{"id":584766,"date":"2023-04-05T00:00:00","date_gmt":"2023-04-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/05\/offers-are-rolling-in-for-a-stake-in-the-govts-new-hotel-company\/"},"modified":"2023-04-05T00:00:00","modified_gmt":"2023-04-05T00:00:00","slug":"offers-are-rolling-in-for-a-stake-in-the-govts-new-hotel-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/05\/offers-are-rolling-in-for-a-stake-in-the-govts-new-hotel-company\/","title":{"rendered":"Offers are rolling in for a stake in the govt\u2019s new hotel company"},"content":{"rendered":"

<\/span>Offers roll in for the new hotels company: <\/span>Investors have started submitting <\/span>offers for the state\u2019s newly-established hotels company, our friend Sovereign Fund of Egypt <\/span>(SFE) CEO Ayman Soliman told Al Arabiya yesterday (<\/span>watch, runtime: 4:05<\/a><\/span>). The SFE is filtering the offers before sending them to Prime Minister Moustafa Madbouly and the relevant authorities to make a final choice, Soliman said.<\/span><\/p>\n

The sale will be carried out through a capital increase<\/span> rather than by existing shareholders selling out, Soliman said, confirming <\/span>our expectations<\/a><\/span>. A capital increase will help the company secure new funds to deploy as part of a growth and turnaround plan, while a sale of existing shares would benefit the selling parties, not the new company. <\/span><\/p>\n

\u201cWe want to increase the efficiency of our hotels by pouring more investment into them<\/span> and making them more profitable, to eventually have them listed on the EGX,\u201d Soliman said.<\/span><\/p>\n

REMEMBER- <\/span>The government is looking to place a 20% stake in the hotels company with strategics, before offering another 5% on the bourse, according to earlier statements by Public Enterprises Minister Mahmoud Esmat. The company holds <\/span>seven five-star properties<\/a><\/span>nationwide \u2014 including the Cairo Marriott Hotel in Zamalek and Marriott Mena House next to the pyramids complex. .<\/span><\/p>\n

<\/p>\n

Safi and Wataniya yet to receive offers<\/p>\n

Military-owned bottled drinks firm Safi and fuel retailer Wataniya will \u201csoon\u201d start <\/span>receiving offers from strategic investors<\/span>, Soliman said. S<\/span>hortlisted candidates will be invited to conduct due diligence prior to final negotiations, he said, adding that he expects the whole process to wrap up \u201c<\/span>within months.\u201d<\/span><\/p>\n

REMEMBER- <\/span>The SFE is reportedly looking to sell at least 10% \u2014 and potentially <\/span>up to 100%<\/a><\/span> \u2014 of the two firms to strategics, depending on market appetite. <\/span>CI Capital started<\/a><\/span> marketing the two companies in a roadshow last month. <\/span><\/p>\n

<\/p>\n

Four more companies to join SFE\u2019s pre-IPO fund<\/p>\n

The pre-IPO fund will welcome an additional four companies<\/span> on top of the eight currently <\/span>on board, Soliman said. <\/span><\/p>\n

Who\u2019s in?<\/span> We still don\u2019t know <\/span>exactly which eight firms<\/a><\/span> in the Madbouly government\u2019s privatization program have so far been added to the fund, which was set up last year to ready state-owned companies for strategic stake sales ahead of public listings. Local media reports have named Egyptian Linear Alkyl Benzene (Elab), Banque du Caire, Misr Life Ins., and Salhia Investment and Development Company as part of the fund. Safi and Wataniya are <\/span>not part<\/a><\/span> of the fund. <\/span><\/p>\n

No disputes with investors on valuations: <\/span>Al Arabiya quotes Soliman as saying that there have been no disputes on how to value state assets following the EGP devaluation. Companies with USD revenue streams are valued in <\/span>USD<\/span> terms, he is quoted as saying. Reuters and Bloomberg in February <\/span>reported<\/a><\/span> that Saudi wealth fund PIF had paused negotiations for the acquisition of state-owned United Bank over a valuation dispute, with PIF wanting to value the lender in local-currency terms while the central bank was arguing for a USD-based valuation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SFE\u2019s Soliman confirms strategics to buy in through a capital increase<\/p>\n","protected":false},"author":1,"featured_media":584767,"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":[369,72,2529,81,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-ayman-soliman","tag-enterpriseam","tag-pre-ipo-fund","tag-privatization-watch","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"7962255e-0a9a-480e-b74d-ed26638d156d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/228.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Investors offer to purchase stakes in Egypt\u2019s new state-owned hotel company","related_issue":[584757],"teaser":"SFE\u2019s Soliman confirms strategics to buy in through a capital increase","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.b9147032-2a41-491b-b32a-015caf1d780e.mp3"},"yoast_head":"\nOffers are rolling in for a stake in the govt\u2019s new hotel company - 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\/04\/05\/offers-are-rolling-in-for-a-stake-in-the-govts-new-hotel-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offers are rolling in for a stake in the govt\u2019s new hotel company\" \/>\n<meta property=\"og:description\" content=\"SFE\u2019s Soliman confirms strategics to 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"Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1484.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611754,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/more-state-companies-lined-up-for-sale-in-1q-2024-says-sfe-chief\/","url_meta":{"origin":584766,"position":1},"title":"More state companies lined up for sale in 1Q 2024, says SFE chief","author":"enterpriseam admin","date":"12 December 2023","format":false,"excerpt":"The privatization program will expand to include companies working in the infrastructure and financial services sectors","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\/12\/776.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614100,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/egypt-transfers-ownership-of-govt-hqs-to-the-sovereign-fund-of-egypt\/","url_meta":{"origin":584766,"position":2},"title":"Egypt transfers ownership of gov\u2019t HQs to the Sovereign Fund of Egypt","author":"enterpriseam admin","date":"28 January 2024","format":false,"excerpt":"The move is part of a wider plan to revamp Downtown Cairo","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\/2024\/1\/2217.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":584766,"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":553604,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/sfe-is-pushing-ahead-with-siemens-stake-sale-privatizing-military-businesses\/","url_meta":{"origin":584766,"position":4},"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":583645,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/sfe-open-to-selling-100-of-safi-wataniya-to-strategic-investors-soliman\/","url_meta":{"origin":584766,"position":5},"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 "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\/3\/Safi-1600.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\/584766","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=584766"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584766\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584757"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584767"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584766"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584766"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}