The Qatar Investment Authority is negotiating acquiring stakes in 32 companies that the Egyptian government is preparing to offer over the coming period, sources told Daily News Egypt.
Prime Minister Mostafa Madbouly said last February that the government plans to offer 32 companies in 18 sectors until March 2024, either on the stock exchange, by selling shares to strategic investors, or both.
The sources said that the agreement between the Sovereign Fund of Egypt and the Qatar Investment Authority to invest in some companies came on the sidelines of Madbouly’s visit to Qatar aimed to reassure investors.
The sources pointed out that the Egyptian government’s recent approach to pricing assets in Egyptian pounds would accelerate Gulf investments.
Egypt plans to reach an agreement with investors separately about evaluating the assets it plans to offer, whether in dollars or pounds, according to Hala El-Said, Chairperson of the Sovereign Fund of Egypt.
The sources added that next month will witness many investments from the Qatari side.
Moreover, a closely related source said that the Kuwaiti Holding Company began preparing the financial statements of Sinai Manganese Company, to send them to the Qatari side, in preparation for the due diligence.
According to the source, the company’s ownership structure is distributed by 51% for NBE, and the remaining share is owned by the Chemical Industries Holding Company. The source explained that the deal is expected to be completed in the second half of this year after the necessary procedures are completed.
According to the company’s official website, Sinai Manganese was established in 1957 to utilize manganese ores in Sinai as an alternative to the British Sinai Mining Company.
In June 1960, the articles of association of the company were amended to include the exploration and exploitation of other economic ores such as kaolin, gypsum, bentonite, glass sand, and raw manganese. Sinai Manganese is considered the largest company for the production of raw high and low grade manganese in Egypt.
In 1990, the company started an industrial activity producing calcined gypsum with a production capacity of 250,000 tonnes annually, and it owns a power station with a capacity of 21 megawatts.
