{"id":583928,"date":"2023-03-22T00:00:00","date_gmt":"2023-03-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/22\/sfes-pre-ipo-fund-to-start-asset-sales-after-ramadan-soliman\/"},"modified":"2023-03-22T00:00:00","modified_gmt":"2023-03-22T00:00:00","slug":"sfes-pre-ipo-fund-to-start-asset-sales-after-ramadan-soliman","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/22\/sfes-pre-ipo-fund-to-start-asset-sales-after-ramadan-soliman\/","title":{"rendered":"SFE\u2019s pre-IPO fund to start asset sales after Ramadan -Soliman"},"content":{"rendered":"

<\/span><\/p>\n

<\/span>SFE\u2019s Soliman on the state privatization program, investor appetite, and <\/span>market <\/span>conditions:<\/span> S<\/span>overeign Fund of Egypt (SFE) CEO Ayman Soliman talked about the fund\u2019s approach to investments, the sectors it\u2019s eyeing, how the fund fits into the government\u2019s privatization plans, and how the depreciation of the EGP impacts potential investors in a wide-ranging interview with <\/span>Al Arabiya<\/a><\/span>. <\/span><\/p>\n

Offerings to start after Ramadan:<\/span>The SFE will wait until the end of Ramadan to start takin<\/span>g <\/span>companies in its pre-IPO fund to market, Soliman told the news outlet. The eight companies included in the fund are being promoted to potential investors ahead of sales after the holy month, which ends in the final week of April.<\/span><\/p>\n

Refresher:<\/span>Launched last year, t<\/span>he pre-IPO fund<\/span>aims to prepare<\/a><\/span> state-owned enterpris<\/span>es for <\/span>listing on the EGX by offering an alternative to public share sales while market conditions remain volatile. The state wants to raise <\/span>as much as USD 6 bn<\/a><\/span> through strategic stake sales via the fund. <\/span>We expect the SFE to pursue a mix of direct share sales (to strategic and financial investors) as well as IPOs (subject to all the usual caveats about market depth, investor interest, and overall market conditions).<\/span><\/p>\n

Elab up first?<\/span> Egyptian Linear Alkyl Benzene (Elab) will be the first company to go to market <\/span>via the pre-IPO fund, Soliman <\/span>was quoted as saying<\/a><\/span> by local media last week. The SFE has not disclosed which other firms have been added to the fund, though <\/span>Banque du Caire, Misr Life Ins<\/a><\/span>., and <\/span>Misr Ins. Holding<\/a><\/span> have all been rumored to be included. The two military-owned firms up for sale \u2014 Wataniya and Safi \u2014 are not part of the fund, Soliman said last week, refuting previous media reports.<\/span><\/p>\n

Is Salhia Investment in?<\/span>The SFE has added <\/span>Salhia Investment and Development Company<\/a><\/span> to <\/span>the fund, <\/span>Al Borsa<\/a><\/span> reported yesterday, citing unnamed government sources. Salhia was one of four state-owned real estate companies to be mentioned among the <\/span>32 names included<\/a><\/span> in the state\u2019s revamped privatization program.<\/span><\/p>\n

Easy exit route + FX availability are top priorities for investors eyeing the market:<\/span> Potential investors considering making investments in Egypt are typically most concerned with \u201chow easy it is for them to exit the market and cash out returns on their investments whenever they want to,\u201d Al Arabiya quotes Soliman as saying. Addressing these concerns is linked to reeling in FX resources by pushing through with the state privatization program, delivering on the <\/span>government\u2019s commitments made to the IMF<\/a><\/span> as part of our USD 3 bn facility, and achieving currency stability, Soliman said.<\/span><\/p>\n

There\u2019s a dichotomy in how GCC investors are approaching investments in Egypt:<\/span> \u201cThe positive side: There\u2019s currently a great number of investment managers and banks in Egypt through which Gulf investors are more willing to enter the market,\u201d according to Soliman. \u201cThe negative side: Some of these investors are only willing to invest through a local partner they trust, which in many cases has resulted in poor outcomes owing to gaps in their knowledge of the market,\u201d he added. <\/span><\/p>\n

The SFE\u2019s role is not limited to managing state-owned assets that have been transferred to it by the government and marketing them<\/span> to regional and international investors, Soliman told the news outlet. Its role includes creating new value at the assets through a range of tools including sustainable partnerships, onboarding strategic investors, and pushing ahead public share offerings, among others, he added.<\/span><\/p>\n

Where the SFE sees promise:<\/span>Soliman namechecked export-oriented businesses and those that have proven resilient against the currency devaluations, including logistics, ports, fertilizers and petrochemicals.<\/span><\/p>\n

Are we going to see the long-awaited green fund this year? <\/span>The S<\/span>FE is set to pull the trigger on the launch of its planned <\/span>green fund<\/a><\/span> this year, allowing investors to invest in green hydrogen and water desalination projects, among other assets, according to Soliman. The Madbouly government\u2019s multi-bn USD <\/span>water desalination program<\/a><\/span> is expected to produce some 8.8 mn cubic meters per day of potable water once it is fully implemented within the next 10 years, and will rely on renewable energy sources, he added. <\/span><\/p>\n

Green investments are attractive right now:<\/span> \u201cThis type of investment is attractive and important to Arab and international investors, especially since the cost of producing renewable energy in Egypt is low compared to other markets,\u201d Solsiman explained.<\/span><\/p>\n

We have massive potential to become a green hydrogen powerhouse: <\/span>Egypt\u2019s capacity for producing green hydrogen \u2014 whether for water desalination projects or to decarbonize industries \u2014 stands at north of 700 GW. Egypt currently produces more than 50 GW of energy, with consumption standing at a little over 30 GW, he added. Arab investors are interested in green hydrogen investments in Egypt and maintaining the momentum from COP2<\/span>7, when Egypt <\/span>signed framework agreem<\/a><\/span>ents<\/a><\/span> worth <\/span>USD 85 bn with international firms, <\/span>he said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

State real estate firm Salhia Investment said to be added to fund<\/p>\n","protected":false},"author":1,"featured_media":583929,"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":[369,72,81,6805,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-ayman-soliman","tag-enterpriseam","tag-privatization-watch","tag-salhia-investment-and-development-company","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"aa5117f5-d79d-4eb7-b3b3-b6e94022c742","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Ayman-Soliman-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s sovereign wealth fund to start asset sales after Ramadan, Soliman says","related_issue":[583923],"teaser":"State real estate firm Salhia Investment said to be added to fund","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.a89daabb-584d-476b-9a8a-18cd0f75e694.mp3"},"yoast_head":"\nSFE\u2019s pre-IPO fund to start asset sales after Ramadan -Soliman - 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\/22\/sfes-pre-ipo-fund-to-start-asset-sales-after-ramadan-soliman\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SFE\u2019s pre-IPO fund to start asset sales after Ramadan -Soliman\" \/>\n<meta property=\"og:description\" content=\"State real estate firm Salhia Investment said to be added to 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2023","format":false,"excerpt":"SFE\u2019s Soliman confirms strategics to buy in through a capital increase","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/228.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553604,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/sfe-is-pushing-ahead-with-siemens-stake-sale-privatizing-military-businesses\/","url_meta":{"origin":583928,"position":1},"title":"SFE is pushing ahead with Siemens stake sale + privatizing military businesses","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"Updates on the Siemens power plants + military companies\u2019 privatization from the SFE: The Sovereign Fund of Egypt (SFE) and the Electricity Ministry are nearly done with studies on how best to move forward with a stake sale in the Siemens \/ Orascom Construction \/ Elsewedy Electric combined-cycle power plant,\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569829,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/09\/banque-du-caire-is-on-track-to-debut-in-april-interest-building-up-for-military-privatization\/","url_meta":{"origin":583928,"position":2},"title":"Banque du Caire is on track to debut in April, interest building up for military privatization","author":"enterpriseam admin","date":"9 March 2020","format":false,"excerpt":"PRIVATIZATION WATCH- Banque du Caire is on track to debut in April (for now): The state-owned Banque du Caire (BdC) is moving ahead with its plans to IPO 20-30% of its shares on the Egyptian Exchange in April, Al Masry Al Youm quotes CEO Tarek Fayed as saying in a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/103.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547008,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/sfe-pushing-ahead-with-stake-sales-to-strategics-courts-gulf-investors-as-it-lines-up-new-hotels-company-for-high-profile-sale-soliman\/","url_meta":{"origin":583928,"position":3},"title":"SFE pushing ahead with stake sales to strategics, courts Gulf investors as it lines up new hotels company for high-profile sale \u2013Soliman","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Sovereign Fund of Egypt head Ayman Soliman gets credit for being a straight shooter this morning after telling Bloomberg Asharq in an interview yesterday that stake sales are likely the order of the day for the state\u2019s privatization program in the foreseeable future. Volatility in global markets thanks to near-perfect\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/147.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561253,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/sfe-to-set-up-an-entity-for-its-real-estate-assets-with-an-eye-to-ipo\/","url_meta":{"origin":583928,"position":4},"title":"SFE to set up an entity for its real estate assets, with an eye to IPO","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"The Sovereign Fund of Egypt (SFE) could roll its real estate assets into a new entity that it will eventually IPO on the EGX, SFE CEO Ayman Soliman tells Al Mal. 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