{"id":549236,"date":"2022-09-08T04:00:40","date_gmt":"2022-09-08T04:00:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/"},"modified":"2022-09-08T04:00:40","modified_gmt":"2022-09-08T04:00:40","slug":"gulf-wealth-funds-look-set-to-buy-into-egyptalum","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/","title":{"rendered":"Gulf wealth funds look set to buy into Egyptalum"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Gulf sovereign funds look set to invest USD 200 mn in Egyptalum\u2019s overhaul:<\/strong> EGX-listed Egypt Aluminum (Egyptalum) will fund two-thirds of its USD 300 mn overhaul by offering fresh stakes through a capital increase, the company said in a <a href=\"https:\/\/ent.news\/2022\/9\/%D9%85%D8%B5%D8%B1-%D9%84%D9%84%D8%A7%D9%84%D9%88%D9%85%D9%86%D9%8A%D9%88%D9%85-%D8%A8%D9%8A%D8%A7%D9%86-%D9%85%D9%86-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-07-09-2022.pdf\">regulatory filing (pdf)<\/a>. The disclosure doesn\u2019t name the investors buying in, but comes a day after the head of Egyptalum\u2019s state-owned parent company told CNBC Arabia (<a href=\"https:\/\/bit.ly\/3etKQ5W\">watch, runtime: 8:21<\/a>) that unnamed Gulf sovereign funds were buying in.<\/p>\n<p><strong>We suspected this was coming: <\/strong>Then-public enterprises minister Hisham Tawfik <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1b5b942-ec9f-4815-8166-e7463ec8d661\">in May<\/a> said Egyptalum would sell a 20-25% stake to an unnamed \u201cstrategic investor\u201d to fund its overhaul, before in July suggesting the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1b5b942-ec9f-4815-8166-e7463ec8d661\">Saudi<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1b5b942-ec9f-4815-8166-e7463ec8d661\">wealt<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1b5b942-ec9f-4815-8166-e7463ec8d661\">h fund<\/a> was in the frame to come on board. It\u2019s still not clear who\u2019s buying in or how big a stake they will take for USD 200 mn.<\/p>\n<p><strong>What overhaul? <\/strong>The USD 300 mn upgrade is designed in part to help Egyptalum maintain its 320k-ton annual production capacity. The company had previously said it would fund the costs not covered by the stake sale through a debt issuance.<\/p>\n<p><strong>Market reaction:<\/strong> Egyptalum\u2019s shares closed up 7.57% yesterday at EGP 20.44. The company has 412.5 mn shares listed with a market cap of EGP 8.4 bn.<\/p>\n<p><strong>BACKGROUND- Arab sovereign funds have been piling into Egypt <\/strong>after GCC countries pledged more than USD 22 bn in direct investment to help the country weather global economic headwinds. With state IPOs on hold for now thanks to rocky markets, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">Saudi<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">Abu Dhabi<\/a> sovereign funds have supported the government\u2019s pivot to strategic stake sales, snapping up holdings in EGX-listed, state-owned companies including Mopco, Abu Qir Fertilizers, Alexandria Containers, and E-Finance. There\u2019s talk that the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16d8e297-b643-4497-9e65-4ad4fef63817\">Qatari sovereign fund<\/a> is poised to follow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gulf sovereign funds look set to invest USD 200 mn in Egyptalum\u2019s overhaul: EGX-listed Egypt Aluminum (Egyptalum) will fund two-thirds of its USD 300 mn overhaul by offering fresh stakes through a capital increase, the company said in a regulatory filing (pdf). The disclosure doesn\u2019t name the investors buying in, but comes a day after [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7363],"tags":[1008,72,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549236","post","type-post","status-publish","format-standard","hentry","category-ma-watch","tag-egypt-aluminum","tag-enterpriseam","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"69300a03-66d3-49c2-96af-1c69ded06ce7","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549228],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gulf wealth funds look set to buy into Egyptalum - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulf wealth funds look set to buy into Egyptalum\" \/>\n<meta property=\"og:description\" content=\"Gulf sovereign funds look set to invest USD 200 mn in Egyptalum\u2019s overhaul: EGX-listed Egypt Aluminum (Egyptalum) will fund two-thirds of its USD 300 mn overhaul by offering fresh stakes through a capital increase, the company said in a regulatory filing (pdf). The disclosure doesn\u2019t name the investors buying in, but comes a day after [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-08T04:00:40+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gulf wealth funds look set to buy into Egyptalum\",\"datePublished\":\"2022-09-08T04:00:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/\"},\"wordCount\":296,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Egypt Aluminum\",\"EnterpriseAM\",\"M&amp;A Watch\"],\"articleSection\":[\"M&amp;A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/gulf-wealth-funds-look-set-to-buy-into-egyptalum\/\",\"name\":\"Gulf wealth funds look set to buy into Egyptalum - 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The ministry could sell a 20-25% stake to the investor, Tawfik separately told CNBC Arabia (watch, runtime: 3:55)\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/391.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599604,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/03\/five-companies-make-tender-offers-to-build-egyptalums-usd-600-mn-product-line\/","url_meta":{"origin":549236,"position":1},"title":"Five companies make tender offers to build EgyptAlum\u2019s USD 600 mn product line","author":"enterpriseam admin","date":"3 January 2019","format":false,"excerpt":"Five companies are bidding to build Egypt Aluminum (EgyptAlum)\u2019s new product line, whose estimated capacity is 250k tonnes per year, according to an EGX disclosure (pdf). The US\u2019 Bechtel, PROJECAS, Home International and Canadian companies HATCH and SNC-Lavalin have all submitted offers for the USD 600 mn project. EgyptAlum did\u2026","rel":"","context":"In &quot;Manufacturing&quot;","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547556,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/a-30-stake-in-the-new-hotels-company-will-be-up-for-grabs-the-saudis-have-their-eyes-on-the-stake-in-egyptalum\/","url_meta":{"origin":549236,"position":2},"title":"A 30% stake in the new hotels company will be up for grabs + the Saudis have their eyes on the stake in Egyptalum","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"PIF has its eyes on our tourism and aluminum sectors: The Saudi sovereign wealth fund could be snagging a \u201csignificant\u201d stake in the new hotels company made up of several merged state hotels, Hapi Journal quotes Public Enterprises Minister Hisham Tawfik as saying. 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PLUS: EgyptAlum, valU and a USAID-backed entrepreneurship initiative","author":"enterpriseam admin","date":"27 July 2023","format":false,"excerpt":"The company signed an MoU with the Sovereign Fund of Egypt yesterday","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1123.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583852,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/egyptalum-could-receive-investment-from-emirati-aluminum-company\/","url_meta":{"origin":549236,"position":4},"title":"EgyptAlum could receive investment from Emirati aluminum company","author":"enterpriseam admin","date":"21 March 2023","format":false,"excerpt":"EgyptAlum is exploring all options, company says following minister\u2019s comments","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Egypt-Aluminium.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/saudi-wealth-fund-is-sizing-up-egyptalum-and-potentially-egyptian-media-production-city-united-bank\/","url_meta":{"origin":549236,"position":5},"title":"Saudi wealth fund is sizing up EgyptAlum \u2014 and potentially Egyptian Media Production City + United Bank","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Saudi Arabia\u2019s sovereign wealth fund is making headlines in Cairo with at least three possible high-profile acquisitions now appearing to be in its pipeline, including an aluminum maker, a bank and Egyptian Media Production City. 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