{"id":589745,"date":"2023-07-09T00:00:00","date_gmt":"2023-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/real-estate-player-el-mostakbal-joins-sfes-pre-ipo-fund-report\/"},"modified":"2023-07-09T00:00:00","modified_gmt":"2023-07-09T00:00:00","slug":"real-estate-player-el-mostakbal-joins-sfes-pre-ipo-fund-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/real-estate-player-el-mostakbal-joins-sfes-pre-ipo-fund-report\/","title":{"rendered":"Real estate player El Mostakbal joins SFE\u2019s pre-IPO fund -report"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">Sovereign fund to put Mostakbal City developer up for sale:<\/span><span> The Sovereign <\/span><span>Fund of Egypt (SFE) will offer a 25-30% stake in real estate firm El Mostakbal Urban <\/span><span>Development (Midar) to a strategic investor after recently adding the company to its pre-IPO fund, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/46FOMHt\" style=\"\">Asharq Business<\/a><\/span><span> says, citing sources it says have knowledge of the matter<\/span><span style=\"font-weight:400;\">. The pre-IPO fund looks to bring strategics onboard to invest and help restructure state-owned firms before they go up for a public offering on the EGX. <\/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>Midar <\/span><span>was one of four state-owned real estate players on the government\u2019s<\/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=\"\">list of 32 state-owned companies<\/a><\/span><span style=\"font-weight:400;\">set to be sold in the rebooted privatization program. The company is developing the Mostakbal City compound in New Cairo, next to the New Administrative Capital. <\/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 pre-IPO fund so far: <\/span><span>SFE head Ayman Soliman was <\/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=\"\">in March<\/a><\/span><span>quoted as saying eight firms in the privatization program had so far been added to the fund. While the fund hasn\u2019t confirmed any names, local media has reported that participants include <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd6bc6f9-fefc-4e44-aeec-789adf397228\" style=\"\">Misr Technology Services<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ca2b02e-22be-469f-97ae-e39f66f698af\" style=\"\">Egyptian Drilling Company<\/a><\/span><span>,<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45b718ba-1e32-4a27-92a8-92b48f6f8c54\" style=\"\">Egyptian Linear Alkyl Benzene<\/a><\/span><span> (Elab), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7962255e-0a9a-480e-b74d-ed26638d156d\" style=\"\">Banque du Caire<\/a><\/span><span>, Misr Life Ins, and Salhia Investment and Development Company. Asharq\u2019s source also says Ethydco \u2014 which could be up for private and public offerings after its planned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2918bae0-3450-4a3b-ac51-a0058d107139\" style=\"\">merger with Sidpec<\/a><\/span><span style=\"font-weight:400;\"> \u2014 is also in the fund. <\/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 Elab transaction is scheduled for this quarter<\/span><span>, Asharq\u2019s sources said, without giving further details. Elab was previously <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45b718ba-1e32-4a27-92a8-92b48f6f8c54\" style=\"\">said to have been earmarked<\/a><\/span><span style=\"font-weight:400;\">for a listing as soon as 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\">Is the privatization program on the precipice of seeing some movement? <\/span><span>Planning Minister <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02970718-9e26-41d0-b258-5aae60c48678\" style=\"\">Hala El Said<\/a><\/span><span> recently<\/span><span> promised big news on the privatization front , saying the government had met its targets and would make news of transactions public after the Eid holiday. The government had been targeting asset sales of USD 2 bn by the end of June. It has so far raised only USD 153 mn that we know of, through the Pachin acquisition and a sale of 10% in Telecom Egypt. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccf60aa3-abe9-4068-bfa8-8edb73995d9c\" style=\"\">The International Finance Corporation<\/a><\/span><span style=\"font-weight:400;\"> last month came on board to advise on the privatization efforts.<\/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\">In the frame: <\/span><span>Recent unconfirmed reports in the local press suggest there\u2019s been progress in talks over <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6660c00e-ced7-4412-b7b7-ee87d5708718\" style=\"\">Telecom Egypt\u2019s stake in Vodafone Egypt<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99547fd0-f6f6-4c75-adb8-13465d399413\" style=\"\">one of the Siemens-built power plants<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56dc1a85-eb6b-473e-acd7-7070d8197fa4\" style=\"\">Egyptian Chemical Industries<\/a><\/span><span> (Kima), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d847d66-93a0-4331-91ea-aa1b713ef452\" style=\"\">Ethydco<\/a><\/span><span>, and a number of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cadf8e4c-3049-4bc2-a920-69e9df8fbf1e\" style=\"\">state-owned hotels<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SFE reportedly plans to sell a 25-30% stake in the company<\/p>\n","protected":false},"author":1,"featured_media":589746,"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":[72,78,81,83,370,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-ipo-watch","tag-privatization-watch","tag-real-estate","tag-sovereign-fund-of-egypt","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"14127d68-b28c-4df3-975c-65c3346d35d8","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/252.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SFE adds El Mostakbal for Urban Development to its pre-IPO fund -report","related_issue":[589740],"teaser":"The SFE reportedly plans to sell a 25-30% stake in the company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.d080861c-1b5f-4733-9e01-75f0e464ca25.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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