{"id":572573,"date":"2020-06-30T04:28:07","date_gmt":"2020-06-30T04:28:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/"},"modified":"2020-06-30T04:28:07","modified_gmt":"2020-06-30T04:28:07","slug":"egypt-suspends-privatization-program-again-due-to-unfavorable-conditions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/","title":{"rendered":"Egypt suspends privatization program again due to \u201cunfavorable\u201d conditions"},"content":{"rendered":"<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>PRIVATIZATION WATCH- The state privatization program is still on ice due to the <\/strong><strong>\u201cunfavorable\u201d market conditions caused by the covid-19 pandemic<\/strong>, Public Enterprises Minister Hisham Tawfik told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-29\/egypt-suspends-state-company-stake-sales-due-to-virus-turmoil?sref=mmeFTDW1\">Bloomberg<\/a>. The suspension will remain in place until further notice, Tawfik told the business information service. Tawfik had said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41c60870-8910-4665-a812-f5925bce52c8\">in March<\/a> that the program was suspended thanks to pandemic-induced market turmoil, but a government official had signaled at the time that the government could come back with a new plan for the program come May.<\/p>\n<p><strong>But the program isn\u2019t being taken off life support:<\/strong> The pandemic upended global markets, but Mohamed Ebied, co-CEO for the investment bank at EFG Hermes, said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/493e0457-82af-4b27-9c7f-1ab2d8301a49\">last week<\/a> that it is possible that the program could resume in 4Q2020 or 1Q2021. The timing remains hard to predict due to the drop in corporate valuations and volatile conditions just about everywhere.<\/p>\n<p><strong>A quick recap of the program:<\/strong> The state privatization program ran headlong into global market turmoil since it was announced in 2018 and has seen transactions postponed multiple times. It was due to include both <strong>stake sales by already-listed companies and fresh IPOs. <\/strong> Out of the two dozen companies slated to IPO or offer secondary stakes, only a single offering has materialized: Eastern Tobacco\u2019s 4.5% secondary offering in March last year. Banque du Caire had planned to debut 20-30% of its shares on the EGX <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40690e96-1782-465c-b1ae-4e96bd528bea\">in April<\/a> but shelved plans due to the onset of the coronavirus pandemic. State-owned e-payments firm E-Finance also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bca51511-55be-4032-89ae-78ad3af8fa92\">pushed its IPO date<\/a> to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25a86c08-8354-44e6-abcd-798ea55d073b\">final quarter of 2020<\/a>. Alexandria Containers, Abu Qir Fertilizers, and Sidi Kerir Petrochemicals have also pushed back stake sales.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. The suspension will remain in place until further notice, Tawfik told the business information service. Tawfik had said in March that the program was suspended thanks to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":572574,"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":[8572],"tags":[726,339,728,72,78,79,2380,9335,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banque-du-caire","tag-e-finance","tag-eastern-tobacco","tag-enterpriseam","tag-ipo-watch","tag-public-enterprises-ministry","tag-speed-round","tag-stake-sale","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"82f7037f-4711-42cd-a7d1-7f4f6ab1f06e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/307.jpg","photo_position":"above","related_issue":[572568],"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>Egypt suspends privatization program again due to \u201cunfavorable\u201d conditions - 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\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt suspends privatization program again due to \u201cunfavorable\u201d conditions\" \/>\n<meta property=\"og:description\" content=\"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. The suspension will remain in place until further notice, Tawfik told the business information service. Tawfik had said in March that the program was suspended thanks to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-30T04:28:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/307.jpg?fit=%2C&ssl=1\" \/>\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\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt suspends privatization program again due to \u201cunfavorable\u201d conditions\",\"datePublished\":\"2020-06-30T04:28:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/\"},\"wordCount\":278,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/307.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banque du Caire\",\"e-finance\",\"Eastern Tobacco\",\"EnterpriseAM\",\"IPO watch\",\"Public Enterprises Ministry\",\"SPEED ROUND\",\"stake sale\",\"state privatization program\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/egypt-suspends-privatization-program-again-due-to-unfavorable-conditions\/\",\"name\":\"Egypt suspends privatization program again due to \u201cunfavorable\u201d conditions - 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Tawfik didn\u2019t mention the names of the companies lined up, or whether the offerings will be IPOs or\u2026","rel":"","context":"In &quot;SPEED ROUND: PRIVATIZATION WATCH&quot;","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":559162,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/privatization-program-coming-back-to-life\/","url_meta":{"origin":572573,"position":1},"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 &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\/2021\/1\/126.jpg?fit=%2C&ssl=1&resize=350%2C200","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":572573,"position":2},"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 &quot;Speed Round&quot;","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":573797,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/could-we-be-getting-more-clarity-on-the-fate-of-egypts-state-privatization-program-this-month\/","url_meta":{"origin":572573,"position":3},"title":"Could we be getting more clarity on the fate of Egypt\u2019s state privatization program this month?","author":"enterpriseam admin","date":"18 August 2020","format":false,"excerpt":"PRIVATIZATION WATCH- Could we be getting more clarity on the fate of the state privatization program this month? Finance industry lobby group ECMA is planning to discuss the state privatization program with Public Enterprises Minister Hisham Tawfik before the end of the month, ECMA Chairman Mohamed Maher told Al Mal.\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":543386,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/state-privatization-program-to-resume-in-march-maait\/","url_meta":{"origin":572573,"position":4},"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 &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\/2022\/1\/537.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594533,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/01\/wave-two-of-egypts-state-privatization-program-kicked-to-early-2020\/","url_meta":{"origin":572573,"position":5},"title":"Wave two of Egypt\u2019s state privatization program kicked to early 2020","author":"enterpriseam admin","date":"1 September 2019","format":false,"excerpt":"EXCLUSIVE- Wave two of state privatization program kicked to early 2020: The second wave of the state privatization program, which consists only of IPOs, has been postponed to after January 2020 from an original September 2019 date, Public Enterprises Minister Hisham Tawfik told Enterprise. \u201cSome procedures have taken longer than\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/572573","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=572573"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572573\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572574"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572573"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572573"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}