Back to the complete issue
Sunday, 13 January 2019

Beltone eliminated from NI Capital’s tender for management of Abu Qir stake sale over Sarwa flap

IPO WATCH- Beltone wasn’t invited to bid for a piece of Abu Qir stake sale: State-owned investment bank NI Capital has excluded Beltone Financial from a tender it issued last month that will see it hire a manger for the sale of an additional stake in Abu Qir Fertilizers and Chemicals Industries on the EGX, sources close to the matter tell Al Shorouk. According to the sources, NI Capital approached several other investment banks, including EFG Hermes, CI Capital, Arqaam Capital, HC Securities, Pharos Holdings, and HSBC. Beltone was eliminated from the list due to allegations of misconduct during its handling of the Sarwa Capital IPO last year leveled against it by the Financial Regulatory Authority (FRA). The sources did not disclose when NI Capital expects to tap a manager or follow through with the sale, which comes as part of the state’s privatization program.

What’s the status on the privatization program, anyway? The committee overseeing the sell-down of state assets via stake sales and IPOs is scheduled to hold a meeting this month to look into how market conditions developed since the first phase of the program was 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.

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 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.