{"id":568137,"date":"2020-12-20T04:15:26","date_gmt":"2020-12-20T04:15:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/privatize-all-the-things\/"},"modified":"2020-12-20T04:15:26","modified_gmt":"2020-12-20T04:15:26","slug":"privatize-all-the-things","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/privatize-all-the-things\/","title":{"rendered":"Privatize all the things"},"content":{"rendered":"

<\/a> The state privatization program could be making a comeback in the <\/strong>coming months<\/strong> after Public Enterprises Minister Hisham Tawfik told Bloomberg<\/a> over the weekend that the government has earmarked five companies to be offered to investors. Improving market conditions and increased foreign appetite for Egyptian equities has prompted the government to revisit its plans to sell stakes in state-owned companies on the EGX, Tawfik said.<\/p>\n

Who\u2019s on offer remains a mystery <\/strong>as Tawfik declined to provide further details, saying only that he had held a ministerial committee to discuss the planned sales.<\/p>\n

The privatization program <\/strong>has been on ice<\/a><\/strong> since the pandemic first hit global markets<\/strong> and the Egyptian economy in March. Banque du Caire and e-payments firm E-Finance were due to become the first state companies to IPO under the second wave<\/a> of the program earlier this year, but were forced to abandon plans due to market volatility. BdC has shelved plans to sell 20-30% of its shares indefinitely<\/a> while E-Finance has penciled in 1Q2021<\/a> to debut on the exchange.<\/p>\n

But problems predate the pandemic:<\/strong> Since the program was announced in 2018, sales have been postponed multiple times and only a single offering has materialized: Eastern Tobacco\u2019s 4.5% secondary offering in March last year. In addition to BdC and E-Finance, Alexandria Containers, Abu Qir Fertilizers and Sidi Kerir Petrochemicals were due to sell secondary stakes to investors over the past three years, but each has been put on pause.<\/p>\n

Companies in Egypt + UAE eye military firm<\/p>\n

Adnoc, Taqa Arabia in the running for Wataniya:<\/strong> A number of investors at home and abroad have expressed interest in acquiring a majority stake in the military-owned oil distribution company Wataniya Petroleum, Bloomberg<\/a> reported on Thursday.<\/p>\n

Buyer #1: State-owned Abu Dhabi National Oil Company (Adnoc)<\/strong>, which produces most of the UAE\u2019s oil, is interested in partnering with the Sovereign Fund of Egypt (SFE) on full ownership of Wataniya, which operates over 200 refueling stations across the country, people familiar with the talks said. Adnoc\u2019s services arm, Abu Dhabi National Oil Company for Distribution, previously said it plans to expand in Egypt. The plan would come as part of the USD 20 bn joint investment platform Adnoc set up with the SFE last year<\/a>.<\/p>\n

Buyer #2: <\/strong>Qalaa Holding\u2019s Taqa Arabia<\/strong> is eyeing a majority stake in the company with the SFE as a partner, sources said.<\/p>\n

Background:<\/strong> Wataniya is one of two companies that have been chosen<\/a> to kickstart a privatization program of firms owned by the military\u2019s National Service Products Organization (NSPO), the other being the National Company for Producing and Bottling Water (Safi). SFE chief executive Ayman Soliman said last week that the company has already \u201cattracted [interest from] a lot of investors\u201d but declined to provide specifics. The SFE is looking at 10<\/a> NSPO subsidiaries to offer them up for co-investment as an initial phase ahead of potential IPOs on the EGX.<\/p>\n

In other privatization news:<\/strong> The planned IPO of football club Ghazl El Mahalla aims to raise EGP 75 mn through a public offering and EGP 25 mn through a private placement, Tawfik said in a statement to reporters on Thursday, Masrawy<\/a> reports. Plans to list the club in 1Q2021 were announced by the minister<\/a> earlier this month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The state privatization program could be making a comeback in the coming months after Public Enterprises Minister Hisham Tawfik told Bloomberg over the weekend that the government has earmarked five companies to be offered to investors. Improving market conditions and increased foreign appetite for Egyptian equities has prompted the government to revisit its plans to […]<\/p>\n","protected":false},"author":1,"featured_media":568138,"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":[72,125,78,100,81,370,587,615,567],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-investment-watch","tag-ipo-watch","tag-policy","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-state-privatization-program","tag-taqa-arabia","tag-wataniya-petroleum","wpautop","entry"],"acf":{"mongo_id":"7cd40893-6a1e-4d00-975c-6fa551a0f8f3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/327.jpg","photo_position":"above","related_issue":[568129],"teaser":"","voice_url":""},"yoast_head":"\nPrivatize all the things - 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\/20\/privatize-all-the-things\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Privatize all the things\" \/>\n<meta property=\"og:description\" content=\"The state privatization program could be making a comeback in the coming months after Public Enterprises Minister Hisham Tawfik told Bloomberg over the weekend that the government has earmarked five companies to be offered to investors. 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The minister said the move had been delayed until after the summer, without providing further details on the companies to be listed.Egypt had hoped to sell shares in\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":597773,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/amoc-exits-stage-right-from-second-wave-of-egypts-state-privatization-program\/","url_meta":{"origin":568137,"position":1},"title":"AMOC exits stage right from second wave of Egypt\u2019s state privatization program","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"EXCLUSIVE- AMOC won\u2019t be in round two of the state privatization program; Sinai Manganese Company might be: Alexandria Mineral Oils Company (AMOC), which had earlier been dropped from the first wave of the state privatization program after posting an unexpected dip in profits, will not take part in the second\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":559162,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/privatization-program-coming-back-to-life\/","url_meta":{"origin":568137,"position":2},"title":"Privatization program coming back to life?","author":"enterpriseam admin","date":"12 January 2021","format":false,"excerpt":"EXCLUSIVE- The state privatization program appears to be on track to shake off its cobwebs as the government committee in charge of it is set to meet later this month, Public Enterprises Minister Hisham Tawfik told Enterprise. The committee could shuffle the planned order of stake sales, Tawfik said, but\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\/1\/126.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":568137,"position":3},"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":565362,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/at-least-two-state-companies-could-hit-the-egx-in-3q2021\/","url_meta":{"origin":568137,"position":4},"title":"At least two state companies could hit the EGX in 3Q2021","author":"enterpriseam admin","date":"5 April 2021","format":false,"excerpt":"Two or three state-owned companies will sell shares on the EGX in 3Q2021, reviving the long-dormant state-privatization program, Public Enterprises Minister Hisham Tawfik said during an industry conference today, according to Reuters. Tawfik didn\u2019t mention the names of the companies lined up, or whether the offerings will be IPOs or\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\/4\/332.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572573,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/","url_meta":{"origin":568137,"position":5},"title":"Egypt suspends privatization program again due to \u201cunfavorable\u201d conditions","author":"enterpriseam admin","date":"30 June 2020","format":false,"excerpt":"PRIVATIZATION WATCH- The state privatization program is still on ice due to the \u201cunfavorable\u201d market conditions caused by the covid-19 pandemic, Public Enterprises Minister Hisham Tawfik told Bloomberg. 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