{"id":594131,"date":"2019-10-21T04:14:43","date_gmt":"2019-10-21T04:14:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/aramco-is-a-potential-hiccup-for-egypts-state-privatization-program-lead-advisor\/"},"modified":"2019-10-21T04:14:43","modified_gmt":"2019-10-21T04:14:43","slug":"aramco-is-a-potential-hiccup-for-egypts-state-privatization-program-lead-advisor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/aramco-is-a-potential-hiccup-for-egypts-state-privatization-program-lead-advisor\/","title":{"rendered":"Aramco is a potential hiccup for Egypt\u2019s state privatization program -lead advisor"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> PRIVATIZATION WATCH- Aramco\u2019s IPO could be reason to postpone government\u2019s stake-sale program<\/b>, <b>says NI Capital boss: <\/b>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 <a href=\"https:\/\/www.reuters.com\/article\/egypt-economy\/egypt-to-press-ahead-with-sale-of-stakes-in-state-companies-govt-adviser-idUSL5N2726CR\">told Reuters<\/a>. The program was expected to resume in 4Q 2019, after it kicked off with a single sale of a 4.5% stake in Eastern Tobacco <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\">earlier this year<\/a>. The Aramco IPO, which could raise north of USD 20 bn, has been pulling liquidity from the global equity market as investors positioned themselves to move on a prospectus by November, Metwally said in an interview before it was confirmed that the Aramco IPO has been postponed. <b>Also a factor, he suggested: global headwinds<\/b> including the US-China trade war, which has led to temporarily lower company valuations.<\/p>\n<p><b>This would be the latest in a series of delays:<\/b> NI Capital is the state-owned investment bank that serves as the coordinating body for a privatization program that includes minority stake sales in existing companies as well as the IPO of other assets. It was hoping to see stakes offered in Alexandria Container and Cargo Handling (ACCH) and Abu Qir Fertilizers <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/13\/egypts-govt-could-sell-stakes-in-abu-qir-acch-in-december-but-doubts-remain\/\">by December at the latest<\/a>. Both companies could have gone to market this month, a <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/13\/egypts-govt-could-sell-stakes-in-abu-qir-acch-in-december-but-doubts-remain\/\">timeline that slipped<\/a> to 4Q2019, Public Enterprise Minister Hisham Tawfik <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/08\/govt-to-offer-stakes-in-acch-and-abu-qir-in-4q2019-tawfik\/\">said<\/a>. Both companies were initially looking to go to market <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says-3\/\">before Ramadan<\/a>.<\/p>\n<p><b>Now that the Aramco IPO has been delayed, does that mean the window is re-opening for the state stake sale program, at least?<\/b> Metwally\u2019s interview with Reuters was out before the news emerged that the Aramco IPO had been pushed again from a previously-announced November date. <a href=\"https:\/\/www.ft.com\/content\/b34d35c8-f106-11e9-ad1e-4367d8281195\">The Financial Times reported<\/a> last Thursday that the kingdom had delayed signing off on the sale until after the company\u2019s earnings are released, in hopes of proving to investors that its finances are still in good health after attacks on its facilities last month. <a href=\"https:\/\/www.reuters.com\/article\/us-saudi-aramco-ipo\/saudi-aramco-delays-planned-ipo-until-after-earnings-update-sources-idUSKBN1WW2M5\">Reuters also has the story<\/a>.<\/p>\n<p><b>Let\u2019s keep it all in perspective, shall we? <\/b>Neither NI Capital nor the investment bankers they hire to quarterback individual transactions are going to give anyone any more clarity on timeline to market than they would in a private-sector transaction \u2014 nor are they going to rush to market in adverse conditions to tick a box that says \u201cwe did it\u201d and burn an offering in the process.<\/p>\n<p><b>Oh, and as for IPOs of state-owned assets? <\/b>Look to 1H 2020 at the earliest, folks. None of them are in the market right now, although at least two are committed to moving ahead in the new year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PRIVATIZATION 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 Reuters. The program was expected [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":594132,"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":[8572],"tags":[394,72,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-aramco","tag-enterpriseam","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"96126224-5831-4eef-ad49-fb9514e8fd42","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/259.jpg","photo_position":"above","related_issue":[594126],"teaser":"","voice_url":""},"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>Aramco is a potential hiccup for Egypt\u2019s state privatization program -lead advisor - 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\/2019\/10\/21\/aramco-is-a-potential-hiccup-for-egypts-state-privatization-program-lead-advisor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco is a potential hiccup for Egypt\u2019s state privatization program -lead advisor\" \/>\n<meta property=\"og:description\" content=\"PRIVATIZATION 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 Reuters. 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At the time of publishing, Aramco\u2019s media office did not confirm 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\/2019\/10\/317.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638908,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/17\/china-is-offering-to-buy-a-5-stake-in-aramco\/","url_meta":{"origin":594131,"position":1},"title":"China is offering to buy a 5% stake in Aramco","author":"enterpriseam admin","date":"17 October 2017","format":false,"excerpt":"Chinese state-owned oil companies PetroChina and Sinopec are offering to buyup to 5% of Saudi Aramco directly, Reuters reports in an exclusive. The companies have been corresponding with Aramco over the past weeks to express interest in a direct sale of a stake to a consortium made up of both\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":592638,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/03\/aramcos-ipo-is-moving-forward-as-mbs-gives-it-the-green-light\/","url_meta":{"origin":594131,"position":2},"title":"Aramco\u2019s IPO is moving forward, as MbS gives it the green light","author":"enterpriseam admin","date":"3 November 2019","format":false,"excerpt":"IPO WATCH- Aramco\u2019s IPO is moving forward as MbS appears to accept valuation of less than USD 2 tn: Saudi Crown Prince Mohammed bin Salmangave on Friday the go-ahead for Aramco\u2019s long-awaited IPO and an official announcement is expected as early as today, sources familiar with the matter told Bloomberg.\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\/2019\/11\/1893.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638792,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/15\/saudi-considers-delaying-inl-offering-of-aramco-ipo\/","url_meta":{"origin":594131,"position":3},"title":"Saudi considers delaying in\u2019l offering of Aramco IPO","author":"enterpriseam admin","date":"15 October 2017","format":false,"excerpt":"Saudi Arabia is considering delaying the international tranche of its IPO of Aramco until at least 2019, according to people familiar with the situation. The sources added that the share sale in Riyadh could still happen next year, Bloomberg reports. A two-stage Saudi Aramco IPO is one of several options\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":635839,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/14\/saudi-aramco-invites-banks-to-bid-for-leading-bookrunner-on-aramco-ipo\/","url_meta":{"origin":594131,"position":4},"title":"Saudi Aramco invites banks to bid for leading bookrunner on Aramco IPO","author":"enterpriseam admin","date":"14 December 2017","format":false,"excerpt":"Saudi Aramco has invited banks to bid to become coordinators and bookrunners on its IPO, people familiar with the matter said, according to Bloomberg. The company sent out the request for proposals to banks over the past few days and aims to appoint a group of advisors by early next\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":651211,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/07\/aramco-hires-four-banks-to-advise-on-its-first-bond-sale-ahead-of-2018-ipo\/","url_meta":{"origin":594131,"position":5},"title":"Aramco hires four banks to advise on its first bond sale ahead of 2018 IPO","author":"enterpriseam admin","date":"7 February 2017","format":false,"excerpt":"Saudi Aramco has hired four banks to advise on its first bond sale ahead of its 2018 IPO, Bloomberg reported. NCB Capital, Alinma Investment Co., Riyad Capital, and HSBC Holding Plc\u2019s local arm will advise on the sale of SAR-denominated sukuk, which could be followed by USD-denominated bonds, sources close\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594131","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=594131"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594131\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/594126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/594132"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=594131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=594131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=594131"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=594131"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=594131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}