{"id":568014,"date":"2020-12-15T04:09:29","date_gmt":"2020-12-15T04:09:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/more-military-companies-up-for-privatization-in-historic-shift-for-the-economy\/"},"modified":"2020-12-15T04:09:29","modified_gmt":"2020-12-15T04:09:29","slug":"more-military-companies-up-for-privatization-in-historic-shift-for-the-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/more-military-companies-up-for-privatization-in-historic-shift-for-the-economy\/","title":{"rendered":"More military companies up for privatization in \u201chistoric shift\u201d for the economy"},"content":{"rendered":"

<\/a> Three more military-affiliated companies will open up to private ownership <\/strong>in 2021<\/strong>, Sovereign Fund of Egypt CEO Ayman Soliman told Bloomberg<\/a>. The three unnamed companies join Wataniya Petroleum and the National Company for Producing and Bottling Water (Safi), which Soliman said will be open for full private ownership as early as 1Q2021. Planning Minister and SFE Chairman Hala El Said said last week<\/a> that Safi and Wataniya Petroleum are the first two subsidiaries of the army\u2019s National Service Products Organization (NSPO) that the SFE will shop to private investors as part of a wider privatization plan that will see the companies ultimately listed on the EGX.<\/p>\n

Local and foreign investors will for the first time get a chance to own up to 100% of military-affiliated companies<\/strong>, Bloomberg quoted El Said as saying. She described the plan as \u201ca historic shift in how Egypt\u2019s economy is structured.\u201d<\/p>\n

The SFE could still acquire minority stakes of 20-30% in both Safi and Wattaniya Petroleum,<\/strong> and offer the rest to private investors, Soliman separately said in a Zoom interview with Hapi Journal<\/a>.<\/p>\n

What to watch: <\/strong>There have so far been few indications about the size of the stakes on offer or the timeline for pressing ahead.<\/p>\n

Advisers:<\/strong> EFG Hermes will act as financial advisor on both potential sales, Soliman added.<\/p>\n

Background: <\/strong>The SFE and NSPO signed last February<\/a> a cooperation agreement to open up the latter\u2019s subsidiaries for investors, after President Abdel Fattah El Sisi said twice<\/a> that stakes in army-owned companies and assets could be sold on the EGX as part of the state privatization program. The fund was looking at 10<\/a> of NSPO\u2019s subsidiaries to offer them up for co-investment as an initial phase. Soliman did not disclose the company names under assessment at the time, and the fate of the rest of the roster so far remains unclear.<\/p>\n

ALSO FROM THE SFE- The fund and EFG Hermes expect to complete their joint <\/strong>acquisition of a 76% stake in the Arab Investment Bank in January 2021<\/strong>, Soliman told Al Arabiya<\/a>. The SFE and EFG had planned<\/a> to close the acquisition in 2020, but fallout from covid-19 put plans on hold. The SFE plans to acquire its up to 25% stake through its newly-established, EGP 30 bn financial services sub-fund<\/a>, while EFG Hermes will take the remaining 51%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Three more military-affiliated companies will open up to private ownership in 2021, Sovereign Fund of Egypt CEO Ayman Soliman told Bloomberg. The three unnamed companies join Wataniya Petroleum and the National Company for Producing and Bottling Water (Safi), which Soliman said will be open for full private ownership as early as 1Q2021. Planning Minister and […]<\/p>\n","protected":false},"author":1,"featured_media":568015,"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":[7321],"tags":[1034,72,2201,81,370,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-armed-forces","tag-enterpriseam","tag-national-service-products-organization","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"5e7223f0-f9e2-4a3f-a311-6c4ff9efe6fd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/262.jpg","photo_position":"above","related_issue":[568008],"teaser":"","voice_url":""},"yoast_head":"\nMore military companies up for privatization in \u201chistoric shift\u201d for the economy - 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\/2020\/12\/15\/more-military-companies-up-for-privatization-in-historic-shift-for-the-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More military companies up for privatization in \u201chistoric shift\u201d for the economy\" \/>\n<meta property=\"og:description\" content=\"Three more military-affiliated companies will open up to private ownership in 2021, Sovereign Fund of Egypt CEO Ayman Soliman told Bloomberg. 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plants + military companies\u2019 privatization from the SFE: The Sovereign Fund of Egypt (SFE) and the Electricity Ministry are nearly done with studies on how best to move forward with a stake sale in the Siemens \/ Orascom Construction \/ Elsewedy Electric combined-cycle power plant,\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567894,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/the-first-two-military-owned-companies-line-up-to-sell-shares\/","url_meta":{"origin":568014,"position":1},"title":"The first two military-owned companies line up to sell shares","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Safi, Wataniya Petroleum are up first in Egypt\u2019s plan to partially privatize military-owned companies: The Sovereign Fund of Egypt (SFE) decided that Wataniya Petroleum and the National Company for Producing and Bottling Water (Safi) as the first two subsidiaries of the National Service Products Organization (NSPO) the fund will move\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\/2020\/12\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560310,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/franchising-on-the-menu-for-wataniya-sale\/","url_meta":{"origin":568014,"position":2},"title":"Franchising on the menu for Wataniya sale","author":"enterpriseam admin","date":"23 February 2021","format":false,"excerpt":"Franchisers are now on the list of potential buyers for 80-90% of military-owned Wataniya Petroleum, Sovereign Fund of Egypt (SFE) CEO Ayman Soliman told Reuters. 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The\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\/2\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583645,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/sfe-open-to-selling-100-of-safi-wataniya-to-strategic-investors-soliman\/","url_meta":{"origin":568014,"position":3},"title":"SFE open to selling 100% of Safi, Wataniya to strategic investors -Soliman","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"Local, regional and international investors have reportedly shown interest in the companies","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\/2023\/3\/Safi-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568288,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/buyers-are-lining-up-for-safi\/","url_meta":{"origin":568014,"position":4},"title":"Buyers are lining up for Safi","author":"enterpriseam admin","date":"24 December 2020","format":false,"excerpt":"Mansour Group, Pepsico, CocaCola Egypt, Nestl\u00e9, and steel conglomerate ElGarhy Group are reportedly interested in buying a stake in army-affiliated Safi. The five companies \u2014 four of which own household bottled water brands \u2014 are currently in talks with the Sovereign Fund of Egypt (SFE) to take minority stakes of\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\/2020\/12\/413.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565092,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/wataniya-sale-pushed-back-to-2h2021\/","url_meta":{"origin":568014,"position":5},"title":"Wataniya sale pushed back to 2H2021","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"The sale of 80-90% of military-owned Wataniya Petroleum has been pushed back to 2H2021, sources close to the transaction told the local press. The Sovereign Fund of Egypt (SFE), which is managing the sale, had previously been expected to wrap it up in the first half of the year, according\u2026","rel":"","context":"In "SPEED ROUND: PRIVATIZATION WATCH"","block_context":{"text":"SPEED ROUND: PRIVATIZATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/497.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568014","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=568014"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568014\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568015"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568014"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568014"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}