Safi and Wataniya are owned by the National Service Products Organisation (NSPO), a subordinate to the Egyptian Armed Forces
Egypt’s National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum are getting ready for their Egyptian Exchange (EGX) debut, according to a cabinet statement.
The two companies are being restructured in preparation for their public listing before the end of 2022, explained the statement. Both will be offered to the private sector before being listed on the stock exchange, it noted.
Prime Minister Mostafa Madbouly held a meeting on Monday to review the assets of the two companies, the available options in light of the future objectives of the company’s activities and the offers submitted by investors.
Safi and Wataniya are owned by the National Service Products Organisation (NSPO), a subordinate to the Egyptian Armed Forces.
Madbouly stressed that the government is working to offer shares of companies affiliated with the NSPO on the stock exchange, following presidential directives.
Established in 1979, the NSPO is responsible for meeting the production needs of the military and local market in various crucial developmental sectors. The NSPO has a portfolio spanning several sectors, including agriculture & food industry field, industrial field, engineering field, services field, and mining.
Egypt is aiming to raise $6 billion by mid-2023 through the sale of stakes in state-owned businesses, explained Planning and Economic Development Minister Hala El Said earlier this week. Prior to that, the minister announced the launch of a “pre-IPO” fund, focused on restructuring certain state-owned assets and helping them prepare for stake sales.