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Thursday, 9 December 2021

SFE is pushing ahead with Siemens stake sale + privatizing military businesses

Updates on the Siemens power plants + military companies’ privatization from the SFE: The Sovereign Fund of Egypt (SFE) and the Electricity Ministry are nearly done with studies on how best to move forward with a stake sale in the Siemens / Orascom Construction / Elsewedy Electric combined-cycle power plant, CEO Ayman Soliman said in a phone-in with Bloomberg Asharq (watch, runtime: 17:01). The study is being conducted in light of the recent volatility in global energy markets and the transition towards clean energy, Soliman said.

The SFE is also nearly done with restructuring bottled water brand Safi and Wataniya Petroleum ahead of selling stakes in the companies to private investors as part of the SFE’s plan to open up military-affiliated businesses for private ownership, Soliman said. Last we heard, the SFE had been planning to go ahead with the sale of a stake in Wataniya before the end of the year. Plans to sell stakes in other companies owned by the Defense Ministry’s National Service Products Organization are still in the pipeline but the fund has yet to begin taking concrete steps on that front, according to Soliman. The fund’s chief executive had previously said that 10 military subsidiaries are being assessed for potential co-investment.

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