{"id":609851,"date":"2023-11-12T00:00:00","date_gmt":"2023-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/egypt-central-bank-kuwait-wealth-fund-to-divest-40-of-aaib\/"},"modified":"2023-11-12T00:00:00","modified_gmt":"2023-11-12T00:00:00","slug":"egypt-central-bank-kuwait-wealth-fund-to-divest-40-of-aaib","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/egypt-central-bank-kuwait-wealth-fund-to-divest-40-of-aaib\/","title":{"rendered":"Egypt central bank, Kuwait wealth fund to divest 40% of AAIB"},"content":{"rendered":"

BIG PRIVATIZATION NEWS- CBE to sell almost half of its stake in AAIB:<\/strong> The Central Bank of Egypt (CBE) and Kuwait Investment Authority (KIA) have agreed on a divestment plan that will see each of them offloading a 20%-stake in AAIB, a source with first-hand knowledge of the transaction tells Enterprise. The sale, which is expected to wrap up in 2024, will be carried out via a private placement to a strategic investor and a stake sale on the EGX, our source said.<\/p>\n

Remember:<\/strong> AAIB is on the government\u2019s list of 35 state-owned companies<\/a> earmarked for privatization<\/a>. It owns one of the nation\u2019s most-respected corporate banking franchises.<\/p>\n

Who owns what? <\/strong>The CBE and the KIA each own a 49.37%-stake in AAIB, with the remaining 1.26% owned by unnamed \u201cothers,\u201d according to the lender\u2019s latest financial statements (pdf)<\/a>. <\/p>\n

Advisors:<\/strong> The KIA plans to reappoint Citigroup as an advisor, while the CBE wants to tap JPMorgan, Arab World Press<\/a> (AWP) reports, citing a Kuwaiti government document seen by the newswire. McKinsey had previously also prepared a study for AAIB\u2019s shareholders, our source noted.<\/p>\n

A committee is in the works: <\/strong>Both parties are set to form a joint committee to oversee the sale, according to AWP. The committee will reportedly include the chairman and managing director of AAIB along with a representative from the KIA and CBE.<\/p>\n

The KIA started looking into divesting its stake in AAIB in 2020<\/strong> when it appointed Citigroup as an advisor, our source said. Local media reported<\/a> in April that the KIA was seeking to up its stake in AAIB to become the lender\u2019s biggest shareholder.<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale is expected to take place in 2024<\/p>\n","protected":false},"author":1,"featured_media":609852,"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":[430,204,271,294,72,262,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-arab-african-international-bank","tag-banking","tag-central-bank-of-egypt","tag-citigroup","tag-enterpriseam","tag-jpmorgan","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"bab473fe-375c-4b6e-8544-1cf7a37a11d5","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/490.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central Bank of Egypt, Kuwait Investment Authority to divest 40% of AAIB","related_issue":[609846],"teaser":"The sale is expected to take place in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.9c7fb797-59cc-47ff-a4f9-5f8a74c4124a.mp3"},"yoast_head":"\nEgypt central bank, Kuwait wealth fund to divest 40% of AAIB - 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\/11\/12\/egypt-central-bank-kuwait-wealth-fund-to-divest-40-of-aaib\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt central bank, Kuwait wealth fund to divest 40% of AAIB\" \/>\n<meta property=\"og:description\" content=\"The sale is expected to take place in 2024\" \/>\n<meta property=\"og:url\" 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Plus: No cyberattack at Fawry","author":"enterpriseam admin","date":"9 November 2023","format":false,"excerpt":"Good afternoon friends and Happy Thursday. The week has ended with privatization updates entering our news cycle alongside the conflict dominating our region and headlines. THE BIG STORIES TODAY Fawry denies it faced a cyberattack: E-payments giant Fawry did not experience a cyberattack earlier today, the company said in a\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\/2022\/10\/277.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581153,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/italys-intesa-sanpaolo-in-talks-with-egyptian-govt-to-acquire-the-rest-of-alexbank\/","url_meta":{"origin":609851,"position":4},"title":"Italy\u2019s Intesa Sanpaolo in talks with Egyptian gov\u2019t to acquire the rest of Alexbank","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"The Italian lender has been the majority shareholder of Alexbank since 2006","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\/2\/Alexbank-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607146,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/saudi-wealth-fund-wants-minority-stake-in-palm-hills\/","url_meta":{"origin":609851,"position":5},"title":"Saudi wealth fund wants minority stake in Palm Hills","author":"enterpriseam admin","date":"27 September 2023","format":false,"excerpt":"The Public Investment Fund is reportedly in talks with the Arab African International Bank to acquire its 13% stake in Palm Hills","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\/2023\/9\/1597.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\/609851","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=609851"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609851\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609846"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609852"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609851"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609851"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}