{"id":710643,"date":"2026-06-16T00:00:00","date_gmt":"2026-06-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=710643"},"modified":"2026-06-16T02:49:46","modified_gmt":"2026-06-16T02:49:46","slug":"privatization-pipeline-thaws-as-safi-draws-bids-and-elab-files-for-egx-listing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/16\/privatization-pipeline-thaws-as-safi-draws-bids-and-elab-files-for-egx-listing\/","title":{"rendered":"Privatization pipeline thaws as Safi draws bids and Elab files for EGX listing"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Some of the <\/strong><strong>g<\/strong><strong>overnment\u2019s longest-running privatization plays may finally be seeing daylight.<\/strong> Offers are in for military-owned bottled water maker Safi and an IPO timeline has been set for the military\u2019s new retail field vehicle Quick Fuel. Also, state petrochems company Elab just filed for a temporary listing on the EGX.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Safi has started drawing bids, with the government now reviewing \u201cactual offers\u201d for the asset<\/strong>, a senior government official tells EnterpriseAM. The expected transaction follows <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/14\/taqa-arabia-acquires-10-of-172-wataneya-stations\/\" style=\"\">the recent Wataneya-Taqa Arabia agreement<\/a> and is one of five National Service Projects Organization (NSPO) companies the government plans to divest by 1H 2027, the official says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Keeping its options open: <\/strong>While the government will continue temporarily listing state-owned companies on the EGX through the summer, it remains fully prepared to pivot from public offerings to strategic stake sales if private offers match fair-value studies, State-Owned Companies Unit CEO Hashem El Sayed tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- We now have a date for <\/strong><strong>the <\/strong><strong>Quick Fuel IPO.<\/strong> Wataneya\u2019s new vehicle is expected to begin the temporary EGX listing process before end-2026, after Taqa Arabia takes over management and operation, the official says. NSPO handed Taqa a 10% stake in Quick Fuel \u2014 which holds 172 Wataneya stations \u2014 under the transaction, with the option to acquire another 15% once Quick Fuel lists.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE<\/strong><strong>- Qalaa Holdings wants more of Taqa Arabia:<\/strong> The EGX-listed investment firm, which currently holds approximately 6.2% of Taqa Arabia, intends to purchase an additional 11.45% of Taqa\u2019s shares, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/6\/898.pdf\" style=\"\">bourse filing (pdf)<\/a>. That comes on top of its existing option to buy NSPO\u2019s 20% stake in June 2027. Qalaa could also acquire a further 17.68% block in September 2029 \u2014 currently owned by Banque Misr, Banque du Caire, Al Ahli Bank of Kuwait, and Arab African International Bank under a previous debt settlement. If Qalaa exercises all three tranches, its stake in Taqa Arabia would climb north of 55%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Safi and Wataneya have been in the privatization pipeline for years. The Sovereign Fund of Egypt <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/04\/10\/sfe-to-restructure-five-military-owned-companies-ahead-of-listings\/\" style=\"\">began restructuring five NSPO companies<\/a> \u2014 Wataneya, Safi, Silo Foods, Chill Out, and the National Roads Company \u2014 last year ahead of planned offerings, after earlier attempts to sell stakes in Safi and Wataneya repeatedly stalled.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Elab nears the front of the IPO queue<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State-owned and ADQ-backed petrochems player Egyptian Linear Alkyl Benzene Company (Elab) filed for a temporary listing on the main market<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/en\/newsdetails.aspx?NewsID=289782\" style=\"\">EGX disclosure<\/a>. The firm is looking to float some 2.1 bn shares at a nominal value of USD 0.1 apiece, bringing its issued capital on the board to USD 210 mn at par value. We still don\u2019t know which of Elab\u2019s shareholders is providing the paper.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Elab has been lined up for the state IPO program <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/four-state-owned-companies-ready-to-list-with-eight-more-to-follow-egx\/\" style=\"\">since at least 2018<\/a>, before Abu Dhabi sovereign wealth fund ADQ stepped in to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/adq-finalizes-acquisition-of-stakes-in-state-run-petchem-drilling-companies\/\" style=\"\">acquire 35%<\/a> of it back in 2023. The latest move is part of the government\u2019s plan to temporarily list 10 petroleum sector companies by the end of June, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/14\/taqa-arabia-acquires-10-of-172-wataneya-stations\/\" style=\"\">clearing the runway<\/a> for Enppi, Petrojet, and Midor to follow in July, to keep the IMF on-side.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elab is in the middle of a USD 20 mn+ expansion<\/strong> that will add 50k tons to its existing 150k-ton capacity, lifting its annual linear alkyl benzene production by roughly a third, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/2119231\/%C2%AB%D8%A5%D9%8A%D9%84%D8%A7%D8%A8%C2%BB-%D8%AA%D9%86%D9%81%D8%B0-%D8%AA%D9%88%D8%B3%D8%B9%D8%A7%D8%AA-%D8%A8%D9%8020-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%88%C2%AB%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1\/\" style=\"\">Al Mal<\/a> reports, citing unnamed sources. The project was originally due for completion before the end of this month, before regional geopolitical tensions pushed the timeline into 2H this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Long-stalled state asset sales are finally seeing daylight as Safi draws bids, Quick Fuel gets an IPO timeline, and Qalaa plots a Taqa Arabia takeover<\/p>\n","protected":false},"author":1,"featured_media":710644,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[12497],"tags":[68,72,81,370,587,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-710643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch-2","tag-egx","tag-enterpriseam","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-state-privatization-program","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"b646dee3-d24c-40e6-9053-9cbdf2cd0cfb","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/4\/488.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Late privatization homework","related_issue":[710636],"teaser":"Long-stalled state asset sales are finally seeing daylight as Safi draws bids, Quick Fuel gets an IPO timeline, and Qalaa plots a Taqa Arabia takeover"},"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>Privatization pipeline thaws as Safi draws bids and Elab files for EGX listing - 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\/2026\/06\/16\/privatization-pipeline-thaws-as-safi-draws-bids-and-elab-files-for-egx-listing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Privatization pipeline thaws as Safi draws bids and Elab files for EGX 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