{"id":638017,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/sidpec-ethydco-merger-to-go-through-another-financial-evaluation\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"sidpec-ethydco-merger-to-go-through-another-financial-evaluation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/sidpec-ethydco-merger-to-go-through-another-financial-evaluation\/","title":{"rendered":"Sidpec-Ethydco merger to go through another financial evaluation"},"content":{"rendered":"

The Sidpec-Ethydco merger hits a speed bump:<\/strong> The long-planned all-share merger of state-owned Egyptian Ethylene and Derivatives Company (Ethydco) and Sidi Kerir Petrochemicals (Sidpec) is reportedly back in the financial evaluation stage, Al Mal<\/a> reports, citing sources it says are familiar with the matter.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Refresher:<\/strong> In July 2023, Sidpec\u2019s board of directors signed off on the company\u2019s all-share<\/a>merger<\/a> with Ethydco after approving Baker Tilly\u2019s valuations, which pegged Ethydco\u2019s value at EGP 33.5 bn (around EGP 2,420.09 per share) and Sidpec\u2019s at c.EGP 23.1 bn (around EGP 30.60 per share). <\/p>\n

But Sidpec\u2019s bid to take over Ethydco was put on ice <\/strong>when Abu Dhabi\u2019s sovereign wealth fund ADQ inked contracts with the Sovereign Fund of Egypt to acquire 30% of Ethydco<\/a>, along with 35% of Egyptian Linear Alkyl Benzene (Elab) and 25% of the Egyptian Drilling Company (EDC), for USD 800 mn in October. Now that ADQ\u2019s acquisition of Ethydco has gone through, the merger is \u201con the verge of execution,\u201d according to unnamed sources cited by Al Mal. ADQ should soon name its representatives to sit on Ethydco\u2019s board of directors. <\/p>\n

EGX listing will also be subject to revaluation:<\/strong> The source told the news outlet that the plan to offer a stake in the merged entity will also be reevaluated.<\/p>\n","protected":false},"excerpt":{"rendered":"

A plan to offer a stake in the new merged entity on the EGX will also be reevaluated<\/p>\n","protected":false},"author":1,"featured_media":638018,"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":[7363],"tags":[72,6815,7128,705,706],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ethydco","tag-ma-watch","tag-petrochemicals","tag-sidi-kerir-petrochemicals","wpautop","entry"],"acf":{"mongo_id":"92de8a18-0919-4f48-a139-30e90cbce7bd","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/539.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sidpec-Ethydco merger to go through another financial evaluation","related_issue":[638005],"teaser":"A plan to offer a stake in the new merged entity on the EGX will also be reevaluated","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.6a9fae38-42de-484a-a533-c71904682049.mp3"},"yoast_head":"\nSidpec-Ethydco merger to go through another financial evaluation - 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\/2024\/08\/07\/sidpec-ethydco-merger-to-go-through-another-financial-evaluation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sidpec-Ethydco merger to go through another financial evaluation\" \/>\n<meta property=\"og:description\" content=\"A plan to offer a stake in the new merged entity on the EGX will also be reevaluated\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/sidpec-ethydco-merger-to-go-through-another-financial-evaluation\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-07T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/539.jpg?fit=%2C&ssl=1\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" 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"Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/petrochemical-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606330,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/adq-may-need-to-make-an-mto-for-sidpec-following-its-merger-with-ethydco\/","url_meta":{"origin":638017,"position":4},"title":"ADQ may need to make an MTO for Sidpec following its merger with Ethydco","author":"enterpriseam admin","date":"14 September 2023","format":false,"excerpt":"ADQ is buying a 27% stake in Ethydco, which could translate into a controlling stake in the company formed when Ethydco merges with Sidpec","rel":"","context":"In 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