Egypt receives offers to purchase shares in Safi & Wataniya: TSFE’s CEO

Malak Mostafa, Wednesday 5 Apr 2023

Egypt has received offers from investors to purchase shares in the National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum Company, according to the CEO of The Sovereign Fund of Egypt (TSFE) Ayman Soliman.

 Ayman Soliman
Ayman Soliman, CEO of the Sovereign Fund of Egypt (TSFE).

 

In remarks to CNBC Arabiya on Tuesday, Soliman explained that some investors have expressed interest in buying shares in Wataniya and Safi through Egypt’s stock exchange (EGX) under the government's IPO programme, but did not specify a percentage.

In mid-March, the TSFE started the process of offering the two companies for investors as part of 32 state-owned companies that Egypt is offering under the government’s Initial Public Offering programme (IPO) or to strategic investors.

Soliman explained to CNBC Arabiya that the TSFE intends to raise its capital after assessing the assets of the Misr Insurance Holding Company (MIHC), which has been recently included under the umbrella of the TSFE.

The MIHC has huge assets that will double the TSFE's assets value, he added.

Soliman said Egypt's state-owned assets are capable of attracting investors despite the ongoing global crises.

Under the IMF's Extended Fund Facility loan deal for Egypt, the state has committed to close a $17 billion financing gap by securing loans from international financial institutions and selling stakes in state-owned assets or offering them to strategic investors.

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