Is Egypt moving closer to privatizing (part of) two state logistics firms?

A step closer to stake sales in Damietta, Port Said port operators: Egypt’s Financial Regulatory Authority is currently reviewing faire value assessments of Egyptian state-owned logistics handling firms Port Said Container and Cargo Handling Company (PSCCHC) and Damietta Container and Cargo Handling Company (DCHC), Al Borsareports, citing sources it says are in the know. Financial Banking Consultants International (FinBi) wrapped up the valuation studies a week ago, according to the news outlet.

Gulf players are reportedly vying for strategic stakes in the state-owned logistics firms: Abu Dhabi Ports (ADP) reportedly put forward an initial offer for a controlling stake in both DCHC and PSCCHC. Meanwhile, talks with Qatar’s sovereign wealth fund for stakes in the two firms had reportedly stalled over the size of the stake on offer, as Egypt’s Transport Ministry is reportedly reluctant to sign off on the Qatari fund acquiring a majority stake in the companies.

Both companies are subsidiaries of Egypt’s Holding Company for Maritime Transport and were named in the Egyptian government’s list of 32 state-owned companiesin the country’s state privatization program. Egyptian investment bank CI Capital is set to assume the role of advisor on both transactions.