The Sovereign Fund of Egypt plans to take military-owned filling station Wataniya and bottled water company Safi public on the EGX before the end of 2022, according to a a cabinet statement.
he two companies, which are owned by the military’s National Service Products Organization (NSPO), are currently being restructured ahead of their IPOs, the statement says. No details were provided on the size of the stakes the SFE plans to sell.
The SFE plans to drum up investor interest in the companies ahead of the IPOs, and is currently reviewing investor offers for strategic stake sales, according to the statement. The fund has pivoted to selling stakes to strategic investors and sovereign wealth funds this year in response to market turbulence and global economic volatility.
