya yesterday (watch, runtime: 1:16<\/a>). \u201cGlobal market [conditions] are very, very difficult. There might be a local sukuk issuance,\u201d he said. The government had wanted to take the issuance to international markets, but will have to wait, Maait said.<\/p>\n

Turning the issuance local isn\u2019t much of a surprise: <\/strong>Maait\u2019s statements come weeks after he said that Egypt\u2019s maiden sovereign sukuk<\/a> issuance was pushed to FY 2022-2023<\/a> amid see-sawing market conditions on the back of the crisis in Ukraine and rising interest rates. The issuance was originally expected<\/a> to go to market before the end of the 20201-2022 fiscal year, which ended on 30 June, but markets were not ideal, he said. \u201cThere are estimates that the volatility could subside in 3-4 months, but nothing is certain right now,\u201d he said at the time.<\/p>\n

Maait did not specify how large the domestic offering would be. <\/strong>The Finance Ministry had guided last summer on an international offering in the USD 2 bn range.<\/p>\n

Background: <\/strong>The sharia-compliant bonds could be issued on both the local and international stock exchanges.The issuance is part of FinMin\u2019s strategy to reduce government debt and shift towards longer-term borrowing, which saw it issue its first green bonds in 2020. The Cabinet approved executive regulations<\/a> of the Sovereign Sukuk Act<\/a> in April, yet the content of the regulations remains undisclosed.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government is still holding out hope that it could sell stakes in as many as 10 companies before the end of the year, Finance Minister Mohamed Maait told Al Arabiya yesterday (watch, runtime: 1:16), insisting that a state program to divest assets through IPOs and secondary sales of already-listed companies still has legs despite […]<\/p>\n","protected":false},"author":1,"featured_media":548171,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7224],"tags":[7106,68,72,78,277,587,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-debt","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-mohamed-maait","tag-state-privatization-program","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"356bf5ad-541f-41d3-a8de-71232ef2b9cb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/302.jpg","photo_position":"above","related_issue":[548164],"teaser":"","voice_url":""},"yoast_head":"\nState IPOs may be possible this year, but first sukuk could be sold at home \u2013Maait - 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The Madbouly government wants to sell shares in up to ten state-owned companies on the EGX this year, Finance Minister Mohamed Maait told Bloomberg Asharq.The government has been stepping up its messaging on privatization as of late, with a\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543386,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/state-privatization-program-to-resume-in-march-maait\/","url_meta":{"origin":548170,"position":1},"title":"State privatization program to resume in March -Maait","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"Privatization program to resume in March -Maait: We can expect more state-owned companies to offer shares on the EGX in the coming weeks, according to Finance Minister Mohamed Maait, who told Bloomberg Asharq (watch, runtime: 3:26) yesterday that the state privatization program will resume in March. This comes a few\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/537.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628259,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/egypt-could-issue-islamic-bonds-next-fiscal-year\/","url_meta":{"origin":548170,"position":2},"title":"Egypt could issue Islamic bonds next fiscal year","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"Egypt may tap the global sukuk market in FY2018-19, Finance Minister Mohamed Maait tells Bloomberg in an interview. The plan to issue Islamic Sharia-compliant bonds in USD or EUR \u201cwould mark a revival of a plan shelved since 2013 when the government under then-Islamist President Mohamed Morsi issued the law\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548991,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/30\/maait-looks-to-shift-the-economic-narrative-with-media-blitz\/","url_meta":{"origin":548170,"position":3},"title":"Maait looks to shift the economic narrative with media blitz","author":"enterpriseam admin","date":"30 August 2022","format":false,"excerpt":"Maait says the economy can ride out global economic shocks: Finance Minister Mohamed Maait took to the mic yesterday in a bid to counter a wave of negative press on the economy in recent weeks. With the recent narrative around the economy being dominated by concerns about the currency and\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/433.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557494,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/5-state-companies-could-offer-shares-on-the-egx-by-june-2022\/","url_meta":{"origin":548170,"position":4},"title":"5 state companies could offer shares on the EGX by June 2022","author":"enterpriseam admin","date":"21 September 2021","format":false,"excerpt":"Five state companies could offer shares on the EGX during the state\u2019s current fiscal year, which ends in June 2022, Finance Minister Mohamed Maait told CNBC Arabia. The ministry has identified the five companies that would list shares via IPO or stake sale, he said, without disclosing further information.Remember there\u2019s\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/286.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628184,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/27\/first-wave-of-share-sales-in-govt-privatization-program-coming-in-july-or-august\/","url_meta":{"origin":548170,"position":5},"title":"First wave of share sales in gov\u2019t privatization program coming in July or August","author":"enterpriseam admin","date":"27 June 2018","format":false,"excerpt":"EXCLUSIVE- First wave of share sales in gov\u2019t privatization program coming in July or August: The first wave of state companies selling shares as part of the government\u2019s privatization program is coming in either July or August, Finance Minister Mohamed Maait tells Enterprise. The minister stopped short of specifying which\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548170"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548170\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548171"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548170"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548170"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}