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Sunday, 28 July 2019

Sidpec stake sale advisor to be announced “in days”

IPO WATCH- Sidpec stake sale advisor to be named “in days”: NI Capital will announce “in days” the winning bid out of six offers it received from investment banks to advise on the planned sale of an additional 23% stake in Sidi Kerir Petrochemicals (Sidpec) as part of the state privatization program, government sources told the press. The state investment bank, which is in charge of getting the privatization program off the ground, invited the private sector to bid for the job earlier this month. The bidders include EFG Hermes, CI Capital, and Beltone’s investment banking arm. Law firm Sarie Eldin & Partners has been tapped as legal counsel on the sale.

Sources had previously said that Sidpec was planning to offer a 30% stake, which appears to have been revised down. Share sales in the program are not expected to take place before September, Public Enterprises Minister Hisham Tawfik told us previously.

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