{"id":585929,"date":"2023-05-02T00:00:00","date_gmt":"2023-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/secondary-stake-sales-for-abu-qir-sidpec\/"},"modified":"2023-05-02T00:00:00","modified_gmt":"2023-05-02T00:00:00","slug":"secondary-stake-sales-for-abu-qir-sidpec","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/secondary-stake-sales-for-abu-qir-sidpec\/","title":{"rendered":"Secondary stake sales for Abu Qir, Sidpec?"},"content":{"rendered":"\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\">Abu Qir Fertilizers + Sidpec to join the privatization list? <\/span><span style=\"\">The Madbouly <\/span><span>government is reportedly considering selling secondary stakes in state-owned, EGX-listed companies Abu Qir Fertilizers and Sidi Kerir Petrochemicals (Sidpec),<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Nv2aqK\" style=\"\">Al Mal<\/a><\/span><span> rep<\/span><span style=\"font-weight:400;\">orts, citing unnamed sources it says are in the know. There is no publicly available information about the size of the possible transactions, the timeline, or who is advising. <\/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\">Promising murmurs: <\/span><span style=\"\">Officials are currently re-evaluating Abu Qir\u2019s market value in light <\/span><span>of a positive 1Q 2023 performance and the depreciation of the EGP, <\/span><span>a government official told Enterprise yesterday on condition of anonymity<\/span><span style=\"font-weight:400;\">.<\/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\">Strong 1Q performance could help:<\/span><span style=\"\"> Both companies reported that their net incomes more <\/span><span>than doubled in 1Q supported by strong revenue growth. Abu Qir revenues <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97acfb5f-d20b-45e6-90ea-cf87c1a3eefc\" style=\"\">increased 80%<\/a><\/span><span> y-o-y to EGP 6.4 bn during the quarter while Sidpec\u2019s top line <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ca115dd-17b3-42a9-8f83-5e2f750e581b\" style=\"\">grew almost 70%<\/a><\/span><span style=\"font-weight:400;\"> to EGP 8.7 bn. <\/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\">Market reax: <\/span><span>Abu Qir\u2019s <\/span><span>shares<\/span><span> fell 4.7% to close at EGP 47.37 apiece on Monday, while<\/span><span>Sidpec\u2019s<\/span><span> shares<\/span><span> lost 1.5% to close at EGP 22.16. <\/span><span style=\"font-weight:400;\">The benchmark EGX30 was down 2.0% yesterday, leaving the market up nearly 19% since 1 January.<\/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\">An easier sell? <\/span><span style=\"\">The fact that the two firms are already listed on the EGX as well as investors\u2019 <\/span><span style=\"font-weight:400;\">interest in the petrochemical and fertilizer sectors could make their inclusion in the government\u2019s privatization program more likely, Al Mal\u2019s sources are quoted as saying. <\/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\">Gulf investors already own significant minority stakes in Abu Qir: <\/span><span style=\"\">The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\" style=\"\">Saudi<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\" style=\"\">Emirati<\/a><\/span><span>wealth funds together acquired more than 40% of the state-owned company last year. The purchases were part of a broader acquisition drive which saw the funds spend USD 3.1 bn to buy government-owned shares of EGX listed companies. Some 30.5% of the company is still <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/14.pdf\" style=\"\">held (pdf)<\/a><\/span><span style=\"font-weight:400;\"> by state-owned entities, a 5.0% stake is held by the Abu Qir workers\u2019 union, and the remainder (c.23%) is in freefloat. <\/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 they could be eyeing Sidpec post its merger with Ethydco:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8139ef09-3213-43db-bdbd-3aa9d0fd88dc\" style=\"\">An unconfirmed report in<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8139ef09-3213-43db-bdbd-3aa9d0fd88dc\" style=\"\">February<\/a><\/span><span> suggested that Gulf investors could look to acquire between 16-20% of the company that will be formed by the ongoing merger between Sidpec and <\/span><span>Egyptian Ethylene and Derivatives Company (Ethydco<\/span><span>). Ethydco was among <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">the 32 companies<\/a><\/span><span style=\"font-weight:400;\"> named on the privatization list. <\/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\">Gov\u2019t wants to raise USD 2 bn from asset sales by June:<\/span><span style=\"\"> Prime Minister Moustafa Madbouly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b76ec80b-bf18-47d1-bf53-07b5b9cefb8f\" style=\"\">last week said<\/a><\/span><span> the government is aiming to raise up USD 2 bn from asset sales by June. The PM was speaking a few days after S&P Global Ratings became the latest to warn that stalling reform efforts are raising the likelihood that the country slides into default.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Both companies have already seen interest from Gulf investors<\/p>\n","protected":false},"author":1,"featured_media":585930,"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":[548,68,72,7128,81,706],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-abu-qir-fertilizers","tag-egx","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-sidi-kerir-petrochemicals","wpautop","entry"],"acf":{"mongo_id":"d54dcbb5-d5e4-4caa-bd97-cb94382bbe54","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/87.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt gov\u2019t could sell secondary stakes in EGX-listed petchem players Abu Qir and Sidpec","related_issue":[585923],"teaser":"Both companies have already seen interest from Gulf investors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.ee93968b-b353-49b1-8482-a579fee8a15c.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>Secondary stake sales for Abu Qir, Sidpec? 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The sale of an additional stake in Alexandria Containers and Cargo Handling Company (ACCH), Abu Qir Fertilizers,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/Egypt-state-privatization-program-IPOs.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581590,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/gulf-investors-reportedly-eyeing-stakes-in-merged-sidpec-ethydco\/","url_meta":{"origin":585929,"position":1},"title":"Gulf investors reportedly eyeing stakes in merged Sidpec-Ethydco","author":"enterpriseam admin","date":"16 February 2023","format":false,"excerpt":"The unidentified investors are reportedly looking to acquire 16-20% of the new company","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\/9\/petrochemical-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599315,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/25\/egypts-state-owned-sidpec-stake-sale-preparations-underway\/","url_meta":{"origin":585929,"position":2},"title":"Egypt\u2019s state-owned SIDPEC stake sale preparations underway","author":"enterpriseam admin","date":"25 June 2019","format":false,"excerpt":"Sidpec stake sale preparations underway: Preparations are underway to kickstart the bookbuilding process of a 30% stake sale in Sidi Kerir Petrochemicals (Sidpec) as part of the state privatization program, Al Mal reports, citing sources \u201cclose to the matter.\u201d NI Capital, the state-owned investment bank managing the program, signed contracts\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597090,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/ni-capital-invites-investment-banks-to-advise-on-sidpec-share-sale\/","url_meta":{"origin":585929,"position":3},"title":"NI Capital invites investment banks to advise on Sidpec share sale","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"NI Capital invites investment banks to advise on Sidpec share sale: State investment bank NI Capital has invited top investment banks to bid on the role of adviser for the sale of 30% of Sidi Kerir Petrochemicals (Sidpec), government sources tell Al Mal. The sources noted that banks that were\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555596,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/will-abu-qir-fertilizers-be-next-in-the-revived-state-privatization-program\/","url_meta":{"origin":585929,"position":4},"title":"Will Abu Qir Fertilizers be next in the (revived) state privatization program?","author":"enterpriseam admin","date":"21 November 2021","format":false,"excerpt":"The long-awaited sale of an additional stake by EGX-listed Abu Qir Fertilizers will go ahead within the next month, Public Enterprises Minister Hisham Tawfik told Reuters on Thursday. 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