3 more Egyptian military firms are up for privatisation during 2021, Soliman told Bloomberg

Three more Egyptian military-affiliated companies will open up to private ownership in 2021, Sovereign Fund of Egypt CEO Ayman Soliman told Bloomberg.

The three unnamed companies join Wataniya Petroleum and the National Company for Producing and Bottling Water (Safi), which Soliman said will be open for full private ownership as early as 1Q2021.

Planning Minister and SFE Chairman Hala El Said saeed last week that Safi and Wataniya Petroleum are the first two subsidiaries of the army’s National Service Products Organisation (NSPO) that the SFE will shop to private investors as part of a wider privatisation plan that will see the companies ultimately listed on the EGX.

Local and foreign investors will for the first time get a chance to own up to 100% of military-affiliated companies, Bloomberg quoted El Saeed as saying. She described the plan as “a historic shift in how Egypt’s economy is structured.”

The SFE could still acquire minority stakes of 20-30 percent in both Safi and Wattaniya Petroleum, and offer the rest to private investors, Soliman separately said to local press

Advisers: EFG Hermes will act as financial advisor on both potential sales, Soliman added..