{"id":581535,"date":"2023-02-15T00:00:00","date_gmt":"2023-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/privatization-update-united-bank-helwan-fertilizers-pachin\/"},"modified":"2023-02-15T00:00:00","modified_gmt":"2023-02-15T00:00:00","slug":"privatization-update-united-bank-helwan-fertilizers-pachin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/privatization-update-united-bank-helwan-fertilizers-pachin\/","title":{"rendered":"Privatization update: United Bank, Helwan Fertilizers, Pachin"},"content":{"rendered":"<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=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/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\">This morning brings news on the progress of potential stake sales in three state-owned <\/span><span style=\"font-weight:700\">companies<\/span><span style=\"\"> that were last week named on the list of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">32 state-owned companies the government plans to take to market<\/a><\/span><span> over the next year. <\/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;\">UNITED BANK-<\/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\">Two Saudi banks have United Bank on their radar: <\/span><span style=\"\">Riyadh-listed Saudi lenders <\/span><span>Riyad Bank and <\/span><span style=\"\">shariah-compliant lender<\/span><span> Al Rajhi Bank are looking to either fully acquire or buy into state-owned United Bank, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/3jW2rGU\" style=\"\">Al Mal<\/a><\/span><span> <\/span><span style=\"\">quotes <\/span><span style=\"\">Rep. Fakhri El Fiqi as having said<\/span><span>. The banks would be looking to come on board as strategic investors, according to El Fiqi, who didn\u2019t disclose how much of United Bank is up for sale. <\/span><span>The CBE currently owns 99.9% of the bank. We were unable to reach representatives of <\/span><span>Riyad Bank<\/span><span> and <\/span><span>Al Rajhi Bank<\/span><span style=\"font-weight:400;\"> for comment yesterday.<\/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\">Riyad + Al Rajhi aren\u2019t the first Saudi institutions to express interest:<\/span><span> N<\/span><span>ews has been circulating <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/23\/pif-eyes-united-bank-amid-state-privatization-push-71525\/\" style=\"\">since May<\/a><\/span><span> in local media<\/span><span> that the Saudi sovereign wealth fund <\/span><span style=\"font-size:10.5pt;\">\u2014 the Public Investment Fund (PIF) \u2014 <\/span><span>is<\/span><span> in talks with the government to fully <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year-91034\/\" style=\"\">acquire the bank for USD 600 mn<\/a><\/span><span> via its Egypt investment arm<\/span><span>. The PIF is the largest shareholder in Riyad Bank, holding 22% of its shares.<\/span><span style=\"\"> <\/span><span style=\"\">The CBE <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2017\/01\/18\/cbe-approves-egp-2-5-bn-capital-increase-for-united-bank-of-egypt\/\" style=\"\">first floated plans<\/a><\/span><span style=\"\"> to sell United to a strategic investor in 2017.<\/span><span> <\/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\">Advisors:<\/span><span> <\/span><span>Reports in local media have suggested that PIF has appointed EFG Hermes as financial advisors and US law firm <\/span><span><a href=\"https:\/\/www.akingump.com\/en\/\" style=\"\">Akin Gump<\/a><\/span><span> as counsel. CI Capital is reportedly acting as United Bank\u2019s advisor.<\/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;\">HELWAN FERTILIZERS COMPANY-<\/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\">Helwan Fertilizers up for grabs to strategic investors? <\/span><span style=\"\">The government is reportedly <\/span><span>looking to sell<\/span><span> up to <\/span><span>20% of the state-owned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.hfcegypt.com\/en\" style=\"\">Helwan Fertilizers Company<\/a><\/span><span> to strategic Gulf <\/span><span>investors, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/3YlkbKN\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> reports, citing sources it says are in the know. PIF and Abu Dhabi\u2019s wealth fund ADQ are eyeing a stake in the fertilizers company, the sources added, saying that listing the company on the EGX is unlikely, without disclosing further information. <\/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\">Who\u2019s selling?<\/span><span> Most likely the state-owned Metallurgical Industries Holding, as well as the National Investment Bank (NIB), and the <\/span><span>Agriculture Ministry, according to the sources.<\/span><span> <\/span><span style=\"\">Helwan\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.hfcegypt.com\/share-holders\" style=\"\">website<\/a><\/span><span style=\"font-weight:400;\"> lists 12 shareholders, the largest of which is the partially privatized, EGX-quoted fertilizers outfit Abu Qir, one of the nation\u2019s largest fertilizer producers, with 17%. The state\u2019s Social Ins. Fund is the next-largest shareholder with 15%. <\/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\">Once again: Will strategic investors be happy with less-than-majority stakes <\/span><span style=\"font-weight:400;\">and no management control? That remains one of the biggest questions hanging over the privatization program. <\/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;\">PACHIN-<\/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\">Pachin bidders are evaluating their positions: <\/span><span style=\"\">Compass Capital, Eagle Chemicals and the <\/span><span>Abu Dhabi-based National Paints Holding (NPH) are rethinking their options for EGX-listed Paint and Chemical Industries (Pachin) following its inclusion in the <\/span><span style=\"\">state privatization program<\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3YrI1Vp\" style=\"\">Al Mal<\/a><\/span><span> reports, citing unnamed sources. The three companies had all launched takeover bids for the company but its inclusion in the program has raised the possibility that the government may look to <\/span><span style=\"\">dilute its position by calling for a capital increase via EGX<\/span><span style=\"font-weight:400;\"> or decide not to bring in 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\">REFRESHER- <\/span><span>The three companies have all made initial offers to <\/span><span>purchase the<\/span><span> company and are currently doing due diligence. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/10\/compass-capital-cleared-to-do-due-diligence-on-pachin-plus-speed-medical-icmi-make-ma-headlines-93175\/\" style=\"\">Compass<\/a><\/span><span> leads the pack with a EGP 30 per-share bid, while <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/27\/the-bidding-war-for-pachin-is-heating-up-again-92279\/\" style=\"\">Eagle Chemicals<\/a><\/span><span> offered EGP 29.5 and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/06\/uaes-national-paints-wants-pachin-86192\/\" style=\"\">NPH<\/a><\/span><span> EGP 29. Pachin is currently approximately <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/10\/compass-capital-cleared-to-do-due-diligence-on-pachin-plus-speed-medical-icmi-make-ma-headlines-93175\/\" style=\"\">54% owned by state-owned companies and banks<\/a><\/span><span style=\"font-weight:400;\">.<\/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\">Advisors:<\/span><span style=\"font-weight:400;\"> Al Ahly Pharos is advising Pachin while Shalakany Law Office is counsel. Marei, Fayez, Dardiry & Partners is legal advisor to Compass Capital, which has not yet appointed a financial advisor.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two Saudi banks have United Bank on their radar<\/p>\n","protected":false},"author":1,"featured_media":581536,"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":[6688,204,6483,72,78,9179,81,6687,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-al-rajhi-bank","tag-banking","tag-eagle-chemicals","tag-enterpriseam","tag-ipo-watch","tag-national-paints-holding","tag-privatization-watch","tag-riyad-bank","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"843a3bc8-8277-44ee-a698-331f47c98c36","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/6\/market-bw-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s Privatization update: United Bank, Helwan Fertilizers, Pachin","related_issue":[581530],"teaser":"Two Saudi banks have United Bank on their radar","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.1dc1eed5-d75e-4818-ad89-d70b6d59d290.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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