{"id":582320,"date":"2023-03-07T00:00:00","date_gmt":"2023-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/sfe-to-sell-stakes-in-2-3-state-owned-firms-in-april-says-ceo\/"},"modified":"2023-03-07T00:00:00","modified_gmt":"2023-03-07T00:00:00","slug":"sfe-to-sell-stakes-in-2-3-state-owned-firms-in-april-says-ceo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/sfe-to-sell-stakes-in-2-3-state-owned-firms-in-april-says-ceo\/","title":{"rendered":"SFE to sell stakes in 2-3 state-owned firms in April, says CEO"},"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=\"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\"> <\/span><span style=\"font-weight:700\">Expect stake sales in pre-IPO fund firms in April:<\/span><span style=\"\"> The Sovereign Fund of Egypt\u2019s <\/span><span style=\"\">(SFE) <\/span><span>pre-IPO fund is set to offer stakes in 2-3 state-owned companies to strategic investors or via public share sales in April, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/41PSFY4\" style=\"\">CNBC Arabia<\/a><\/span><span> quotes Sovereign Fund of Egypt CEO Ayman Soliman as saying. <\/span><span style=\"font-weight:400;\">Soliman did not disclose the names of the companies that will sell shares next month.<\/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\">AND- We\u2019re about to find out who\u2019s buying into the state-owned hotels company: <\/span><span style=\"\">The <\/span><span>government will \u201cwithin days\u201d make an announcement on stake sales in the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/23\/state-owned-hotels-company-will-offer-20-to-strategics-and-5-on-the-egx-plus-misr-life-sale-update-97676\/\" style=\"\">seven hotels<\/a><\/span><span style=\"font-weight:400;\"> it bundled into one company ahead of a sale, Soliman said. The company will offer a 20% stake to strategic investors, followed by an offering of 5% on the bourse, Public Enterprises Minister Mahmoud Esmat said last month.<\/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\">Eleven companies are headed to the pre-IPO fund in total: <\/span><span style=\"\">Soliman said that <\/span><span>stake sales in 11 of 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 companies<\/a><\/span><span> in the government\u2019s privatization program <\/span><span>will be managed through the pre-IPO fund. The SFE reportedly added<\/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=\"\">five state- and military-owned companies to its pre-IPO fund<\/a><\/span><span> in January: Bottled drinks firm Safi, fuel retailer Wataniya, Banque du Caire, Misr Life Ins., and Egyptian Linear Alkyl Benzene (Elab). The fund, which also <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/13\/sfe-gets-the-ball-rolling-on-power-plant-stake-sale-83838\/\" style=\"\">reportedly includes<\/a><\/span><span style=\"font-weight:400;\"> the Siemens-built, 4.8 GW combined-cycle power plant in Beni Suef, is said to be planning to offer a 20-30% stake in these companies to strategic 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\">REFRESHER- What pre-IPO fund? <\/span><span style=\"\">The fund <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate-80579\/\" style=\"\">aims to prepare<\/a><\/span><span style=\"\"> state-owned enterprises for <\/span><span>listing on the EGX by offering an alternative to public share sales while market conditions remain volatile. The state wants to raise <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/13\/up-to-usd-3-bn-in-strategic-stake-sales-to-be-announced-within-month-el-said-81031\/\" style=\"\">as much as USD 6 bn<\/a><\/span><span style=\"font-weight:400;\"> through strategic stake sales via the pre-IPO fund, Planning Minister and SFE Chairman Hala El Said has 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\">Are our Gulf neighbors gearing up to invest USD 4 bn? <\/span><span style=\"\">Strategic investors from the Gulf <\/span><span>could spend USD 4 bn to buy into local firms in a first phase of stake sales, Soliman said. It\u2019s not clear if he was referring to the first phase of stake sales under the pre-IPO fund \u2014 which Planning Minister Hala El Said said would raise USD 2.5-3 bn overall \u2014 or to the privatization program as a whole. The SFE, EGX, and government officials have <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/13\/this-morning-egyps-rolls-on-egx-sfe-and-el-sisi-all-in-the-gulf-96637\/\" style=\"\">made a number of trips<\/a><\/span><span style=\"font-weight:400;\"> to the Gulf in recent weeks to market the privatization program to wealth funds and other strategics in the region. <\/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\">Qatar eyes more local sectors: <\/span><span style=\"\">Qatari investors are eyeing our logistics, containers, fertilizers, <\/span><span>and export sectors<\/span><span>, said Soliman. <\/span><span>An Egyptian <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/01\/madbouly-reassures-qatari-investors-on-economy-in-bid-to-draw-investment-98272\/\" style=\"\">delegation to Qatar last week<\/a><\/span><span> returned home without any hint of progress on the<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/03\/30\/qatar-to-invest-usd-5-bn-in-egypt-cemex-harmony-gold-to-invest-more-here-67923\/\" style=\"\">USD 5 bn<\/a><\/span><span> the country has pledged to invest here, though Qatari players did express interest in our health, food, hospitality, and tech sectors. Talks with the Qatar Investment Authority (QIA) to sell a stake in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/el-said-calls-on-qataris-to-invest-adq-said-to-be-mounting-rival-bid-to-qias-vodafone-egypt-acquisition-95853\/\" style=\"\">Vodafone Egypt<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/31\/investment-banks-eye-terminal-operator-ipos-and-qatars-swf-is-looking-for-a-strategic-stake-94977\/\" style=\"\">two container terminal operators<\/a><\/span><span style=\"font-weight:400;\"> have stalled in recent weeks, reportedly on the sizes of the stakes on offer.<\/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\">Strategics will strengthen banks ahead of IPOs: <\/span><span style=\"\">Stakes in state-owned banks Banque du <\/span><span>Caire (BdC), United Bank, and Arab African International Bank (AAIB) \u201care better placed with a strategic partner to lay down a clear vision and a clear reading on growth and then go to market afterwards,\u201d Soliman told Bloomberg in an interview yesterday (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-03-06\/soliman-we-re-not-shying-away-from-local-offerings-video\" style=\"\">watch, runtime: 5:58<\/a><\/span><span>.<\/span><span style=\"font-weight:400;\">) \u201cWhen you crowd in the right strategic partner and then you go to market, the uptake on that market, the confidence in that company is a lot stronger,\u201d Soliman said. \u201cWe aren\u2019t shying away from local offerings or going to market but it\u2019s how much the market can absorb\u201d in terms of offering size, he added.<\/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=\"\"> The Madbouly government in early February revealed plans to <\/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=\"\">sell stakes in 32<\/a><\/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=\"\">state-owned companies<\/a><\/span><span> over the next year under a rebooted privatization program designed <\/span><span>to help secure much needed FX<\/span><span> and boost the private sector\u2019s role in the economy in line with the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/11\/imf-breaks-down-the-details-on-our-usd-3-bn-loan-93298\/\" style=\"\">government\u2019s commitment to the IMF<\/a><\/span><span>. Prime Minister Moustafa Madbouly said that the state will offer shares in the companies to strategic investors, via offerings on the EGX or a mix of both over the next year. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gov\u2019t will also announce \u201cwithin days\u201d who\u2019s buying the state hotels company.<\/p>\n","protected":false},"author":1,"featured_media":582321,"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":[369,72,78,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-ayman-soliman","tag-enterpriseam","tag-ipo-watch","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"66f8d117-cb48-4c9b-9a8a-8e297bbcf2f4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Ayman-Soliman-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Sovereign Fund of Egypt to sell stakes in state companies next month","related_issue":[582315],"teaser":"Gov\u2019t will also announce \u201cwithin days\u201d who\u2019s buying the state hotels company.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.adb4ca20-309a-4978-923f-8be7d0a1b6b4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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