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Gulf investor may buy stake in Egyptian fertiliser firm

The Semadco stake deal is part of Egypt's plan to restructure the economy by selling state-owned assets Unsplash.com
The Semadco stake deal is part of Egypt's plan to restructure the economy by selling state-owned assets

Egypt is planning to sell a stake in state-owned El-Nasr Fertilizers and Chemical Industries Company (Semadco) to a strategic investor from the GCC and foreign funds, a local media reported.

The Holding Company for Chemical Industries, which owns Semadco, is currently determining the fair value of the share, which is expected to be completed within a month, Daily News Egypt news outlet reported citing informed sources.

The move is to sell a share to provide dollar liquidity and increase private sector participation in the local economy.

The North African nation recently launched the state ownership policy as part of a wider plan to restructure the economy.

Egypt’s Prime Minister Mostafa Madbouly in May outlined a plan to sell an expanded raft of state assets to private investors to attract $40 billion in investment over the next four years.

The government announced in February plans to sell stakes in 32 state-owned companies to garner $2.5 billion by the end of that fiscal year on June 31, 2023.

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