{"id":582603,"date":"2023-03-13T00:00:00","date_gmt":"2023-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/safi-wataniya-prepare-for-offering\/"},"modified":"2023-03-13T00:00:00","modified_gmt":"2023-03-13T00:00:00","slug":"safi-wataniya-prepare-for-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/safi-wataniya-prepare-for-offering\/","title":{"rendered":"Safi + Wataniya prepare for offering"},"content":{"rendered":"<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\">Safi + Wataniya to begin offering prep on Wednesday:<\/span><span style=\"\"> The government will <\/span><span>start prepari<\/span><span style=\"\">ng military-owned bottled drinks firm Safi and fuel retailer Wataniya for offering on Wednesday, 15 March, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0jJdUFgBFxqfnJQZwZNT4RtUe2M7V8jYfKh7xxLymn2fbVA9cZC5aPrARFKcV2CQal\" style=\"\">cabinet said<\/a><\/span><span style=\"\"> yesterday. <\/span><span style=\"font-weight:400;\">The advisor or advisors working on the sales will start outreach to strategic investors in the marketing phase of the transaction, it suggested. The statement did not name advisors or make clear whether the state had mandated separate advisors for each transaction.<\/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\">That\u2019s not all:<\/span><span style=\"\"> The government will offer four \u201clarge\u201d companies to investors through international investment banks, cabinet said. The statement didn\u2019t disclose which companies would be offered, provide a timeframe, or name the advisors.<\/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\">Size of the stake still up in the air: <\/span><span style=\"\">The government is yet to confirm how much of the Safi and Wataniya it is prepared to offer to strategic investors. That makes sense: One of the jobs of the investment bankers will be to suss-out appetite among potential 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\">Strategic investors first, public share sale second<\/span><span style=\"font-weight:700\">: <\/span><span>Safi and Wataniya \u2014 both owned by the military\u2019s National Services Projects Organization \u2014 <\/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=\"\">were reported in January<\/a><\/span><span> to have been added to the pre-IPO fund managed by the Sovereign Fund of Egypt, <\/span><span>which has been restructuring the companies ahead of a share sale. <\/span><span style=\"\">The fund was earlier reported to have planned to sell a 20-30% stake in the companies<\/span><span> to strategic investors before proceeding with public share sales when global market conditions have improved. Prime Minister Moustafa Madbouly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/09\/this-morning-strategic-investors-public-share-sales-says-madbouly-99192\/\" style=\"\">recently expressed<\/a><\/span><span style=\"font-weight:400;\"> said the state prefers to sell stakes in state-owned companies to strategic investors over public share sales.<\/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=\"\">Prime Minister Moustafa Madbouly last month unveiled the government\u2019s <\/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=\"\">plan to<\/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=\"\">sell stakes in 32 state-owned companies<\/a><\/span><span style=\"font-weight:400;\"> through sales to strategic investors and offerings on the EGX by the end of 1Q 2024. The privatization drive comes as part of Egypt\u2019s USD 3 bn loan program with the IMF, under which it pledged to reduce the involvement of state- and military-owned enterprises in the economy.<\/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\">Time is of the essence:<\/span><span style=\"\"> Pressure on the EGP is unlikely to ease until the government starts <\/span><span>showing progress in delivering on its privatization pledges. Foreign investors are continuing to sit on the sidelines in part due to concerns about stalling privatization momentum \u2014 see <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk-97677\/\" style=\"\">United Bank<\/a><\/span><span> and <\/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> \u2014 and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/12\/slow-reform-progress-isnt-getting-the-confidence-of-investors-99383\/\" style=\"\">pressure is now building again<\/a><\/span><span style=\"font-weight:400;\"> on local debt and the currency. <\/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\">The news got international coverage: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-12\/egypt-looks-to-begin-offering-of-military-firms-this-week\" style=\"\">Bloomberg<\/a><\/span><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The adviser working on the offering is unknown.<\/p>\n","protected":false},"author":1,"featured_media":582604,"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":[72,7128,7307,10579,81,586],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-ma-watch","tag-military","tag-national-services-projects-organization","tag-privatization-watch","tag-safi","wpautop","entry"],"acf":{"mongo_id":"9bfb9d2e-9b9e-4345-b61a-bcf9f2857e64","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/wataniya-station-1600.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[582596],"teaser":"The adviser working on the offering is unknown.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.d91275dc-bccf-439c-a8c2-aaf58a6cd214.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>Safi + Wataniya prepare for offering - 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\/03\/13\/safi-wataniya-prepare-for-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Safi + Wataniya prepare for offering\" \/>\n<meta property=\"og:description\" content=\"The adviser working on the offering is unknown.\" \/>\n<meta property=\"og:url\" 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Safi","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1077.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582905,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/ci-capital-reportedly-marketing-at-least-10-of-safi-wataniya-to-strategics\/","url_meta":{"origin":582603,"position":1},"title":"CI Capital reportedly marketing at least 10% of Safi, Wataniya to strategics","author":"enterpriseam admin","date":"15 March 2023","format":false,"excerpt":"CI Capital plans to wrap up the roadshow within a month","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/1600-Wataneya-gas.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550433,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sfe-is-marketing-to-strategics-around-the-world-says-theres-appetite-for-safi-and-wataniya\/","url_meta":{"origin":582603,"position":2},"title":"SFE is marketing to strategics around the world, says there\u2019s appetite for Safi and Wataniya","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"The government will launch a roadshow to market pre-IPO companies it is warehousing. 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 &quot;Privatization&quot;","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":583645,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/sfe-open-to-selling-100-of-safi-wataniya-to-strategic-investors-soliman\/","url_meta":{"origin":582603,"position":3},"title":"SFE open to selling 100% of Safi, Wataniya to strategic investors -Soliman","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"Local, regional and international investors have reportedly shown interest in the companies","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Safi-1600.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":582603,"position":4},"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":586622,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/","url_meta":{"origin":582603,"position":5},"title":"Telecom Egypt sale wraps","author":"enterpriseam admin","date":"15 May 2023","format":false,"excerpt":"The sale was more than 3x oversubscribed","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/773.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\/582603","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=582603"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582603\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582604"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582603"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582603"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}