Back to the complete issue
Sunday, 6 January 2019

NIB to select nine companies for second phase of Egypt’s privatization program

**#2 IPO WATCH- NIB to select nine companies for second phase of state privatization program: The National Investment Bank (NIB) is expected to nominate nine state-owned companies for the second phase of the state privatization program, according to a Planning Ministry statement. The statement did not provide further details on the selection process or when NIB is expected to unveil the lineup, but noted that all companies being considered have strong financials and have brought in a combined EGP 4 bn in dividend revenues for the bank.

Background: Public Enterprises Minister Hisham Tawfik had said last month that the government would announce the second phase of the privatization program by the end of 2018. The committee overseeing the program is also scheduled to hold a meeting this month to look into how market conditions developed since the stake sales were put on ice last October amid the emerging markets selloff. A senior government official had told us that the program could resume as early as 1Q2019 or as late as the start of the new fiscal year in July, based on market conditions. The state could use the delay to tweak the list of already-traded companies set to sell additional shares and companies set to make an initial public offering under the program, the source said.

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.