This morning, Dr. Mostafa Madbouly, Prime Minister of Egypt, witnessed the signing ceremony of several cooperation agreements between the Sovereign Fund of Egypt for Investment and Development, the National Service Projects Organization (NSPO) of the Armed Forces, and a group of specialized local and international consultancy firms. The agreements pertain to the restructuring and management of the public offering of a group of companies affiliated to the NSPO. The ceremony was attended by Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade.
The cooperation agreements were signed by Major General Magdy Anwar, Director General of the NSPO of the Armed Forces, and Ms. Noha Khalil, Executive Director of the Sovereign Fund of Egypt for Investment and Development. Representing the specialized local and international consultancy firms: in the area of financial advisory, Mr. Mohamed Hafez Gabr signed on behalf of EFG Hermes for Promotion and Underwriting, and Mr. Amr Hilal signed on behalf of CI Capital for Promotion and Underwriting. For legal advisory, Mr. Ragy Soliman El-Fahham signed on behalf of Adsero – Ragy Soliman & Partners for Legal Consultancy, and Mr. Omar Salah El-Din Bassiouny, Founding Partner of Matouk Bassiouny & Hennawy Law Firm, also signed. For accounting and tax advisory, Mr. Kamel Magdy Saleh signed on behalf of Grant Thornton (Saleh, Barsoum & Abdel Aziz), and Mr. Maged Ezz El-Din signed on behalf of PricewaterhouseCoopers “PwC” (Ezz El-Din, Diab & Partners). Lastly, in the area of commercial and strategic advisory, Mr. Francesco Palmieri Lopia signed on behalf of Boston Consulting Group (BCG).
Following the signing, it was noted that these agreements come as part of the measures and steps being taken by the relevant state authorities to implement the government’s privatization program. This program involves offering a number of state-owned companies to private sector institutions for their management and operation, in line with the State Ownership Policy Document adopted by the government.
These agreements also pertain to the offering of a group of companies affiliated to the NSPO of the Armed Forces, including: the National Petroleum Company, ChillOut, Silo Foods for Food Industries, Safi, and the National Roads Company. These offerings are being prepared and managed through a consortium of specialized local and international consultancy firms, under the framework agreement signed between the NSPO and the Sovereign Fund of Egypt for Investment and Development, whereby the Fund undertakes the restructuring and management of the offering of companies owned by the Armed Forces.
According to the agreements, some of these companies are scheduled to be offered during 2025, with the remaining offerings to be completed in 2026.
