{"id":581590,"date":"2023-02-16T00:00:00","date_gmt":"2023-02-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/gulf-investors-reportedly-eyeing-stakes-in-merged-sidpec-ethydco\/"},"modified":"2023-02-16T00:00:00","modified_gmt":"2023-02-16T00:00:00","slug":"gulf-investors-reportedly-eyeing-stakes-in-merged-sidpec-ethydco","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/gulf-investors-reportedly-eyeing-stakes-in-merged-sidpec-ethydco\/","title":{"rendered":"Gulf investors reportedly eyeing stakes in merged Sidpec-Ethydco"},"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=\"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=\"\"> <\/span><span style=\"font-weight:700\">Guess who wants Sidpec-Ethydco? <\/span><span style=\"\">Gulf investors are already lining up to get a <\/span><span>piece of the planned merger between EGX-listed Sidi Kerir Petrochemicals (Sidpec) and <\/span><span>Egyptian Ethylene and Derivatives Company (Ethydco), sources in the know reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/3Ip7KIg\" style=\"\">Al Mal<\/a><\/span><span>. The unidentified investors are reportedly looking <\/span><span style=\"font-weight:400;\">to acquire between 16-20% of the new company, a number that could go up or down after the merger wraps up. The companies have not yet received any official bids, the sources said.<\/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\">Where does the merger currently stand? <\/span><span style=\"\">The two companies are currently working on fulfilling the requests of their financial and legal advisors, Sidpec said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/Sidpec-egx-disclosure-15-2-23.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span style=\"font-weight:400;\"> last week. <\/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\">Remember: <\/span><span style=\"\">Last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/13\/sidpec-wants-100-of-ethydco-83843\/\" style=\"\">Sidpec expressed interest<\/a><\/span><span style=\"\"> in fully<\/span><span style=\"\"> acquiring<\/span><span style=\"\"> Ethydco through a share swap, with the company\u2019s chairman, Mohamed Ibrahim, signaling that the acquisition would wrap up in less than a year. <\/span><span style=\"font-weight:700\">Sidpec currently owns 20% of Ethydco<\/span><span style=\"font-weight:400;\">, making it the company\u2019s second-largest shareholder.<\/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\">Ethydco is in the state\u2019s privatization plans:<\/span><span> The chemicals firm is among the <\/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<\/a><\/span><span> that the government is looking to part-privatize over the coming 13 months. The government has not mentioned Sidpec as being in line for privatization though an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser-95703\/\" style=\"\">unconfirmed press report<\/a><\/span><span style=\"font-weight:400;\"> claimed it could look to offer a secondary stake to investors.<\/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\">Our Khaleeji friends are buying big into Egyptian petchems:<\/span><span style=\"\"> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/13\/adq-makes-grand-entry-into-the-egx-with-usd-1-8-bn-buy-launches-first-mena-spac-with-chimera-69147\/\" style=\"\">Saudi<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/08\/11\/the-saudis-have-arrived-77636\/\" style=\"\">Emirati<\/a><\/span><span style=\"\"> sovereign wealth funds have together acquired significant minority stakes in two of the country\u2019s largest fertilizer companies \u2014 Abu Qir Fertilizers and Misr Fertilizers Production Company (Mopco) \u2014 and are now reportedly after stakes in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/privatization-update-united-bank-helwan-fertilizers-pachin-96899\/\" style=\"\">Helwan Fertilizers Company<\/a><\/span><span style=\"\">. Undisclosed Gulf funds are also looking to acquire shares in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/07\/tons-of-speculation-on-state-asset-sales-ahead-of-pms-presser-95703\/\" style=\"\">El Nasr for Fertilizers and Chemical Industries<\/a><\/span><span style=\"font-weight:400;\"> (Semadco).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The unidentified investors are reportedly looking to acquire 16-20% of the new company<\/p>\n","protected":false},"author":1,"featured_media":581591,"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":[72,7128,705,81,8726],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-ma-watch","tag-petrochemicals","tag-privatization-watch","tag-sidpec","wpautop","entry"],"acf":{"mongo_id":"8139ef09-3213-43db-bdbd-3aa9d0fd88dc","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/petrochemical-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581585],"teaser":"The unidentified investors are reportedly looking to acquire 16-20% of the new company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.5f4d87d6-598f-4c69-9bdc-bf177c8551c8.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>Gulf investors reportedly eyeing stakes in merged Sidpec-Ethydco - 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\/16\/gulf-investors-reportedly-eyeing-stakes-in-merged-sidpec-ethydco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulf investors reportedly eyeing stakes in merged Sidpec-Ethydco\" \/>\n<meta property=\"og:description\" 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auction block as part of the rebooted privatization program","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/179.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585929,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/secondary-stake-sales-for-abu-qir-sidpec\/","url_meta":{"origin":581590,"position":1},"title":"Secondary stake sales for Abu Qir, Sidpec?","author":"enterpriseam admin","date":"2 May 2023","format":false,"excerpt":"Both companies have already seen interest from Gulf investors","rel":"","context":"In 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