UAE and Saudi based companies have reportedly expressed interest in acquiring substantial stakes, ranging from 20% to 25%, in two Egyptian state-owned enterprises.
The Egyptian companies on offer are the National Company for the Sale and Distribution of Petroleum Products, known as “Wataniya,” and the National Company for Natural Water Bottling, known as “Safi.”
Among the UAE companies interested in acquiring stakes in Wataniya and Safi are the Agthia Group, affiliated with the Abu Dhabi Sovereign Fund, ADQ Holding, as well as ADNOC and ENOC, reported Asharq Business quoting sources familiar with the matter.
Saudi Arabia’s Petromin was also named in the bid. But sources indicate that ADNOC is currently the frontrunner in submitting an acquisition offer based on ongoing discussions and inquiries.
Egypt recently announced its intention to privatise several government and military-owned entities, either through the stock market or by attracting strategic investors.
Wataniya, established in 1993, operates a network of approximately 255 service stations providing fuel for vehicles.
The company has 20 stations under construction and 25 stations in the planning stage, according to the National Service Projects Agency’s website.
Safi, founded in 1996 in Siwa Oasis, operates four factories dedicated to water, olive oil, pickled olives, and salt production.
The Egyptian government aims to raise $2 billion in proceeds from the privatisation program by the end of June.