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Wednesday, 8 January 2020

National Investment Bank plugs state-owned companies to investors

INVESTMENT WATCH- National Investment Bank plugs state-owned companies to investors: The National Investment Bank has held talks with investors about investing in seven state-owned companies, NIB Deputy Chairman Mahmoud Montaser told Al Mal. The Sovereign Fund of Egypt (SFE) arranged the meetings, which allowed the bank to market a number of companies to investors. Montaser refused to name which companies were under discussion but mentioned that one of them is due to sell a stake under the state privatization program. The NIB holds stakes in a number of state-owned companies including Abu Qir Fertilizers, Sidi Kerir Petrochemicals, e-Finance, and Madinet Nasr Housing and Development.

Planning minister meets with Zarou CEO: The CEO of Blackstone Group’s Zarou — reportedly the leading contender for the stake in the Siemens / Orascom Construction / Elsewedy combined-cycle power plants — was in town for talks with Planning Minister Hala El Said earlier this week, according to a cabinet statement. The statement makes no mention of the plants, but it’s probably safe to assume that Zarou’s involvement was high on the meeting’s agenda and that the company remains in the running for the stake. Zarou was one of six companies that had expressed interest in acquiring the stake last year. The transaction is set to be completed this year.

Meanwhile, cabinet denies restricting legal action against the sovereign fund: The cabinet’s Information Decision Support Center (ISDC) has denied that legislative amendments passed last month were designed to restrict legal action that can be taken against the SFE. The statement claims that the amendments do not shield the fund against regulation, and that the SFE and its sub-funds are regularly audited by a public accountant from Capmas and by another appointed by the central bank or the Financial Regulatory Authority.

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