Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Egypt military brings in sovereign fund to help sell assets

Stock MarketsFeb 03, 2020 01:01PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Egypt military brings in sovereign fund to help sell assets

CAIRO (Reuters) - The Egyptian military is turning to the country's newly created sovereign wealth fund to attract private investors to buy stakes in some of its assets and companies, the two organisations said on Monday.

The military controls dozens of companies, ranging from agriculture and industry to services and mining, through several entities, including the National Service Projects Organisation (NSPO).

The NSPO agreed with the Sovereign Fund of Egypt on Monday to help it prepare the assets of its companies for sale and to promote them, the fund's CEO Ayman Soliman told reporters at a signing ceremony at the council of ministers.

Up to 100% of the shares of some NSPO companies could be floated on the exchange, Soliman said. The fund itself may take stakes in the companies as well.

"The agreement will see the fund promoting and co-investing with private investors in agreed on, investable assets and companies owned by the NSPO to increase private sector participation in the NSPO's asset base," the fund said in a statement.

The agreement is in line with President Abdel-Fattah al-Sisi's instructions to float military companies on the stock exchange, Planning Minister Hala al-Saeed told reporters. The companies would be open to local and foreign investment.

Sisi, speaking in October at the inauguration of two army chemical factories, said companies owned by the military must be allowed to sell shares on the stock exchange. He said in 2018 that Egypt planned to offer shares on the stock market of a $1.1 billion cement plant owned by the military.

Critics complain that the expansion of the military into the economy over recent years represents unfair competition and is deterring private investment.

The Sovereign Fund of Egypt, set up last year, said it aims to cherry-pick some of Egypt's most promising state assets and bring in private investors to develop them. Sisi said its capital could be increased to as much as several trillion Egyptian pounds.

Egypt military brings in sovereign fund to help sell assets
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email