{"id":581276,"date":"2023-02-07T00:00:00","date_gmt":"2023-02-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/"},"modified":"2023-02-07T00:00:00","modified_gmt":"2023-02-07T00:00:00","slug":"tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/","title":{"rendered":"Tons of speculation on state asset sales ahead of PM\u2019s presser"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Could BdC IPO in the first half \u2014 or will we \u201cjust\u201d see the sale of a stake to a strategic investor? Or will United Bank go first? What about Semadco? <\/span><span style=\"font-weight:400;\">Chatter about which companies are on the auction block (and which aren\u2019t) as part of the state asset program is reaching a crescendo a bit more than 24 hours ahead of the presser Prime Minister Moustafa Madbouly has said would take place after Wednesday\u2019s cabinet meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Madbouly is expected to <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/02\/well-get-the-names-of-20-companies-in-the-listing-pipeline-next-week-95285\/\" style=\"\">unveil a list of 20+ companies<\/a><\/span><span style=\"\"> in which the state plans to sell <\/span><span>shares.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FIRST <\/span><span style=\"font-weight:700\">OFF- Take it all with a grain of salt: <\/span><span style=\"\">Policymakers have a habit of using the terms \u201clist,\u201d \u201cIPO,\u201d and \u201cstake sale\u201d interchangeably. We\u2019re not aware of anybody in the market with an IPO at the moment, suggesting that any activity before Ramadan (22 March or so) would be in the form of stake sales to strategics. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Herewith, a rundown on who\u2019s said what \u2014 and what you might actually expect:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">House Planning Committee boss Fakhri El Fiqi waded in<\/span><span style=\"\">, telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3YcOpzx\" style=\"\">Al Mal<\/a><\/span><span style=\"\"> <\/span><span style=\"font-weight:700\">Banque du Caire<\/span><span style=\"\"> (BdC) <\/span><span>will go ahead with its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/07\/19\/has-banque-du-caire-pushed-its-ipo-back-again-76097\/\" style=\"\">long-awaited IPO<\/a><\/span><span> in 1H 2023 as part of the government\u2019s rebooted privatization program.<\/span><span> The state-owned bank plans to sell <\/span><span>45% of its shares to investors <\/span><span style=\"font-size:10.5pt;\">\u2014<\/span><span> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2020\/02\/05\/egypts-banque-du-caire-to-offer-45-stake-in-1h2020-ipo-11204\/\" style=\"\">as it had planned<\/a><\/span><span> back<\/span><span> in 2020 \u2014 but around half of that stake may now be offered to one or more strategic investor, El Fiqi said. <\/span><span style=\"\">BdC currently has until <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/17\/fra-approves-bdc-ipo-deadline-extension-87969\/\" style=\"\">31 March 2023<\/a><\/span><span style=\"\"> to wrap up IPO procedures after getting an extension from the Financial Regulatory Authority.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Also set to sell shares in the first half of the year: <\/span><span style=\"\">The four other companies that have <\/span><span>already been added to the Sovereign Fund of Egypt\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/15\/five-state-military-owned-companies-added-to-pre-ipo-fund-93514\/\" style=\"\">pre-IPO fund<\/a><\/span><span> alongside BdC should also <\/span><span>sell stakes in 1H 2023, El Fiqi said. These reportedly include two military-owned firms \u2014 bottled drinks firm <\/span><span style=\"font-weight:700\">Safi<\/span><span> and fuel retailer <\/span><span style=\"font-weight:700\">Wataniya<\/span><span> \u2014 alongside <\/span><span style=\"font-weight:700\">Misr Life Ins.<\/span><span>, and Egyptian Linear Alkyl Benzene (<\/span><span style=\"font-weight:700\">Elab<\/span><span>). Another private sale we\u2019ve been hearing reports of  \u2014 Saudi sovereign fund PIF\u2019s acquisition of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year-91034\/\" style=\"\">United Bank<\/a><\/span><span style=\"font-weight:400;\"> \u2014 is set to go ahead by the end of 1Q, according to El Fiqi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Could we be looking at 21 companies? <\/span><span style=\"\">That\u2019s the contention of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3YndTul\" style=\"\">Asharq Business<\/a><\/span><span style=\"\">, which is <\/span><span>out with a list of 21 firms it says will sell stakes this year \u2014 most of which were flagged by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/EGX-annual-report-2022.pdf\" style=\"\">the<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/EGX-annual-report-2022.pdf\" style=\"\">EGX (pdf)<\/a><\/span><span style=\"font-weight:400;\"> itself last month as being in the privatization pipeline \u2014 citing an anonymous source.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Secondary offerings, too?<\/span><span style=\"\"> The list includes EGX-listed firms at which existing shareholders <\/span><span>could sell down their positions, including chemicals<\/span><span> companies <\/span><span style=\"font-weight:700\">Sidpec<\/span><span> and <\/span><span style=\"font-weight:700\">Abu Qir<\/span><span>. <\/span><span style=\"font-weight:400;\">Madbouly, however, said last week that all of the companies in the pipeline will be offering stakes for the first time.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">eMethanex and Alex Bank have also been reported to be on the sale list<\/span><span style=\"\">, but public <\/span><span style=\"font-weight:400;\">offerings of shares in either would need a green light from other shareholders, making it more likely we\u2019ll see stake sales if they are, indeed, on the list. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A BIG QUESTION: How much equity will the state sell in each company? <\/span><span style=\"\">Anywhere from <\/span><span>5-20% of each, Asharq\u2019s report suggests \u2014 a range we think may not be sufficiently attractive to investors. Strategics typically don\u2019t want minority positions and they don\u2019t want to invest in the absence of clear management control. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Khaleejis are apparently eyeing another fertilizer player:<\/span><span style=\"\"> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/02\/05\/1628796\" style=\"\">Al Borsa<\/a><\/span><span style=\"\"> reported yesterday that <\/span><span>Gulf sovereign funds are intere<\/span><span>sted in acquiring an undisclosed stake in El Nasr for Fertilizers and Chemical Industries (<\/span><span style=\"font-weight:700\">Semadco<\/span><span style=\"font-weight:400;\">), citing anonymous sources. Egyptian fertilizer companies have been targeted by wealth funds in the UAE and Saudi over the past year: between them, ADQ and the Public Investment Fund now own almost half of Abu Qir and Mopco after purchasing shares from state institutions last year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Could BdC IPO in the first half \u2014 or will we \u201cjust\u201d see the sale of a stake to a strategic investor? Or will United Bank go first? What about Semadco? Chatter about which companies are on the auction block (and which aren\u2019t) as part of the state asset program is reaching a crescendo a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581277,"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":[204,726,72,6662,78,81,6661],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banking","tag-banque-du-caire","tag-enterpriseam","tag-fakhri-el-fiqi","tag-ipo-watch","tag-privatization-watch","tag-semadco","wpautop","entry"],"acf":{"mongo_id":"2887c2f5-ed5d-4844-85ec-c48bb2c416d1","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/Banque-du-Caire-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581271],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.1fc0cfe2-8989-4a32-a25f-65f9bf0ad755.mp3"},"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>Tons of speculation on state asset sales ahead of PM\u2019s presser - 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\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tons of speculation on state asset sales ahead of PM\u2019s presser\" \/>\n<meta property=\"og:description\" content=\"Could BdC IPO in the first half \u2014 or will we \u201cjust\u201d see the sale of a stake to a strategic investor? 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Or will United Bank go first? What about Semadco? Chatter about which companies are on the auction block (and which aren\u2019t) as part of the state asset program is reaching a crescendo a [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2023-02-07T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Banque-du-Caire-1600px.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Tons of speculation on state asset sales ahead of PM\u2019s presser","datePublished":"2023-02-07T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/"},"wordCount":636,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Banque-du-Caire-1600px.jpg?fit=%2C&ssl=1","keywords":["banking","Banque du Caire","EnterpriseAM","Fakhri El Fiqi","IPO watch","privatization watch","Semadco"],"articleSection":["Privatization"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/","url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser\/","name":"Tons of speculation on state asset sales ahead of PM\u2019s presser - 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By comparison, our GDP growth came in at 1.3% in 1H2020-2021, Planning Minister Hala El Said said,\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549733,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/wataniya-safi-to-hit-the-egx-by-year-end-madbouly-says\/","url_meta":{"origin":581276,"position":1},"title":"Wataniya, Safi to hit the EGX by year-end, Madbouly says","author":"enterpriseam admin","date":"28 September 2022","format":false,"excerpt":"The Sovereign Fund of Egypt plans to take military-owned filling station Wataniya and bottled water company Safi public on the EGX before the end of 2022, according to a a cabinet statement. The two companies, which are owned by the military\u2019s National Service Products Organization (NSPO), are currently being restructured\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/404.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":658283,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/09\/privatization-timeline-for-2025-to-be-announced-in-the-coming-days\/","url_meta":{"origin":581276,"position":2},"title":"Privatization timeline for 2025 to be announced in the coming days","author":"enterpriseam admin","date":"9 January 2025","format":false,"excerpt":"The government will also announce which consultants have been tapped for the offerings","rel":"","context":"In &quot;PRIVITIZATION WATCH&quot;","block_context":{"text":"PRIVITIZATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/privitization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1163.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590014,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/privatization-dominates-the-airwaves\/","url_meta":{"origin":581276,"position":3},"title":"Privatization dominates the airwaves","author":"enterpriseam admin","date":"12 July 2023","format":false,"excerpt":"Could news of state asset sales improve our reputation among credit rating firms?","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/452.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581401,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/09\/the-state-offering-program-and-the-turkey-syria-earthquake-feature-on-the-talk-shows\/","url_meta":{"origin":581276,"position":4},"title":"The state offering program and the Turkey-Syria earthquake feature on the talk shows","author":"enterpriseam admin","date":"9 February 2023","format":false,"excerpt":"It was surprisingly a quiet night on talk shows yesterday: With Lamees El Hadidi, Amr Adib and Ahmed Moussa all having the night off, and Al Hayah Al Youm scaling back its evening show, Ramy Radwan on Masaa DMC and Yahduth Fi Masr\u2019s Sherif Amer more or less had the\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/privatizationpresser-MasaaDMC-8Feb23-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543486,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/10-state-ipos-this-year\/","url_meta":{"origin":581276,"position":5},"title":"10 state IPOs this year?","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"Could we see ten new listings from state companies this year? 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