HSBC and Citibank compete for combined cycle stake sale role
PRIVATIZATION WATCH- HSBC and Citibank are competing to act as financial advisor on combined-cycle plant stake sale: Egypt’s sovereign wealth fund is mulling offers from HSBC and Citibank to advise on the sale of a 70% stake in the first of three Siemens / Elsewedy Electric / Orascom Construction combined-cycle power plants, according to a domestic press report citing what it said were government sources. The report did not specify whether HSBC and Citibank have been shortlisted or if they were the only two banks to throw their hats in the ring. Fund CEO Ayman Soliman had said that the role should be filled this week. Six investors have already expressed interest in the acquisition, which is expected to be finalized in 2020, including Actis, Blackstone Group’s Zarou, France’s Engie, China Datang Overseas, and Edra Holdings.