Egypt - Daily News Egypt reported that Abu Dhabi Development Holding Company, the UAE’s sovereign arm, finalised the deal, Monday, to buy stakes in three Egyptian state-owned companies from the Egyptian Sovereign Fund.

The companies are Ethydco, Al-Hefnawi, and EILAB, which are part of the pre-offering fund portfolio. The deal, worth $800m, was paid in full by the buyer, according to informed sources.

The sources also said that Ma’tok Bisayoni and Hanawi acted as the legal advisors for the buyer, while Baker McKenzie was the legal representative for the seller. The sources revealed that Abu Dhabi Development Holding acquired 25% of Al-Hefnawi, 30% of Ethydco, and 35% of EILAB, which is an Egyptian company for gasoline and alkyl pipelines. These three companies are among seven state-owned companies in the pre-offering fund portfolio managed by the Egyptian Sovereign Fund.

The sources explained that the pre-offering fund portfolio consists of seven state-owned companies: Ethydco, EILAB, Al-Hefnawi, Egypt for Trade Technology, Future for Urban Development, Egypt Life Insurance, and Al-Saleha for Investment. The Egyptian Sovereign Fund launched the pre-offering fund with the objective of selling stakes in these companies to strategic investors to increase their value before listing them on the stock market. The Egyptian government had previously announced its plan to divest some of its assets with a total value of up to $1.9bn.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).