Reuters
Egyptian army
The Egyptian Minister of Planning, Hala Al-Saeed, announced that the army is planning to offer two of its subsidiaries for sale during the first quarter of 2021.
In a statement to Egyptian TV, Al-Saeed said: “The shares of the two companies may be offered at first to strategic investors, provided that the remaining percentages are sold in an initial public offering.”
She explained that between ten to 100 percent of the two companies are being discussed, noting that this depends on the demand.
“We will take a decision in the first quarter of this year, and then there are three other companies that I will not announce,” she added.
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She explained, “We chose these two companies because the appetite is high for them, and here we are talking about a part that will be made available to a strategic investor to increase and maximize the value of the asset.”
The two companies are owned by the army’s National Service Projects Organization, the National Petroleum Company with a network of petrol stations across the country, and the National Company for the Production and Bottling of Natural Water and Vegetable Oils.
The minister declined to disclose the other three companies that could be put up for sale.
Source: “Reuters”
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