{"id":643458,"date":"2024-09-09T00:00:00","date_gmt":"2024-09-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/state-exits-microfinance-player-tamweely-after-egp-2-8-bn-buyout-by-intl-consortium\/"},"modified":"2024-09-09T00:00:00","modified_gmt":"2024-09-09T00:00:00","slug":"state-exits-microfinance-player-tamweely-after-egp-2-8-bn-buyout-by-intl-consortium","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/state-exits-microfinance-player-tamweely-after-egp-2-8-bn-buyout-by-intl-consortium\/","title":{"rendered":"State exits microfinance player Tamweely after EGP 2.8 bn buyout by int\u2019l consortium"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>State privatization efforts ramp up with EGP 2.8 bn Tamweely exit:<\/strong> A consortium of international investors has inked an agreement to fully acquire leading local microfinance provider Tamweely from its current state-owned shareholders, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/pfbid027YAMY96kG1yErVNfenE4qiZUqwdgfdnMFpn4BvgA3162uBpkBhDoPZXi97QRupDZl?locale=en_GB\" style=\"\" rel=\"noopener\">joint statement<\/a>. Investment Minister Hassan El Khatib put the transaction total at EGP 2.8 bn at a press conference announcing the news that was attended by Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, who are Tamweely\u2019s new owners?<\/strong> The purchasing consortium is made up of SPE Capital-run equity fund SPE PEF III, European Bank for Reconstruction and Development, local private equity firm Tanmiya Capital Ventures, and the UK government\u2019s British International Investment. The four entities now fully own the Tamweely, but we are yet to find out on how the ownership of the company is distributed between them. The entities exiting the company are the state-run Ayadi for Investment &amp; Development, the National Investment Bank\u2019s investment bank arm NI Capital, and Egypt Post\u2019s investment arm Post for Investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been in the works for a while: <\/strong>Negotiations for the acquisition took 20 months, said Post for Investment managing director and CEO Ahmed Ali Abdelrahman, who chalked this up to both sides\u2019 desire to get what they wanted out of the agreement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is signaling the agreement as a big W for its reform agenda: <\/strong>El Khatib called the agreement a \u201cvote of confidence in the Egyptian economy and state-owned entities.\u201d Planning and International Cooperation Minister Rania Al Mashat said the agreement \u201cexemplifies the government's vision to empower the private sector, attract both local and foreign investments, and gradually withdraw from certain sectors,\u201d in the joint statement released following the signing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the EBRD thinks it makes a good match with Tamweely: <\/strong>Tamweely\u2019s focus on inclusion \u2014 particularly its provision of funds to female-owned businesses and to businesses beyond Egypt\u2019s big cities \u2014 and potential for digitization lines up well with the EBRD\u2019s focus on these areas, EBRD Managing Director for the Southern and Eastern Mediterranean Region Heike Harmgart told Enterprise at the press conference. Harmgart added that the EBRD is \u201cputting our money where our mouth is\u201d in supporting the privatization program, saying that it is in talks with the government about other potential investments, albeit at a less advanced stage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- The acquisition comes after a period of stagnation on the privatization front,<\/strong> with the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c12b982d-ae32-4501-8d5a-7a06f325ab5c\/madbouly-government-cuts%253cmark%253e-privatization%253c%2Fmark%253e-program-targets-for-the-year\" style=\"\" rel=\"noopener\">revising down<\/a> its target for 2024 from USD 6.5 bn in investment to around USD 1 bn in April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The exit marks a good start on our new targets for the fiscal year: <\/strong>At his first presser as finance minister in early August, Finance Minister Ahmed Kouchouk <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44a65695-b89d-4d43-8b17-7609a798c7a0\/kouchouk-holds-his-first-presser,-giving-us-a-glance-at-what%25e2%2580%2599s-to-come\" style=\"\" rel=\"noopener\">said<\/a> that the state was targeting USD 2-2.5 bn through the privatization of state-owned companies in FY 2024-25.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sale should also help with our fourth IMF review is right around the corner: <\/strong>The privatization program is being watched closely by our international creditors, with the IMF noting that \u201cgreater efforts are needed to implement the State Ownership Policy\u201d in its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b783a33c-54f4-403e-bbb3-d45168e55bab\/imf-completes-third-review-of-our-loan-program,-enabling-the-disbursal-of-usd-820-mn\" style=\"\" rel=\"noopener\">third review<\/a> of our USD 8 bn loan program in July. Government sources speaking to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce01f29c-8a4e-43ba-ac77-91e06d5c9990\/imf-to-begin-fourth-loan-review-by-october-at-the-latest\" style=\"\" rel=\"noopener\">Enterprise<\/a> said last week that negotiations were underway to complete the sale of stakes in local companies ahead of the fourth IMF loan review, scheduled for the end of September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>The consortium was advised by MF Strategy, Mediterranean Corporate Finance, and Helmy, Hamza &amp; Partners \u2014 Baker McKenzie\u2019s Cairo office \u2014 , and BLC Robert &amp; Associates. PwC served as its financial advisor and IBIS Consulting as its ESG and Impact advisor. Adsero Ragy Soliman &amp; Partners served as the sell side\u2019s legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The acquisition comes just ahead of our fourth IMF loan program review in late September<\/p>\n","protected":false},"author":1,"featured_media":643459,"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":[2184,101,571,104,159,72,7128,311,834,595,758,81,1831,587,1045],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-british-international-investment","tag-development-finance","tag-ebrd","tag-economy","tag-egypt-post","tag-enterpriseam","tag-ma-watch","tag-microfinance","tag-ni-capital","tag-non-banking-financial-services","tag-private-equity","tag-privatization-watch","tag-spe-capital","tag-state-privatization-program","tag-tamweely","wpautop","entry"],"acf":{"mongo_id":"8dfe000b-b619-4de4-a6c8-0793a206df4d","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/563.jpg","photo_position":"above","homepage_title":"","full_issue_title":"State exits Egyptian microfinance player Tamweely after EGP 2.8 bn buyout by int\u2019l consortium","related_issue":[643453],"teaser":"The acquisition comes just ahead of our fourth IMF loan program review in late September","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.a3e7bef7-dc53-4d56-9bc2-3c121df52ea5.mp3"},"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>State exits microfinance player Tamweely after EGP 2.8 bn buyout by int\u2019l consortium - 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\/09\/09\/state-exits-microfinance-player-tamweely-after-egp-2-8-bn-buyout-by-intl-consortium\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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