EGYPT: The Egyptian government is offering a 30 percent stake in state-owned plastics manufacturer Alamal Alsharif Plastics to a single strategic investor at a EGP7 billion (c.US$226 million) company valuation, Bloomberg Ashark reported.
The state is close to appointing a local investment bank to advise on the sale, which is expected to take place by the first quarter of 2024. The final ticket price is subject to independent valuations and negotiations with potential buyers. (Bloomberg). This follows news reports earlier this month indicating that the United Arab Emirates investment firm bought a 30 percent stake in Egypt’s largest tobacco company (Eastern Company) for US$625m.
Recall, that Egypt listed 35 companies that authorities are looking to sell shares off by the end of June 2024. The government announced that it plans to attract US$5.0 billion by offering stakes in its power plants and state-owned companies from October 2023 until the end of June 2024.
