IPO WATCH- From the Department of Unrealistic Deadlines, we have the notion that the IPOs of the three companies that will operate the Siemens power plants will take place in July 2018, Egyptian Electricity Holding Company (EEHC) head Gaber El Desoky told Al Borsa on Monday. The companies, which will manage combined cycle plants in Burullus, Beni Suef and the new capital, are currently in the process of being established and the IPO will take place after the three plants are up and running completely, he added. The EEHC, which will hold a 51% stake in the three companies, and state-owned NI Capital, which is setting up the management structure for the companies, have settled on candidates to become the CEOs of each of the plants, said El Desoky, without naming them. He noted that plans for a fourth company to manage future developments of the electricity grid have been scrapped, and those functions will be rolled into one of the companies.

El Desoky did not comment on when the Electricity Ministry plans to hold the open tender for the day-to-day management and maintenance of the three plants, which was set to take place this month. Ten companies, including Siemens, an Orascom-ADERA Energy consortium, an Elsewedy-EDF consortium, Germany’s STEAG GmbH, Hassan Allam, a Triangle-GD France consortium, Korea’s Doosan, and Japan’s Mitsubishi are reportedly taking part in the tender. An EEHC source had said last month that the company was planning to come to a final agreement with the winning company or consortium before the end of the year.