{"id":609193,"date":"2023-11-01T00:00:00","date_gmt":"2023-11-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/adq-finalizes-acquisition-of-stakes-in-state-run-petchem-drilling-companies\/"},"modified":"2023-11-01T00:00:00","modified_gmt":"2023-11-01T00:00:00","slug":"adq-finalizes-acquisition-of-stakes-in-state-run-petchem-drilling-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/adq-finalizes-acquisition-of-stakes-in-state-run-petchem-drilling-companies\/","title":{"rendered":"ADQ finalizes acquisition of stakes in state-run petchem, drilling companies"},"content":{"rendered":"

Elab, Ethydco, and EDC stake sales ticked off the privatization checklist: <\/strong>Abu Dhabi\u2019s sovereign wealth fund ADQ has inked contracts with the Sovereign Fund of Egypt (SFE) to finalize its acquisition of minority stakes in three state-owned oil and petrochemical companies, Al Borsa<\/a> reported yesterday, citing sources it says are familiar with the matter.<\/p>\n

The details:<\/strong> ADQ acquired a 35% stake in Egyptian Linear Alkyl Benzene (Elab), 30% of Egyptian Ethylene and Derivatives Company (Ethydco), and 25% of the Egyptian Drilling Company (EDC). The fund will pay<\/strong> USD 800 mn for the stakes<\/strong>, which will be transferred immediately, the media outlet quotes its sources as saying. To get the agreement over the line, the Madbouly government has reportedly agreed<\/a> to provide certain guarantees on the transaction to ADQ for a defined period, according to an unconfirmed report. <\/p>\n

The bigger picture:<\/strong> The sales were part of the USD 1.9 bn of privatization agreements<\/a> announced in July. The government is accelerating its privatization plans in a bid to attract more foreign currency into the country and ease the 18-month currency crisis triggered by the war in Ukraine and rising US rates.<\/p>\n

Looking ahead:<\/strong> The state wants<\/a> to complete another USD 5 bn in sales between now and June 2024. It expects to sell stakes in the Gabal El Zeit and Zafarana wind farms<\/a>, military companies Wataniya<\/a> and Safi<\/a>, a 4.8 GW combined-cycle power plant<\/a> in Beni Suef, and a number of desalination plants over the next eight months.<\/p>\n

Advisors<\/strong>: ADQ used Matouk Bassiouny & Hennawy as a legal advisor on the sale, while the SFE was represented by Baker McKenzie.<\/p>\n

MORE ADQ INVESTMENTS TO COME?<\/strong><\/p>\n

Madbouly drums up ADQ interest in local investments: <\/strong>Prime Minister Moustafa Madbouly met with ADQ chief and UAE Investment Minister Mohamed Alsuwaidi yesterday, a cabinet statement<\/a> said yesterday. Madbouly talked up investment incentives, golden licenses, and easing barriers to land ownership.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Emirati wealth fund acquired 25-35% stakes in the three state-run firms for USD 800 mn<\/p>\n","protected":false},"author":1,"featured_media":609194,"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":[299,10649,10595,72,6815,103,78,81,370,734],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-adq","tag-egyptian-drilling-company","tag-egyptian-linear-alkyl-benzene","tag-enterpriseam","tag-ethydco","tag-fdi","tag-ipo-watch","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-sovereign-wealth-funds","wpautop","entry"],"acf":{"mongo_id":"dff2db56-5a9e-4579-ae83-7f347fadb67c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1541.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ finalizes acquisition of stakes in Egyptian state-owned companies","related_issue":[609186],"teaser":"The Emirati wealth fund acquired 25-35% stakes in the three state-run firms for USD 800 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.7772c2af-e4ea-4754-a59c-fccf7f1eb3c7.mp3"},"yoast_head":"\nADQ finalizes acquisition of stakes in state-run petchem, drilling companies - 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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 "WHAT WE\u2019RE TRACKING TONIGHT"","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":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":609193,"position":2},"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 "Privatization"","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":638017,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/sidpec-ethydco-merger-to-go-through-another-financial-evaluation\/","url_meta":{"origin":609193,"position":3},"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 "M&A WATCH"","block_context":{"text":"M&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":[]},{"id":586365,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/is-adq-about-to-snap-up-a-stake-in-elab\/","url_meta":{"origin":609193,"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 "Privatization"","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":611603,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/10\/another-leadership-change-at-elab\/","url_meta":{"origin":609193,"position":5},"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 "Moves"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609193","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=609193"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609193\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609186"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609194"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609193"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609193"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}