{"id":586708,"date":"2023-05-16T00:00:00","date_gmt":"2023-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/ni-capital-is-working-on-seven-state-asset-sales\/"},"modified":"2023-05-16T00:00:00","modified_gmt":"2023-05-16T00:00:00","slug":"ni-capital-is-working-on-seven-state-asset-sales","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/ni-capital-is-working-on-seven-state-asset-sales\/","title":{"rendered":"NI Capital is working on seven state asset sales"},"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\">National Investment Bank subsidiary NI Capital is preparing to sell stakes in <\/span><span style=\"font-weight:700\">seven state-owned companies<\/span><span> as part of the government\u2019s privatization program, two of which are expected to be complete by the end of the fiscal year in June, NI Capital CEO Mohamed Metwally told CNBC Arabia yesterday (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/i\/broadcasts\/1LyxBqAQReOJN\" style=\"\">watch, runtime: 8:07<\/a><\/span><span style=\"font-weight:400;\">). Stakes in the remaining companies will be sold before the end of the year, he said. Companies include those in the oil, petrochemicals, and transport sector, he added, refusing to disclose names.<\/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\">The potential contenders: <\/span>We already know some of the oil and petrochemical players that the state has flagged for privatization: \u200eThe Egyptian Ethylene and Derivatives Company (Ethydco), Egyptian Linear Alkyl Benzene (Elab), Helwan Fertilizers Company, the Egyptian Polypropylene and Polypropylene Company (EPP), the Egyptian Drilling Company (EDC) were all <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=\"\">named by the government<\/a><\/span><span style=\"font-weight:400;\"> in February when it announced its rebooted privatization plans.<\/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\">More companies enter the roster: <\/span><span style=\"\">Metwally said that some of the seven companies have <\/span><span style=\"font-weight:400;\">been named in the 32-company program and some have not. \u201cSome companies are being promoted to strategic investors,\u201d he said, naming military-owned bottled drinks firm Safi and fuel retailer Wataniya.<\/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\">NI Capital has helped to close one sale:<\/span><span style=\"\"> The firm acted alongside CI Capital and Al Ahly <\/span><span style=\"font-weight:400;\">Pharos as a financial advisor and bookrunner on last week\u2019s sale of Telecom Egypt shares. <\/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;\">THE TELECOM EGYPT LOCAL \/ FOREIGN SPLIT-<\/span><\/p>\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\">We now know how many investors who bought into the TE sale were foreign:<\/span><span style=\"\"> Just 9% of <\/span><span>the investors who acquired shares in Telecom Egypt were foreign, Metwally said, leaving upwards of 90% of the shares going to local buyers. The government raised almost EGP 3.75 bn (USD 121.3 mn) when it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/053a8175-6db9-4185-ab3d-520dc017ac28\" style=\"\">sold a 9.5% stake<\/a><\/span><span style=\"font-weight:400;\"> in the state-owned telco last week in what was the first major asset sale since it announced its privatization plans earlier this year. The government is yet to reveal the identities of the new shareholders.<\/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\">This means the FX proceeds were minimal:<\/span><span style=\"\"> Because the transaction was done in EGP, the <\/span><span>small number of shares sold to foreign investors means that the sale generate<\/span><span>d less than USD 11 mn<\/span><span style=\"font-weight:400;\"> in hard-currency proceeds, according to our math. <\/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\">Metwally says the sale was never about the hard currency: <\/span><span style=\"\">\u201cThe purpose was not to bring in <\/span><span style=\"font-weight:400;\">USDs but rather to have the state offload its stake in the company,\u201d he said.<\/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:<\/span><span style=\"\"> The Madbouly government is aiming to <\/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=\"\">raise USD 2 bn<\/a><\/span><span style=\"\"> via asset sales by the end <\/span><span>of June. Together with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed56889d-d8c0-4a89-9303-43c67d4e8f53\" style=\"\">the sale of Pachin<\/a><\/span><span style=\"font-weight:400;\"> to Dubai-based National Paints Holding, it has now reached some 7% (USD 147 mn) of that target.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just 9% of Telecom Egypt shares were bought by foreign investors, says Metwally<\/p>\n","protected":false},"author":1,"featured_media":586709,"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":[104,72,7128,834,81,212],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-economy","tag-enterpriseam","tag-ma-watch","tag-ni-capital","tag-privatization-watch","tag-telecom-egypt","wpautop","entry"],"acf":{"mongo_id":"1e4c4fcd-97f0-4e30-b9c3-d7ca9c0a66d6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/852.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NI Capital is working on two state asset sales that should close by June","related_issue":[586701],"teaser":"Just 9% of Telecom Egypt shares were bought by foreign investors, says Metwally","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.9ac01350-782b-4919-8d57-ddbdfa5cf6fc.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>NI Capital is working on seven state asset sales - 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\/16\/ni-capital-is-working-on-seven-state-asset-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NI Capital is working on seven state 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WATCH- Aramco\u2019s IPO could be reason to postpone government\u2019s stake-sale program, says NI Capital boss: The initial public offering of oil giant Saudi Aramco could cause Egypt to push the date for resuming its stake sale program to either January or February 2020, NI Capital CEO Mohamed Metwally told\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":587997,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/government-working-on-edc-elab-stake-sales-cnn\/","url_meta":{"origin":586708,"position":1},"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":586622,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/telecom-egypt-sale-wraps\/","url_meta":{"origin":586708,"position":2},"title":"Telecom Egypt sale wraps","author":"enterpriseam admin","date":"15 May 2023","format":false,"excerpt":"The sale was more than 3x oversubscribed","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\/5\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597594,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/ni-capital-appoints-mohamed-metwally-as-new-ceo\/","url_meta":{"origin":586708,"position":3},"title":"NI Capital appoints Mohamed Metwally as new CEO","author":"enterpriseam admin","date":"31 July 2019","format":false,"excerpt":"MOVES- State investment bank NI Capital has appointed Mohamed Metwally as its new CEO, the bank said in a press release (pdf). Metwally previously served as Deputy CEO at HC Securities & Investment and Managing Director & CEO at Abu Dhabi-based Siraj Finance, a home finance company. He had also\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":599219,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/23\/egypt-to-sell-10-15-stake-in-e-finance-in-4q2019-ipo\/","url_meta":{"origin":586708,"position":4},"title":"Egypt to sell 10-15% stake in e-Finance in 4Q2019 IPO","author":"enterpriseam admin","date":"23 June 2019","format":false,"excerpt":"IPO WATCH- Gov\u2019t to offer 10-15% stake in e-Finance in 4Q2019: The government is planning to sell 10-15% of its financial technology company e-Finance in an IPO during 4Q2019 as part of the second wave of the state privatization program, sources close to the matter tell the local press. The\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":588077,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/could-qia-finally-acquire-a-stake-in-vodafone-egypt\/","url_meta":{"origin":586708,"position":5},"title":"Could QIA finally acquire a stake in Vodafone Egypt?","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Qatar\u2019s sovereign fund is looking to acquire stakes in a number of state companies before August","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\/206.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\/586708","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=586708"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586708\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586709"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586708"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586708"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}