Skip to content Skip to Search
Skip navigation

Gulf investor may buy stake in Egyptian fertiliser firm

By Pramod Kumar
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.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]