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Monday, 23 December 2019

Egypt to see no privatization in January, says Finance Minister

PRIVATIZATION WATCH- No stake sales by state companies in January? There will be no “offerings” of state-owned companies on the EGX in January, Finance Minister Mohamed Maait said yesterday, according to Al Mal. We read this as saying there will be no stake sales by already-listed state-owned companies including Alexandria Container and Cargo Handling (ACCH) and Abu Qir Fertilizers, which are reportedly next in line to offer shares — not that the IPO program has been shelved. Central Bank of Egypt Governor Tarek Amer and Banque du Caire chief Tarek Fayed have made it clear that BdC plans to IPO in 1Q2020 (market conditions permitting), with Fayed having guided the market on a January roadshow — a timeline that would have made an offering in January highly unlikely anyway.

Who’s heading to market: In addition to ACCH, Abu Qir and Banque du Caire, Heliopolis Housing and Development is set to offer a 22-25% stake for sale in a transaction that will see it offer one shareholder a 10% stake with management rights. E-payments platform e-Finance is also reportedly looking at an IPO in the first quarter of 2020.

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