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INVESTMENT
Egyptian Stock Exchange

plans Gulf roadshow to
promote privatisation drive

The Egyptian Stock Exchange is planning road-
shows in the Gulf to attract investors from Gulf
Cooperation Council countries willing to invest
in current and future stocks to be listed on the
exchange as part of Egypt’s upcoming privati-
sation programme, chairman of the exchange
Rami El Dokany was reported as saying. Egypt
plans to sell shares in at least 20 state-owned
amenities this year to help solve the country’s
foreign currency crunch and spur inflows into
the stock market.
In January, El Dokany named 23 state-owned
companies whose shares are slated for privatisa-
tion, either through initial public offerings (IPO)
or increasing their market float. He put forward
four state-owned firms that are ready for imme-
diate privatisation through an IPO process, certain milestones concerning TEMA’s transac- Monday, February 6.
namely: Banque du Caire, Misr Life Insurance, tion with Abu Dhabi National Oil Company for The WSJ said that a delegation from Chevron
Egyptian Drilling Company and Egyptian Lin- Distribution. has met Algerian officials to discuss the issue
ear Alkyl Benzene. This deal comes alongside a separate BPE since the beginning of the year.
Among firms mentioned as prime candidates Partners-backed vehicle’s disposal of another Algeria’s energy sector rebounded last year
for a bourse listing then to be sold in an IPO, 9% stake in TEME to TEMA for $39mn, which after Russia’s invasion of Ukraine, which resulted
large entities representing diverse economic seg- hands TEMA a consolidated 15.38% stake in in higher oil prices. The country also issued a
ments stood-out, including: Bank of Alexandria, TEME. new investment law that aims to attract more
Misr Insurance, ENPI and Assiut Oil Refining, The TEME share purchase by TEMA is foreign investments in various fields, including
MIDOR and Ethydco. meant to facilitate ADNOC’s bid to acquire energy. Algerian supplies now account for more
El Dokany also named companies already 50% of TEME for up to $203mn. TEMA, which than a quarter of gas demand in Spain and Italy,
listed on the bourse that are to increase their holds the 84.6% majority stake, would sell 34.6% as European countries search for alternatives to
market float. The list includes: Alexandria Min- to ADNOC, which, along with B Investments’ Russian gas.
eral Oils Company, Housing and Development 6.38% stake and the affiliated vehicle’s 9%, would Algeria’s state-owned energy group,
Bank, E-Finance for Financial Investments, result in a 50-50 ownership between the two Sonatrach, said in January that it plans to invest
Madinet Nasr Housing and Development, companies. B Investments ultimately favoured more than $30bn in the exploration and produc-
Heliopolis Housing and Development, Misr an exit, waiving its right of first refusal instead tion of hydrocarbons over the next five years,
Aluminium, Sidi Krier Petrochemicals, Abu of pre-empting ADNOC’s bid to buy the 34.6% most notably natural gas, in a bid to improve
Qir Fertilisers, Alexandria Containers and Han- stake TEMA had on offer. The two had been in exports.
dling, and Methanex Corporation. negotiations over the bid over the previous few The group’s CEO, Tewfik Hakkar, called on
bna/IntelliNews, 08 February 2023 months. European and other international partners to
In 2013, B Investments acquired 7.97% of conclude long-term purchase agreements in
B Investments agrees TEME through a capital increase which enabled order to ensure the security of their supplies.
the company to increase its retail gas stations in
bna/IntelliNews, 07 February 2023
to sell 6.3% stake in Egypt from 70 to 240 by 2022. Ghana courts Indian
bna/IntelliNews, 08 February 2023
Total Egypt’s gas stations Chevron negotiates investment in oil and gas

for $27.6mn

B Investments, a subsidiary of Egypt-focused with Algeria for energy sector in bid to become
private equity firm BPE Partners, finalised the exploration agreement West African energy hub
sale of its entire stake of 6.38% in TotalEnergies
Marketing Egypt (TEME), the local retail gas The US energy group, Chevron Corp, is cur- Ghana is seeking Indian investment in its oil and
stations arm of French oil major TotalEnergies, rently in talks with the Algerian government gas sector as part of a larger push to position the
to TotalEnergies Marketing Afrique (TEMA) to start energy exploration in Algeria as part of country as a crude oil hub, Reuters reports, citing
for $27.6mn. B Investments is eligible for an the group’s plan to spend $17bn on energy pro- Deputy Minister of Energy William Owuraku
additional amount equal to $2.2mn subject to jects in 2023, the Wall Street Journal reported on Aidoo.

Week 06 09•February•2023 www. NEWSBASE .com P15