Hala Al-Saeed, Minister of Planning and Economic Development, revealed the details of the establishment of the sub-fund for government offerings on the stock exchange affiliated with the Sovereign Fund of Egypt.
She revealed that it will be offered in two installments, and we aim to achieve 6 billion pounds by the end of the year for the two phases, and the value of the shares of these offerings ranges from 2.5 to 3 billion dollars for each stage, stressing that the proportions of the offerings range from 20 to 30% for a strategic investor.
In statements on the sidelines of the launch of the Journal of Governance and Sustainable Development, Al-Saeed said that a group of companies comprising different sectors is being studied, but she did not mention the identity of those companies or the targeted sectors.
She stressed that the offering will depend on the conditions and nature of global markets, in light of the geopolitical challenges.
Al-Saeed explained that a number of foreign investors are currently being consulted to enter into the sub-fund, and to select a group of those companies after evaluation.
She stressed that it was agreed to initially contract with a number of investors, stressing that the offering process does not mean final exit or sale of companies, but rather the injection of new investments and funds, and participation in the management, that meets the interests of both parties.
The Minister of Planning confirmed that offering companies in the sub-fund includes promoting Al-Wasl to international and Arab funds, using the public and private offering system, and attracting a strategic investor, to diversify investments.
In another context, it revealed green investments in the desalination sector, amounting to 180 companies from 120 countries to set up these plants.
Regarding the government offering program, Al-Saeed stressed that the government does not follow distinguished companies, as there are about 770 companies, and strong companies reach 200 companies, and other companies are qualified to put them up.