Back to the complete issue
Thursday, 4 August 2022

Bidding is still open for the EV charging private sector partner — with a reduced stake

Private sector partners can still get in on the new state EV charging company: Qualifying bidders looking to manage and operate the soon-to-be-established state company that will manage a network of electric vehicle charging stations now have until Wednesday, 31 August, to submit their offers, according to a Public Enterprise Ministry statement (pdf). Last we heard, bidding had closed in March.

Hassan Allam is on board: Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, is set to own 20% of the newly established firm, a source with first-hand knowledge of the situation told us, without disclosing what the company’s role will be.

The winning bidder won’t hold as much of the company as previously planned: The firm selected to manage and operate the company will contribute 20% of its capital, rather than the 25% the ministry announced earlier this year, a ministry source confirmed to Enterprise.

And the private sector will no longer control the company: The ministry originally said that 30% of the company would be sold to a private investor, in addition to the 25% given to the winning bidder. But under the plans announced by the ministry yesterday, the Sovereign Fund of Egypt (SFE) and state-owned Misr Ins. Holding will each own a 30% stake in the firm. This would give the private sector ⁠— HA Utilities + the winning company ⁠— just 40% of the company between them.

Who’s bidding? Fourteen firms were reported to be vying for the contract back in March, including our friends at renewables giant Infinity.

About the company: The EV charging station company will be tasked with setting up 3k charging stations within 18 months across the country, including in Greater Cairo, Alexandria, and Sharm El Sheikh.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.