Egypt - Al-Ahly Pharos, a subsidiary of the National Bank of Egypt, is orchestrating three significant deals to secure bank loans amounting to EGP 21bn.

Insiders revealed to Daily News Egypt that these loans, earmarked for three prominent companies, are slated for completion in the coming weeks.

These loan agreements are part of a broader portfolio of eight transactions that Al-Ahly Pharos is actively pursuing. This portfolio encompasses mergers, acquisitions, public offerings, and debt instruments, collectively valued at roughly EGP 30bn, all set to be finalized within this year.

The sources further disclosed that several IPO transactions managed by Al-Ahly Pharos are integral to the government’s IPO programme. This includes last year’s successful deals, such as divesting the Chemical Holding Company’s interest in Paints and Chemical Industries Company (Pachin) and floating a portion of Telecom Egypt’s shares.

In May of the previous year, Al-Ahly Pharos successfully facilitated the inaugural acquisition under the Egyptian IPO Programme. This saw UAE-based National Paints securing a majority stake in the state-run Pachin for $24.9m.

The government’s objective is to garner approximately $1bn from state offerings this year, with aspirations to increase this to $1.5bn the following year.

The projects in question feature two wind power facilities located in the Gabal El-Zeit and Zafarana areas, operations of the National Company and Safi Company (both subsidiaries of the National Service Projects Authority), the Siemens power generation plant in Beni Suef, and four water desalination plants.

Concurrently, the process of divesting a share of the Gabal El-Zeit and Zafarana stations to a strategic investor is nearing completion.

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