{"id":627140,"date":"2018-07-24T04:22:23","date_gmt":"2018-07-24T04:22:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/24\/govt-unveils-timeline-of-first-wave-of-state-privatization-program\/"},"modified":"2018-07-24T04:22:23","modified_gmt":"2018-07-24T04:22:23","slug":"govt-unveils-timeline-of-first-wave-of-state-privatization-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/24\/govt-unveils-timeline-of-first-wave-of-state-privatization-program\/","title":{"rendered":"Gov\u2019t unveils timeline of first wave of state privatization program"},"content":{"rendered":"

<\/a> Gov\u2019t unveils timeline of first wave of state privatization program:<\/strong> Public Enterprises Minister Hisham Tawfik unveiled the timeline for the initial wave of five companies<\/a> that will see a stake sale as part of the government privatization program. Heliopolis for Housing and Development and Eastern Company will kick off the program with stake sales in October, Tawfik tells Bloomberg<\/a>. Alexandria Mineral Oils Company (AMOC) and Alexandria Container and Cargo Handling (ACCH) will sell shares on the EGX in November, while Abu Qir Fertilizers will sell a stake in December.<\/p>\n

Gov\u2019t to offer investors majority stake in Heliopolis Housing: <\/strong>The government intends to allow investors to buy up a majority stake of around 33% Heliopolis for Housing and Development, Tawfik said. The government intends to retain ownership of 40% of the company, which currently has around 28% of its shares already listed on the EGX, Finance Minister Mohamed Maait told Bloomberg in a Thursday interview<\/a>. \u201cWe saw that Heliopolis, given the strength of the real-estate sector in Egypt, could be developed more by offering a bigger stake to investors,\u201d Maait told the news service, noting the previous successful sale of a majority stake to Madinet Nasr Housing and Development (MNHD).<\/p>\n

Could more companies see a majority stake put on offer?<\/strong> While so far, a majority offering is available only in Heliopolis Housing, Tawfik hinted at the possibility of more majority offerings in the future. In a bid to maximize private sector presence on the boards of state companies, the government is \u201cgiving investors stakes in these companies and allowing them to have majority ownership in some of them,\u201d Tawfik added.<\/p>\n

Meanwhile, Eastern Company appears to have upped the stake it plans to sell in October to 4.5% <\/strong>from an initial 4%<\/strong><\/a>, according to the timeline put forth by Tawfik. AMOC and Abu Qir will each sell a 30% stake, while ACCH will sell 20% of its stake to investors.<\/p>\n

As for the rest of the program? The second wave of the 23 state companies selling shares will go on offer in 1Q2019<\/strong>, although officials have yet to decide on which firms or the sizes of stakes to be sold, Tawfik added. In the next nine months, the government will study the performance of the 121 Public Enterprises Ministry companies. \u201cStrategic investors will be invited in, through management contracts,\u201d to run some of the companies that are unlikely to turn a profit under their current leaderships, he said.<\/p>\n

State companies to sell EGP 75 bn in assets: <\/strong>In addition to the stake sales, Public Enterprises Ministry companies will sell some EGP 75 bn in assets, Tawfik said, according to Al Mal<\/a>. Around half of the proceeds of the sale will go towards paying off overdue gas and electricity bills, as well settling debt payments to the state National Investment Bank. The ministry is currently tallying up the assets it plans to put up for sale, he added. The Ismail Cabinet had set up a timeline in May<\/a> for state-owned companies to pay overdue gas and electricity bills so that the government can accelerate payments to foreign energy companies and other contractors, including Siemens and GE, among others. The move comes as the Electricity Ministry will reportedly settle some EGP 117 bn in overdue gas bills owed to the Oil Ministry before the end of 2018, in order to allow the latter to repay its arrears to international oil companies, which came in at USD 1.2 bn<\/a> as of the end of FY2017-18, government sources told Al Masry Al Youm on Friday<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t unveils timeline of first wave of state privatization program: Public Enterprises Minister Hisham Tawfik unveiled the timeline for the initial wave of five companies that will see a stake sale as part of the government privatization program. Heliopolis for Housing and Development and Eastern Company will kick off the program with stake sales in […]<\/p>\n","protected":false},"author":1,"featured_media":627141,"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-627140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4dbd866e-e97a-4c09-8c61-46170e29bc21","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/7\/222.jpg","photo_position":"above","related_issue":[627135],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t unveils timeline of first wave of state 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\/2018\/07\/24\/govt-unveils-timeline-of-first-wave-of-state-privatization-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t unveils timeline of first wave of state privatization program\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t unveils timeline of first wave of state privatization program: Public Enterprises Minister Hisham Tawfik unveiled the timeline for the initial wave of five companies that will see a stake sale as part of the government privatization program. 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strategic investor: The Public Enterprises Ministry is working with the government\u2019s IPO committee to decide the fate of Heliopolis Company for Housing and Development (HHD) after it was dropped from the lineup of companies in the first wave of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597773,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/amoc-exits-stage-right-from-second-wave-of-egypts-state-privatization-program\/","url_meta":{"origin":627140,"position":1},"title":"AMOC exits stage right from second wave of Egypt\u2019s state privatization program","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"EXCLUSIVE- AMOC won\u2019t be in round two of the state privatization program; Sinai Manganese Company might be: Alexandria Mineral Oils Company (AMOC), which had earlier been dropped from the first wave of the state privatization program after posting an unexpected dip in profits, will not take part in the second\u2026","rel":"","context":"In "Speed Round"","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":603450,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/23\/heliopolis-housing-out-of-first-wave-of-stake-sales-no-stake-sales-during-summer\/","url_meta":{"origin":627140,"position":2},"title":"Heliopolis Housing out of first wave of stake sales; no stake sales during summer","author":"enterpriseam admin","date":"23 April 2019","format":false,"excerpt":"EXCLUSIVE- Heliopolis Housing dropped from first wave of state privatization program: Heliopolis Company for Housing and Development has been dropped from the lineup of companies included in the first wave of the state privatization program, Public Enterprises Minister Hisham Tawfik tells Enterprise. This leaves Abu Qir Fertilizers and Alexandria Containers\u2026","rel":"","context":"In "Speed Round"","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":598955,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/government-approves-handing-heliopolis-housing-management-to-an-investor\/","url_meta":{"origin":627140,"position":3},"title":"Government approves handing Heliopolis Housing management to an investor","author":"enterpriseam admin","date":"13 June 2019","format":false,"excerpt":"M&A WATCH- Gov\u2019t to offer 11% stake in Heliopolis Housing \u2014 with management rights: The Public Enterprises Ministry and the Holding Company for Construction and Development have given principal approval to hand the management of Heliopolis Housing & Development (HHD) to a private investor, Heliopolis Housing said in a bourse\u2026","rel":"","context":"In "Speed Round"","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":593413,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/heliopolis-housing-to-sell-22-25-stake-in-1q2020-tawfik-says\/","url_meta":{"origin":627140,"position":4},"title":"Heliopolis Housing to sell 22-25% stake in 1Q2020, Tawfik says","author":"enterpriseam admin","date":"27 November 2019","format":false,"excerpt":"PRIVATIZATION WATCH- HHD to sell 22-25% stake in 1Q2020, Tawfik says: State-owned Heliopolis Housing and Development (HHD) will offer a 22-25% stake in a secondary offering scheduled to go to market in 1Q2020, Public Enterprises Minister Hisham Tawfik said, according to Reuters. This means that 12-15% of the company will\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/687.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595267,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/egypt-could-move-ahead-with-stake-sales-in-less-than-two-weeks\/","url_meta":{"origin":627140,"position":5},"title":"Egypt could move ahead with stake sales in less than two weeks","author":"enterpriseam admin","date":"22 September 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t could move ahead with stake sales within two weeks: Abu Qir Fertilizers or Alexandria Container and Cargo Handling (ACCH) could offer stakes as part of the privatization program within two weeks\u2019 time, Public Enterprises Minister Hisham Tawfik told Enterprise. The companies have completed all the necessary procedures and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/259.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\/627140","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=627140"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/627140\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/627135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/627141"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=627140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=627140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=627140"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=627140"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=627140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}