{"id":586365,"date":"2023-05-10T00:00:00","date_gmt":"2023-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/"},"modified":"2023-05-10T00:00:00","modified_gmt":"2023-05-10T00:00:00","slug":"is-adq-about-to-snap-up-a-stake-in-elab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/","title":{"rendered":"Is ADQ about to snap up a stake in Elab?"},"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\">Abu Dhabi<\/span><span style=\"font-weight:700\"> wealth fund ADQ is reportedly close to acquiring a 20-25% stake in <\/span><span style=\"font-weight:700\">Egyptian Linear Alkyl Benzene (Elab)<\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42gsZUk\" style=\"\">Asharq Business<\/a><\/span><span>, <\/span><span style=\"font-weight:400;\">reports citing three unnamed sources it says have knowledge of the matter. The transaction is expected to be completed before the end of this month, according to the sources. <\/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\">We knew Elab could be up for a sale soon: <\/span><span>Local media previously reported Sovereign Fund of head Ayman Soliman as saying Elab would be the first company to go to market via the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04b2fe49-bf95-4671-af5e-50b73e021da5\" style=\"\">SFE\u2019s pre-IPO fund<\/a><\/span><span>, though Soliman is yet to directly confirm the names of any of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa5117f5-d79d-4eb7-b3b3-b6e94022c742\" style=\"\">eight companies<\/a><\/span><span>rumored to be<\/span><span> included in the fund. The aim of the pre-IPO fund is to sell stakes in state-owned companies to strategic investors ahead of potential public offerings on the bourse. Elab <\/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=\"\">is one of the 32 companies<\/a><\/span><span> up for stake sales as part of the government\u2019s wider privatization program, through which it hopes to raise USD 2 bn by the end of June. <\/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\">What we don\u2019t know:<\/span><span style=\"font-weight:400;\"> Information about the value of the potential stake sale and whether ADQ will buy shares from existing shareholders or through a capital increase wasn\u2019t disclosed.<\/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\">IPO to follow? <\/span><span>Elab\u2019s shareholders are expected to debut 10% of the company\u2019s shares on the EGX foll<\/span><span style=\"font-weight:400;\">owing the close of the potential sale transaction to ADQ, Asharq quotes one of its sources 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\">Shareholder structure: <\/span><span>National Investment Bank (NIB) owns 34.6% of Elab, Egyptian Petrochemicals Holding Company (ECHEM) and Egyptian Natural Gas Holding Company (EGAS) each own a 21% stake, the Finance Ministry owns 13.1%, Egyptian General Petroleum Corporation (EGPC) owns 10.5%, and Royal Chemicals owns 0.22%, according to Elab\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.elab-eg.com\/about\" style=\"\">website<\/a><\/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\">REMEMBER- We should soon see more movement on the state\u2019s privatization program. <\/span><span>Offers could start rolling in this month for <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bae63416-8277-496e-8c07-3e0e56df3cc3\" style=\"\">military-owned bottled drinks firm Safi and fuel retailer Wataniya<\/a><\/span><span>, the cabinet said earlier this week, promising details \u201csoon\u201d on other transactions in the works. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elab could reportedly see a stake sale before the end of May<\/p>\n","protected":false},"author":1,"featured_media":586366,"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":[299,10595,72,7128,81,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-adq","tag-egyptian-linear-alkyl-benzene","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"dd221876-b0a3-4992-9cad-c8b63eb535a8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/497.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi wealth fund ADQ reportedly eyeing up to 25% of Egypt\u2019s Elab -report","related_issue":[586359],"teaser":"Elab could reportedly see a stake sale before the end of May","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.de137b13-93dd-48e0-bf48-8e290f7fe57f.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>Is ADQ about to snap up a stake in Elab? 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