Egyptian Minister Reveals Delay in Sale of Beni Suef Plant to Siemens: SEO Optimized Title

Minister of Planning and Economic Development Delays Sale of Beni Suef Station

Egyptian Minister of Planning and Economic Development, Hala Al-Saeed revealed, in an interview with Agency, who were in negotiated with the creditor bank so that the Beni Suef plant would agree to sell it as part of the government’s tender programme.

Al-Saeed added that this affair will delay the sale of the station, implemented by the German company Siemens, to the first quarter of next year.

He said an international financial adviser has been appointed to complete all necessary approvals to launch the station.

Egotak Offers Increase in Capital for Egyptian Hotels

The Minister of Planning and Economic Development, Hala Al-Saeed, clarified today in press conference that the contribution to the company “Egotak”, owner of some Egyptian hotels, was included in the offer programme, with the aim of increasing the capital by offering a minority stake. After receiving offers and negotiations with investors, one of the consortia, “Econ Investments”, owned by Talaat Moustafa Holding Group and a foreign entity, was awarded the 37% capital increase worth $700 million, in addition to direct returns from hotel development and the attraction of a segment of tourists, as the Egyptian state aims to reach 30 million tourists by 2026.

The minister also indicated that quotas were being offered in 3 companies, which are in the pre-IPO fund of the Sovereign Wealth Fund of Egypt, and minority stakes ranging from 25 to 30% have been offered in “Ethideco”, “National Drilling” and “Elab”, for a total value of 800 million dollars, and the acquisition was carried out by Abu Dhabi Holding.

In addition to the sale of the state shares equal to about 30% of the company “Ezz El Dekheila”, where the National Investment Bank was instructed to take the necessary measures on behalf of 8 subjects, who hold the state share in a valued deal in $241 million, 40% of which is in Sterling, as the buyer, the company, aims to focus on its strategy and locate more industries related to the steel industry locally, according to Al-Saeed.

Egypt’s Planning Minister also revealed the agreement to sell Jabal Al-Zayt station, after receiving a series of non-binding offers, negotiating with investors and accepting the offer with the highest price last year. June, exceeding 300 million dollars.

Regarding the company “Wataniya” affiliated to the National Service Agency, “Al-Saeed” communicated that it has received 6 offers, of which 3 qualified for due diligence examination, and the awarding of the winning offer is expected between October and next November.

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