The Egyptian government has returned to the talk of privatisation of a dozen or more state owned enterprises.
Two fuel retailing companies, Wataniya Petroleum and Chill Out, both owned by the military, were top of mind as Prime Minister Moustafa Madbouly announced, December 11, 2024, that the government was planning to offer up stakes in ten state-owned companies in 2025 via direct sales to strategic investors and/or through Egyptian Stock Exchange (EGX) listing.
In his announcement, Mr. Madbouly confirmed that filling station operator Wataniya Petroleum would be offered on the EGX by mid-2025.
Speculation over when Wataniya Petroleum stations would be sold has been going on for over four years. In those years, TAQA Arabia, a Saudi joint stock company, has been among the leading companies that proposed a purchasing offer and has been invited to start due diligence examination procedures.
Madbouly also listed fuel retailer Chill Out for imminent sale, but said that the company’s privatization would happen towards the end of 2025, meaning that the sale of Chill Out is less prioritized than that of Wataniya petroleum.
Wataniya commenced operations in 1993 with the objective to establish and manage service stations for cars within and outside cities as well as sell petroleum products, oils, and lubricants. The company began its activities by partnering with shell and Mobil companies to acquire and transfer expertise, and since 2002, the company has started operating its stations under the name Wataniya.
Chill Out is widely acknowledged for the convenience stores it operates at its fuel stations.
The Prime Minister’s list also includes two banks, namely Banque du Caire, whose IPO has been repeatedly delayed for years due to poor market conditions and Alexbank, which the state was negotiating to sell its remaining 20% stake of the 80% Italy’s Intesa Sanpaolo Group.
Source: africaoilgasreport.com