{"id":578789,"date":"2023-01-15T04:11:16","date_gmt":"2023-01-15T04:11:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/five-state-military-owned-companies-added-to-pre-ipo-fund\/"},"modified":"2023-01-15T04:11:16","modified_gmt":"2023-01-15T04:11:16","slug":"five-state-military-owned-companies-added-to-pre-ipo-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/five-state-military-owned-companies-added-to-pre-ipo-fund\/","title":{"rendered":"Five state + military-owned companies added to pre-IPO fund"},"content":{"rendered":"

<\/a> The Sovereign Fund of Egypt (SFE) has added five state- and military-owned companies <\/strong>to its pre-IPO fund<\/strong> as the government gears up to restart its privatization program, Bloomberg Asharq<\/a> reported Thursday, citing two sources it says are familiar with the matter. Officials at the SFE did not reply to requests for comment before dispatch time this morning.<\/p>\n

Who\u2019s in?<\/strong> Two military-owned firms \u2014 bottled drinks firm Safi<\/strong> and fuel retailer Wataniya<\/strong> \u2014 are in the fund, alongside Banque du Caire<\/strong>, Misr Life Ins.<\/strong>, and Egyptian Linear Alkyl Benzene<\/strong> (Elab).<\/p>\n

Up for grabs:<\/strong> The fund will offer a 20-30% stake in these companies to strategic investors.<\/p>\n

A January roadshow:<\/strong> The SFE will market the companies to regional and international strategic investors in a roadshow this month. A number of Arab sovereign wealth funds have expressed interest in acquiring shares in the military firms, SFE boss Ayman Soliman said<\/a> previously.<\/p>\n

A route to the EGX:<\/strong> The SFE set up its pre-IPO fund<\/a> in September to prepare state-owned companies for eventual listing on the EGX. It will sell shares in a number of companies to strategic investors before proceeding with public share sales when global market conditions have improved.<\/p>\n

Some context, #1- This is about what we expected. <\/strong>None of these are \u201cnew\u201d names \u2014 all are perennial candidates for privatization. Wataniya and Safi have been part of the Sovereign Fund of Egypt-led program<\/a> to open up military-affiliated companies for privatization since late 2020. Banque du Caire\u2019s long-planned IPO has been subject to repeated delays while Misr Life Ins. was eyeing a 2H 2022 window<\/a> for its IPO. Elab has been in the lineup<\/a> for the state IPO program since 2018.<\/p>\n

Some context, #2- Don\u2019t expect Safi or Wataniya to start with an IPO<\/strong> \u2014 the state has signaled that it is much more likely to sell a stake of each to a strategic investor, with an IPO coming at a later stage.<\/p>\n

Some context, #3- Don\u2019t expect the IPO floodgates to open anytime soon.<\/strong> The EGP needs to find its footing and international institutional investors must return to the market before the EGX can support large, high-profile offerings.<\/p>\n

BACKGROUND- The state wants to raise as much as USD 6 bn<\/strong> through strategic stake sales via the pre-IPO fund, Planning Minister and SFE head Hala El Said has said<\/a>. The fund will sell shares worth USD 2.5-3 bn during an initial phase before offering another USD 3 bn at a later date, she said in September. The report in Asharq did not attach a value to the five companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Sovereign Fund of Egypt (SFE) has added five state- and military-owned companies to its pre-IPO fund as the government gears up to restart its privatization program, Bloomberg Asharq reported Thursday, citing two sources it says are familiar with the matter. Officials at the SFE did not reply to requests for comment before dispatch time […]<\/p>\n","protected":false},"author":1,"featured_media":578790,"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":[726,68,72,78,3115,81,586,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banque-du-caire","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-misr-life-insurance","tag-privatization-watch","tag-safi","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"39b38d90-ccca-4a8f-8625-6aa2e0185967","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/220.jpg","photo_position":"above","related_issue":[578782],"teaser":"","voice_url":""},"yoast_head":"\nFive state + military-owned companies added to pre-IPO fund - 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\/2023\/01\/15\/five-state-military-owned-companies-added-to-pre-ipo-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five state + military-owned companies added to pre-IPO fund\" \/>\n<meta property=\"og:description\" content=\"The Sovereign Fund of Egypt (SFE) has added five state- and military-owned companies to its pre-IPO fund as the government gears up to restart its privatization program, Bloomberg Asharq reported Thursday, citing two sources it says are familiar with the matter. 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The Sovereign Fund of Egypt will speak with strategic investors \u201cin a number of cities around the world,\u201d Bloomberg Asharq says, quoting Planning Minister Hala El Said and fund CEO Ayman Soliman. The government had been planning\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\/10\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577377,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/sfe-pre-ipo-roadshow-on-ice-for-the-coming-weeks\/","url_meta":{"origin":578789,"position":3},"title":"SFE pre-IPO roadshow on ice for the coming weeks","author":"enterpriseam admin","date":"21 November 2022","format":false,"excerpt":"A planned roadshow for the Sovereign Fund of Egypt\u2019s pre-IPO fund by the Sovereign Fund of Egypt (SFE) has been pushed to late December or the beginning of January, Planning Minister Hala El Said said in an interview with Al Borsa. The roadshow was planned for the end of November\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\/11\/316.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584766,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/05\/offers-are-rolling-in-for-a-stake-in-the-govts-new-hotel-company\/","url_meta":{"origin":578789,"position":4},"title":"Offers are rolling in for a stake in the govt\u2019s new hotel company","author":"enterpriseam admin","date":"5 April 2023","format":false,"excerpt":"SFE\u2019s Soliman confirms strategics to buy in through a capital increase","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\/4\/228.jpg?fit=%2C&ssl=1&resize=350%2C200","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":578789,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578789","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=578789"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578789\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578790"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578789"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578789"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}