News

Egyptian SWF to offer shares in military-owned companies

Egypt_soldierThe new sovereign wealth fund set up by the Egyptian government is set to offer investors the chance to buy stakes in companies controlled by the country’s ministry of defence. In an effort to drum up more private investment, Egypt’s minister of planning and economic development, Hala al-Saeed, suggested that investors may even be offered 100% stakes in the firms. Egypt’s military has a controlling stake in a number of companies covering multiple sectors including agriculture and mining. These stakes are controlled through a number of military-owned entities such as the National Service Projects Organisation (NSPO). Al-Saeed, who is also chairman of the newly established sovereign wealth fund, is to look at restructuring the NSPO to see if more value can be extracted from the assets it holds. "Investing in these assets with the private sector may reach 100%," said Ayman Suleiman, chief executive of Egypt's SWF. "The fund may invest in these assets with potential investors or help the NSPO create partnerships in these assets directly,” he added "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. © 2020 funds global mena

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