{"id":583645,"date":"2023-03-19T00:00:00","date_gmt":"2023-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/sfe-open-to-selling-100-of-safi-wataniya-to-strategic-investors-soliman\/"},"modified":"2023-03-19T00:00:00","modified_gmt":"2023-03-19T00:00:00","slug":"sfe-open-to-selling-100-of-safi-wataniya-to-strategic-investors-soliman","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/sfe-open-to-selling-100-of-safi-wataniya-to-strategic-investors-soliman\/","title":{"rendered":"SFE open to selling 100% of Safi, Wataniya to strategic investors -Soliman"},"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\">No limits on Safi, Wataniya stake sales -SFE\u2019s Soliman:<\/span><span style=\"\"> The <\/span><span>Sovereign Fund of<\/span><span> E<\/span><span>gypt <\/span><span>(SFE) could sell up to 100% of military-owned firms Safi and Wataniya to <\/span><span style=\"\">strategic investors depending on market appetite, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.asharqbusiness.com\/article\/48266\/\u0635\u0646\u062f\u0648\u0642-\u0645\u0635\u0631-\u0627\u0644\u0633\u064a\u0627\u062f\u064a-\u0644\u0627-\u062d\u062f-\u0623\u0642\u0635\u0649-\u0644\u0644\u062d\u0635\u0635-\u0627\u0644\u0645\u0632\u0645\u0639-\u0628\u064a\u0639\u0647\u0627-\u0645\u0646-\u0648\u0637\u0646\u064a\u0629-\u0648\u0635\u0627\u0641\u064a\/\" style=\"\">Asharq Business<\/a><\/span><span> quotes our friend SFE CEO Ayman Soliman as having said<\/span><span style=\"\">. The news outlet had <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/15\/ci-capital-reportedly-marketing-at-least-10-of-safi-wataniya-to-strategics-100037\/\" style=\"\">reported last week<\/a><\/span><span style=\"font-weight:400;\"> that the government was looking to sell at least 10% in each company as part of its privatization drive and that CI Capital had been tapped to manage the sales. \u201cThere will be no upper limit\u201d to the size of the stake on offer, Soliman said on the sidelines of an event in Cairo. <\/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\">How much will be up for grabs? It all boils down to investor <\/span><span style=\"font-weight:700\">appetite<\/span><span style=\"\">, Soliman said, <\/span><span style=\"font-weight:400;\">emphasizing that the SFE aims to be \u201cvery flexible\u201d and \u201cresponsive to the market\u201d in its approach to the 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\">It\u2019s not just Gulf wealth funds that are showing interest, Soliman says:<\/span><span style=\"\"> The invest<\/span><span style=\"\">ors <\/span><span>eyeing Safi and Wataniya include international, regional, and local players, Soliman told Asharq, adding that the companies have received interest from a <\/span><span>large <\/span><span style=\"font-weight:400;\">number of 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\">Remember:<\/span><span style=\"\"> CI Capital opened talks with prospective investors last week in a roadshow tha<\/span><span style=\"\">t is <\/span><span style=\"font-weight:400;\">expected to finish 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\">Ownership limits have reportedly been a sticking point in negotiations for other state <\/span><span style=\"font-weight:700\">companies:<\/span><span style=\"\"> Sale talks for stakes in Vodafone Egypt and several port operators have reportedly stalled in recent weeks due to disagreements over ownership. <\/span><span style=\"\">Those sale processes are not being managed by the SFE.<\/span><span style=\"\"> Recent reports have suggested that the government has been unwilling to meet the Qatar Investment Authority\u2019s demand for all of Telecom Egypt\u2019s (TE) <\/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=\"\">45% stake in Vodafone Egypt<\/a><\/span><span style=\"\"> and for majority ownership of the <\/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=\"\">Port Said and Damietta container terminal operators<\/a><\/span><span style=\"\">.<\/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 lot is at stake:<\/span><span style=\"\"> Concerns over Egypt\u2019s progress in selling state assets are contributing to the <\/span><span>shortage of hard currency and pressure on the EGP, which have intensified in recent days despite three devaluations over the past year. Portfolio investors are <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/14\/this-morning-global-bank-sell-off-sends-egx-30-to-a-nine-week-low-99864-2\/\" style=\"\">continuing to sit on the sidelines<\/a><\/span><span style=\"font-weight:400;\"> until they see signs that the government is delivering on its commitments under the IMF program, which include accelerating privatization and maintaining a fully flexible exchange rate. <\/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\">Background:<\/span><span style=\"\"> The SFE was earlier reported to have <\/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=\"\">planned to sell a 20-30% stake<\/a><\/span><span style=\"\"> in Safi a<\/span><span style=\"\">nd<\/span><span>Wataniya to strategic investors before proceeding with public share sales when global market conditions have improved. The fund has been restructuring the two firms ahead of the share sale<\/span><span>.<\/span><span> Safi and Wataniya are both on <\/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=\"\">the list of the 32 state-owned companies<\/a><\/span><span> the Madbouly government plans to offer to strategic investors and the EGX by the end of 1Q 2024.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Local, regional and international investors have reportedly shown interest in the companies<\/p>\n","protected":false},"author":1,"featured_media":583646,"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":[369,72,7128,7307,81,586,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-ayman-soliman","tag-enterpriseam","tag-ma-watch","tag-military","tag-privatization-watch","tag-safi","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"c2b7a2e5-6a60-4d93-b790-a71770451eff","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Safi-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s sovereign wealth fund could sell 100% of military firms to investors -Soliman","related_issue":[583638],"teaser":"Local, regional and international investors have reportedly shown interest in the companies","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.9448be92-7dfc-4cbd-8821-bc96e56ef7d2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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. 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