Back to the complete issue
Wednesday, 10 March 2021

Gulf consortium eyes stake in Empower

Empower to raise EGP 400 mn from stake sale to Gulf consortium: A consortium of three Gulf companies and banks are eyeing an undisclosed stake in Egyptian waste management company Empower, Chairperson Hatem Elgamal told us. The company expects to raise EGP 400 mn from the sale, said Elgamal, who declined to reveal the names of the potential buyers. The funds will be used to finance several of the company’s ongoing projects, including two projects expected to produce energy and 120k tons of fertilizer annually in the Farafra and the Bahariya oases in Egypt’s Western Desert, which are expected to begin operations next year.

Expansion, IPO plans: The company is planning to expand in the GCC, particularly the fertilizer market in Saudi Arabia, and has partnered with Sabbour Consulting to enter new African markets, Elgamal said. The company also plans to debut part of its stock on the EGX in 2023, Elgamal told the local press.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.