{"id":625640,"date":"2018-08-12T04:14:26","date_gmt":"2018-08-12T04:14:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/"},"modified":"2018-08-12T04:14:26","modified_gmt":"2018-08-12T04:14:26","slug":"eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/","title":{"rendered":"Eastern Co to be first share sale in priv. program to be managed by private sector"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Eastern Company to be the first share sale in privatization program to be managed by private sector banks:<\/strong> It looks like the Eastern Company is the first company of the state privatization program to officially confirm that its share sale will be managed by a private sector bank. The company, which will pilot the program along with Heliopolis Housing and Development in October, signed a contract with state-owned NI Capital which will see the latter hold an international tender for private sector banks to manage the sale of an additional 4.5% of the company on the EGX, according to <a href=\"https:\/\/static.mubasher.info\/File.Mix_Announcement_File\/7C67EC8F-FC21-4449-AC91-84B3243D3287.pdf\">a regulatory filing by Eastern Company on Thursday (pdf)<\/a>. The filing confirms previous statements by Chemical Industries Holding Company (CIHC) Chairman Emad El Din Mostafa that NI Capital was organizing a limited tender for private sector banks to manage share sales for Eastern Company and Abu Qir Fertilizers. There is still no word on when a tender for advisers on Abu Qir will take place. Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/09\/maait-reassures-private-sector-their-role-in-privatization-program-is-secure\/\">had told us last week<\/a> that NI Capital will manage three of the five initial wave of stake sales, with the remaining two up for grabs by the private sector.<\/p>\n<p><strong>Speaking of which, Oil Min confirms Abu Qir to list 30% stake on EGX in December:<\/strong> The government intends to float 30% of Abu Qir Fertilizers on the EGX this fiscal year as part of the first phase of its privatization program, Oil Minister Tarek El Molla <a href=\"http:\/\/www.petroleum.gov.eg\/ar\/MediaCenter\/LocalNews\/pages\/mop_10082018_01.aspx\">said in a statement on Thursday<\/a> confirming the <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/24\/govt-unveils-timeline-of-first-wave-of-state-privatization-program\/\">timeline for the sale<\/a>. The offering will see various government agencies and companies sell a part of their holdings in the fertilizer manufacturer, including the Industrial Development Authority (which will sell a 12.7% stake), Al Ahly Capital (8.1%), KIMA (2.7%), the Chemical Industries Holding Company (1.5%) and the National Investment Bank (5%). The Chemical Industries Holding Company had <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/29\/cihc-hopes-to-raise-over-egp-3-bn-from-sale-of-stake-in-eastern-company-abu-qir-fertilizers\/\">said it is hoping to raise<\/a> more than EGP 3 bn from the sale of stakes in both companies.<\/p>\n<p>In other company news, <strong>Abu Qir Fertilizers said it chose a consortium led by the National Bank of Egypt (NBE) to arrange a EGP 600 mn loan<\/strong> needed for its nitric acid project, according to a <a href=\"http:\/\/almalnews.com\/Story\/385706\/11\/%D8%AA%D8%A3%D9%83%D9%8A%D8%AF%D8%A7-%D9%84%D9%84%D9%85%D8%A7%D9%84---%D8%AA%D8%AD%D8%A7%D9%84%D9%81-%D8%A7%D9%84%D8%A3%D9%87%D9%84%D9%89-%D9%8A%D9%81%D9%88%D8%B2-%D8%A8%D8%AA%D8%AF%D8%A8%D9%8A%D8%B1-600-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AC%D9%86%D9%8A%D9%87-%D9%84%D8%A3%D8%A8%D9%88-%D9%82%D9%8A%D8%B1-%D9%84%D9%84%D8%A3%D8%B3%D9%85%D8%AF%D8%A9\">filing to the EGX carried by Al Mal<\/a>. The consortium, which includes Banque Misr and Qatar National Bank, is also extending the company a <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/05\/abu-qir-fertilizers-vetting-three-offers-for-egp-600-mn-loan-for-nitric-acid-project\/\">EUR 105 mn facility<\/a> that will also be used to finance the project. The NBE-led consortium beat out another consortium comprising EG Bank, Bank of Alexandria, Ahli United Bank, Emirates NBD, and United Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eastern Company to be the first share sale in privatization program to be managed by private sector banks: It looks like the Eastern Company is the first company of the state privatization program to officially confirm that its share sale will be managed by a private sector bank. The company, which will pilot the program [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-625640","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3a94db00-05d7-4f5a-9fa1-88cded217fdb","order":"0","is_powered_by":true,"section_story_id":"e5de7360-87c7-4892-9598-5ff9b82f0e85","story_type":"1","photo_url":"","photo_position":"above","related_issue":[625634],"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>Eastern Co to be first share sale in priv. program to be managed by private sector - 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\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eastern Co to be first share sale in priv. program to be managed by private sector\" \/>\n<meta property=\"og:description\" content=\"Eastern Company to be the first share sale in privatization program to be managed by private sector banks: It looks like the Eastern Company is the first company of the state privatization program to officially confirm that its share sale will be managed by a private sector bank. The company, which will pilot the program [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-12T04:14:26+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Eastern Co to be first share sale in priv. program to be managed by private sector\",\"datePublished\":\"2018-08-12T04:14:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/\"},\"wordCount\":429,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/eastern-co-to-be-first-share-sale-in-priv-program-to-be-managed-by-private-sector\/\",\"name\":\"Eastern Co to be first share sale in priv. program to be managed by private sector - 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Finance Minister Mohamed Maait is reassuring private-sector bankers, lawyers and other advisers that they will have roles to play in the share sales of five companies piloting the state privatization program. 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