{"id":587997,"date":"2023-06-05T00:00:00","date_gmt":"2023-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/government-working-on-edc-elab-stake-sales-cnn\/"},"modified":"2023-06-05T00:00:00","modified_gmt":"2023-06-05T00:00:00","slug":"government-working-on-edc-elab-stake-sales-cnn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/government-working-on-edc-elab-stake-sales-cnn\/","title":{"rendered":"Government working on EDC, Elab stake sales -CNN"},"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\"> EDC + Elab being lined up for stake sales: <\/span><span style=\"\">The Egyptian government is in talks with strategic <\/span><span>investors to sell a 49% stake in the Egyptian Drilling Company (EDC), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3CcNW7i\" style=\"\">CNN Arabic<\/a><\/span><span> reported yesterday,<\/span><span style=\"font-weight:400;\"> citing an anonymous Egyptian government source. Negotiations with the strategics, the majority of which are Emirati, have already kicked off, the source said, adding that the government is aiming to complete the sale before the end of 3Q 2023. The government will retain a 51% stake in the company following the transaction.<\/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\">Elab heading for the EGX?<\/span><span style=\"\"> Egyptian Linear Alkyl Benzene (Elab) will be listed on the EGX this <\/span><span>month, C<\/span><span>NN\u2019s source said. The government is reportedly seeking to<\/span><span> sell more than 40% stake<\/span><span style=\"font-weight:400;\"> in the company via a public share sale on the EGX and private offerings to strategic investors, according to the report. It is unknown how much of the company would be allocated to strategics.<\/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 would make sense:<\/span><span style=\"\"> Elab <\/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=\"\">was named<\/a><\/span><span style=\"\">as the first company to go to market via the <\/span><span>Sovereign Fund of Egypt\u2019s (SFE) pre-IPO fund, fund head Ayman Soliman told local media in March, without disclosing any further details about the sale<\/span><span>.<\/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\">Oil and petrochemical companies dominated the government\u2019s list <\/span><span style=\"\">of <\/span><span style=\"\">32 state-owned <\/span><span>companies that would be offered to investors under its rebooted privatization plans. Both EDC and 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=\"\">were named<\/a><\/span><span>when the list was released in February, although it wasn\u2019t clear at the time which companies would be destined for the EGX and which were being earmarked for strategics. <\/span><span>The government aims to raise USD 2 bn via <\/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=\"\">asset sales<\/a><\/span><span> by the end of June, and has so far raised some USD 147 mn by selling off <\/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=\"\">Pachin<\/a><\/span><span>and a <\/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=\"\">10% stake in Telecom Egypt<\/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\">Time is of the essence:<\/span><span style=\"\"> The slow rate of progress in selling off state assets is increasing <\/span><span style=\"font-weight:400;\">pressure on the country\u2019s external position, raising concerns about the government\u2019s ability to meet foreign debt repayments. The privatization program \u2014 a key component of the USD 3 bn IMF program \u2014 is key to ending the prolonged FX shortage and stabilizing the currency.<\/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 expects two sales this month:<\/span><span style=\"\"> Two of the seven state asset sales being worked on <\/span><span>by NI Capital are expected to be completed before the end of June, CEO Mohamed Metwally <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e4c4fcd-97f0-4e30-b9c3-d7ca9c0a66d6\" style=\"\">previously told<\/a><\/span><span style=\"font-weight:400;\"> CNBC Arabic. Metwally declined to disclose names but said that it is working on selling shares in state-owned companies in the oil, petrochemicals and transport sectors.<\/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;\">AAIB REPORTS FINANCIALS-<\/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\">One of the three banks up for privatization just reported its 1Q financials:<\/span><span style=\"\"> The Arab African <\/span><span>International Bank (AAIB) saw its profits increase 22% y-o-y in 1Q 2023 to r<\/span><span>each EGP 1.22 bn, according to the bank\u2019s standalone <\/span><span>financial statements<\/span><span> picked up b<\/span><span>y <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/06\/04\/1675129\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\">. AAIB \u2013 whose ownership is evenly split between the Central Bank of Egypt and the Kuwaiti sovereign wealth fund \u2013 is one of the three banks named on the government\u2019s privatization list alongside United Bank and Banque du Caire,<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government plans to offload 49% of its stake in EDC and more than 40% of Elab<\/p>\n","protected":false},"author":1,"featured_media":587998,"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":[430,409,10649,10595,72,7128,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-arab-african-international-bank","tag-earnings-watch","tag-egyptian-drilling-company","tag-egyptian-linear-alkyl-benzene","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"45b718ba-1e32-4a27-92a8-92b48f6f8c54","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/168.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt working on EDC, Elab stake sales -CNN","related_issue":[587990],"teaser":"The government plans to offload 49% of its stake in EDC and more than 40% of Elab","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.ec40a006-d6cb-40d9-85c5-e14d43855dfc.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>Government working on EDC, Elab stake sales -CNN - 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\/06\/05\/government-working-on-edc-elab-stake-sales-cnn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government working on EDC, Elab stake sales -CNN\" \/>\n<meta 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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":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":587997,"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 &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":611603,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/10\/another-leadership-change-at-elab\/","url_meta":{"origin":587997,"position":2},"title":"Another leadership change at Elab","author":"enterpriseam admin","date":"10 December 2023","format":false,"excerpt":"Elab has a new chairman, MD: Oil Minister Tarek El Molla has appointed Mahmoud Al Araby as chairman and managing director of the Egyptian Linear Alkyl Benzene (Elab) company, the ministry said Thursday. 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":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":587997,"position":3},"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":586365,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/","url_meta":{"origin":587997,"position":4},"title":"Is ADQ about to snap up a stake in Elab?","author":"enterpriseam admin","date":"10 May 2023","format":false,"excerpt":"Elab could reportedly see a stake sale before the end of May","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\/497.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638017,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/sidpec-ethydco-merger-to-go-through-another-financial-evaluation\/","url_meta":{"origin":587997,"position":5},"title":"Sidpec-Ethydco merger to go through another financial evaluation","author":"enterpriseam admin","date":"7 August 2024","format":false,"excerpt":"A plan to offer a stake in the new merged entity on the EGX will also be reevaluated","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/539.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\/587997","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=587997"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587997\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587990"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587998"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587997"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587997"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}