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The Egyptian Cabinet approved the qualification of the army-affiliated company; ELWATANYA for the sale and distribution of petroleum products. It has also approved National Co. for producing natural water (Safi), in preparation for their listing on the Egyptian Exchange (EGX).
The Egyptian Cabinet approved the qualification of the army-affiliated company; ELWATANYA for the sale and distribution of petroleum products. It has also approved National Co. for producing natural water (Safi), in preparation for their listing on the Egyptian Exchange (EGX).
Egypt is working on offering a number of army-affiliated companies on the EGX through Egypt’s Sovereign Wealth Fund (SWF). The fund identified three other companies owned by the National Service Projects Organization as potential candidates for sale. The names of those companies are not revealed. They operate in the food, non-food consumer goods, and petrochemical sectors.
The two companies would have been listed on the EGX during the first quarter of 2021. Egypt’s sovereign fund determined the shares be sold in the two companies at that time. The earlier offering plans include allowing private sector investors to own 100 percent of the shares of the two companies.
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The listing of the companies affiliated with the army on the stock exchange would make them subject to all the registration and disclosure rules. Egypt’s sovereign fund signed, in February 2020, a cooperation agreement with the National Service Projects Organization to invest in its companies.
