{"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? - 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\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is ADQ about to snap up a stake in Elab?\" \/>\n<meta property=\"og:description\" content=\"Elab could reportedly see a stake sale before the end of May\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-10T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/497.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Is ADQ about to snap up a stake in Elab?\",\"datePublished\":\"2023-05-10T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/\"},\"wordCount\":333,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/497.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ADQ\",\"Egyptian Linear Alkyl Benzene\",\"EnterpriseAM\",\"M&amp;A Watch\",\"privatization watch\",\"Sovereign Fund of Egypt\"],\"articleSection\":[\"Privatization\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/\",\"name\":\"Is ADQ about to snap up a stake in Elab? 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Al Araby succeeds Mohamed Dorra, who leaves the position after less than five months in the role.Remember:\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/584.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609193,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/adq-finalizes-acquisition-of-stakes-in-state-run-petchem-drilling-companies\/","url_meta":{"origin":586365,"position":1},"title":"ADQ finalizes acquisition of stakes in state-run petchem, drilling companies","author":"enterpriseam admin","date":"1 November 2023","format":false,"excerpt":"The Emirati wealth fund acquired 25-35% stakes in the three state-run firms for USD 800 mn","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\/2023\/10\/1541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587997,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/government-working-on-edc-elab-stake-sales-cnn\/","url_meta":{"origin":586365,"position":2},"title":"Government working on EDC, Elab stake sales -CNN","author":"enterpriseam admin","date":"5 June 2023","format":false,"excerpt":"The government plans to offload 49% of its stake in EDC and more than 40% of Elab","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\/2023\/6\/168.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":586365,"position":3},"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 &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\/2023\/12\/776.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609157,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/31\/this-evening-abu-dhabis-adq-wraps-up-acquisitions-in-three-state-owned-companies\/","url_meta":{"origin":586365,"position":4},"title":"THIS EVENING: Abu Dhabi\u2019s ADQ wraps up acquisitions in three state-owned companies","author":"enterpriseam admin","date":"31 October 2023","format":false,"excerpt":"Good afternoon friends, and welcome to this Tuesday-hump-day. Despite the regional war steering the local and international news we have had some updates in our business news cycle. THE BIG STORY TODAY ADQ seals acquisitions in three state-owned firms: Abu Dhabi\u2019s sovereign wealth fund ADQ has inked final contracts with\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/53.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583643,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/elab-first-up-for-sale-via-sfes-pre-ipo-fund-soliman\/","url_meta":{"origin":586365,"position":5},"title":"Elab first up for sale via SFE\u2019s pre-IPO fund -Soliman","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"ALSO: eMethanex, Enppi and Midor could be back in the government\u2019s privatization plans","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\/2023\/3\/Enppi-petrochemicals-refinery-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\/586365","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=586365"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586365\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586366"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586365"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586365"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}