The managing director of the tourism and hotel holding company, Adel Wali, told Al-Arabiya that the Egyptian government’s proposal program will include 24 hotels owned by the Public Sector Ministry.
Wali explained that the first phase of the proposal will include 7 hotels managed by Egotak, which are under evaluation by the Egyptian Sovereign Fund.
He added that the offer would be in the range of 20% to 30%.
And he continued: “The list of hotels in the first stage includes the Marriott Zamalek Hotel in Cairo, the Mena House Pyramid Hotel, the Cecil Hotel in Alexandria, the Winter Palace Hotel in Luxor, the Cataract Hotel in Aswan, the Movenpick Hotel in Aswan. and the Steigenberger Hotel Tahrir in Cairo.
The Egyptian government has announced the placement of 32 different companies on the Egyptian Stock Exchange over the coming period as part of the government’s preparations to provide the necessary liquidity to overcome the global economic crisis caused by the Russian-Ukrainian war.
The Council of Ministers announced the start of the implementation of the procedures and steps mentioned in the public ownership policy document linked to the proposal file, as 32 companies were prepared for public offering through the Egyptian Stock Exchange or were offered to a strategic investor.
Part of the company will be placed on the stock exchange, and part through a strategic investor. The Council of Ministers asked for help from a number of specialized investment banks, which eventually determined the method of placement. A strategic investor means entering to raise capital or acquire a stake in a company.
The public offering on the stock exchange of targeted companies aims to increase the participation of Egyptian citizens in state ownership.
The placement of companies will take place throughout the year, starting from the current quarter of 2023 and until the end of the first quarter of 2024.
The proposed companies include 18 different sectors of the economy and activities, and 3 banks will be proposed, namely Banque du Caire, United Bank and Arab African International Bank.
National Oil Products Company and Safi Water Bottling Company, owned by the armed forces, will be proposed.
The issuance of 25% of these companies is planned to be completed within 6 months.
The offer includes sectors that are offered for the first time, such as the insurance sector, the electricity sector and the oil sector, in addition to companies offered for the first time in the transport and container handling sectors.
