{"id":598741,"date":"2019-06-03T04:00:10","date_gmt":"2019-06-03T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/abu-qir-to-sell-stake-after-eid-as-part-of-egypts-privatization-program\/"},"modified":"2019-06-03T04:00:10","modified_gmt":"2019-06-03T04:00:10","slug":"abu-qir-to-sell-stake-after-eid-as-part-of-egypts-privatization-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/abu-qir-to-sell-stake-after-eid-as-part-of-egypts-privatization-program\/","title":{"rendered":"Abu Qir to sell stake after Eid as part of Egypt\u2019s privatization program"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <b>Abu Qir stake sale to take place after Eid El Fitr: <\/b>The government could sell as much as 20% of Abu Qir Fertilizers via an accelerated book build on the EGX shortly after the Eid El Fitr break, <a href=\"https:\/\/almalnews.com\/%D8%A8%D8%AF%D8%A1-%D8%A7%D9%84%D8%AA%D8%B1%D9%88%D9%8A%D8%AC-%D9%84%D8%B7%D8%B1%D8%AD-%D8%AD%D8%B5%D8%A9-%D8%A5%D8%B6%D8%A7%D9%81%D9%8A%D8%A9-%D9%85%D9%86-%D8%A3%D8%A8%D9%88-%D9%82%D9%8A%D8%B1-%D9%84\/\">Al Mal<\/a> reports, citing unnamed sources. The final decision of the exact size of the sale rests on the shareholders, who are yet to each decide how much they\u2019re willing to offer.<\/p>\n<p><b>So, who\u2019s selling? <\/b>Abu Qir is majority-owned by the National Investment Bank (24.8%), followed by the General Petroleum Corporation (19.11%), the Industrial Development Authority (12.67%) and Al Ahly Capital (8.11%) as well as other state-affiliated shareholders.<\/p>\n<p><b>The government reportedly expects to net as much as EGP 8 bn<\/b> in combined proceeds from the sale from Abu Kir and a separate offering of a chunk of Alexandria Containers and Cargo Handling Company (ACCH).<\/p>\n<p><b>Take this with a grain of salt:<\/b> The timing of the sale is contingent on how the EGX (and, by extension, global emerging markets) fare after the Eid vacation. A key factor in sentiment will be whether the government closes soon an expected EGP 2 bn <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/26\/egypts-tax-authority-agrees-to-egp-2-bn-settlement-in-global-telecom-dispute\/\">tax settlement agreement<\/a> with Global Telecom Holding, the sources said. While the bourse tends to pick up following Ramadan, liquidity and trading volumes are typically low throughout summer. Public Enterprise Minister Hisham Tawfik had <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/23\/heliopolis-housing-out-of-first-wave-of-stake-sales-no-stake-sales-during-summer\/\">previously told us<\/a> that either Abu Qir or ACCH, which are both next in line in the first wave of the program, could go to market before the Eid El Fitr break. But Tawfik added that the sale program will definitely be on hold during the summer.<\/p>\n<p><b>Preparations for ACCH are also underway, <\/b>the sources said, adding that the timing of the transaction is still undecided. The investment banks quarterbacking the transaction have already marketed the transaction on a roadshow to the US, the UK, Dubai, and South Africa, according to Al Mal.<\/p>\n<p><b>Background:<\/b> The government successfully kicked off the program last month with <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\">Eastern Tobacco\u2019s secondary offering<\/a> of a 4.5% stake. Eastern, Abu Kir, and ACCH are part of the first wave of companies piloting the program \u2014 which will only see share sales and not IPOs. Alexandria Mineral Oils Company (AMOC) was also part of the wave, but it got sidelined <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/11\/government-expects-to-announce-list-of-ipo-companies-within-two-weeks\/\">earlier this year<\/a> for falling profitability.<\/p>\n<p><b>Advisors: <\/b>Renaissance Capital and CI Capital are leading the accelerated book build on Abu Qir, while EFG Hermes and Citi are leading on Alexandria Containers, state-owned NI Capital <a href=\"https:\/\/nicapital.com.eg\/ni-capital-confirms-winning-consortia-for-upcoming-soes-offerings-in-the-ipo-program\/\">announced in January<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abu Qir stake sale to take place after Eid El Fitr: The government could sell as much as 20% of Abu Qir Fertilizers via an accelerated book build on the EGX shortly after the Eid El Fitr break, Al Mal reports, citing unnamed sources. The final decision of the exact size of the sale rests [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598742,"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":[548,72,131,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abu-qir-fertilizers","tag-enterpriseam","tag-manufacturing","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"54835c88-455b-4861-b89f-7748b192c9d4","is_powered_by":true,"section_story_id":"79db71c9-c32a-44f8-90b7-5273a5bdff6b","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/259.jpg","photo_position":"above","related_issue":[598734],"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>Abu Qir to sell stake after Eid as part of Egypt\u2019s privatization program - 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\/06\/03\/abu-qir-to-sell-stake-after-eid-as-part-of-egypts-privatization-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Qir to sell stake after Eid as part of Egypt\u2019s privatization program\" \/>\n<meta property=\"og:description\" content=\"Abu Qir stake sale to take place after Eid El Fitr: The government could sell as much as 20% of Abu Qir Fertilizers via an accelerated book build on the EGX shortly after the Eid El Fitr break, Al Mal reports, citing unnamed sources. 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This leaves Abu Qir Fertilizers and Alexandria Containers\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\/4\/Egypt-state-privatization-program-IPOs.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600712,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/shalakany-zhp-herbert-smith-white-case-to-act-as-advisors-on-abu-qir-acch-stake-sales\/","url_meta":{"origin":598741,"position":1},"title":"Shalakany, ZH&#038;P, Herbert Smith, White &#038; Case to act as advisors on Abu Qir, ACCH stake sales","author":"enterpriseam admin","date":"7 February 2019","format":false,"excerpt":"Shalakany, Herbert Smith, White & Case tapped as local legal counsel on Abu Qir stake sale: Shalakany Law Office, alongside Herbert Smith Freehills, will jointly act as shareholders\u2019 local legal counsel in the stake sale of Abu Qir Fertilizers as part of the government privatization program, a source close to\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":555596,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/will-abu-qir-fertilizers-be-next-in-the-revived-state-privatization-program\/","url_meta":{"origin":598741,"position":2},"title":"Will Abu Qir Fertilizers be next in the (revived) state privatization program?","author":"enterpriseam admin","date":"21 November 2021","format":false,"excerpt":"The long-awaited sale of an additional stake by EGX-listed Abu Qir Fertilizers will go ahead within the next month, Public Enterprises Minister Hisham Tawfik told Reuters on Thursday. Sales of stakes in other state companies as part of the resurrected state privatization program would then follow, with four companies expected\u2026","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\/2021\/11\/519.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596915,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/11\/no-stake-sales-in-state-companies-happening-before-september\/","url_meta":{"origin":598741,"position":3},"title":"No stake sales in state companies happening before September","author":"enterpriseam admin","date":"11 July 2019","format":false,"excerpt":"EXCLUSIVE- No stake sales in state companies happening before September: The sale of additional stakes in already listed state companies will not take place before September, Public Enterprises Minister Hisham Tawfik tells Enterprise. The sale of an additional stake in Alexandria Containers and Cargo Handling Company (ACCH), Abu Qir Fertilizers,\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\/4\/Egypt-state-privatization-program-IPOs.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599835,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/13\/beltone-eliminated-from-ni-capitals-tender-for-management-of-abu-qir-stake-sale-over-sarwa-flap\/","url_meta":{"origin":598741,"position":4},"title":"Beltone eliminated from NI Capital\u2019s tender for management of Abu Qir stake sale over Sarwa flap","author":"enterpriseam admin","date":"13 January 2019","format":false,"excerpt":"IPO WATCH- Beltone wasn\u2019t invited to bid for a piece of Abu Qir stake sale: State-owned investment bank NI Capital has excluded Beltone Financial from a tender it issued last month that will see it hire a manger for the sale of an additional stake in Abu Qir Fertilizers and\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":553600,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/abu-qir-to-sell-up-to-10-stake-in-secondary-offering\/","url_meta":{"origin":598741,"position":5},"title":"Abu Qir to sell up to 10% stake in secondary offering","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"Abu Qir Fertilizers will sell up to 10% of its shares in a secondary offering on the EGX, the company announced in a bourse disclosure (pdf) yesterday. The state-owned company didn\u2019t give any indication of when the sale might go ahead, but Emad El Din Mostafa, the head of the\u2026","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\/2021\/12\/272.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\/598741","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=598741"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598741\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598742"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598741"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598741"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}