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Sunday, 22 March 2020

Egypt taps HSBC as financial advisor on Siemens plant sale

Egypt taps HSBC as financial advisor on Siemens plant sale: State-owned Egyptian Electricity Holding has tapped HSBC as the financial advisor on the sale of a 70% stake in the first of three Siemens-built combined-cycle power plants, cabinet said in a statement. Citibank was previously said to have also been in the running.

Background: Six investors have already expressed interest in the 70% stake, which will be marketed to interested investors by the Sovereign Fund of Egypt (SFE). The acquisition is due to be completed this year, but we are yet to hear any updates on the timeline. The SFE is set to acquire the remaining 30% stake.

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