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Articles of associations of Egypt's sovereign fund to be written next October: minister

Thursday 06 September 2018 07:55 PM

Hala El-Seed
Hala El-Seed

By Ahmed Ashour & Ahmed Aly & Mona Abd El-Bary
The consulting alliance made up of McKinsey & Sarieldin and Price Water House Coopers ( PWC) is set to finalize writing articles of associations of Egypt's  Sovereign Fund by next October, according to Minister of Planning & Monitoring & Administrative Reform Dr. Hala El-Sayed.
" Specialists are currently preparing criteria according to which a manager may be picked for  the new fund," El-Sayed said on the sidelines of Euromoney Conference.
Applicants will be invited to the new job via  advertisements that are  due to be published on daily newspapers next week, as the vacancy is set to be filled after three weeks.
Egypt's Sovereign Fund is supposed to have paid-up and authorized capital estimated at EGP5bn and EGP200bn  respectively.
"The new fund will eye high-return sectors such as petrochemicals, medicines and tourism so as to plug the gap between supply and demand," said she, adding that it will have distinguished, but under-utilized assets, in addition to other assets that are affiliated to Ministry of Public Business Sector.
On the same vein, El-Sayed stressed that up to 2000 assets located in 15 governorates were discovered, scrutinized and registered by an adhoc committee in collaboration with unnamed state agencies with the aim of evaluating, then utilizing, the first one hundred assets next March.
El-Sayed shrugged aside speculations suggesting that investors may shy away from IPOs of state-owned companies that  are slated to be offered on EGX next October, adding that " the market is thirsty for new shares."
" This time is optimal for buying shares in state-owned companies that are part of Egypt's IPO program," said regional manager of  International Finance Corporation Muayd Mahklouf.  
First stage of share offerings on EGX, made up  of the five companies of Heliopolis Co. for Housing & Development, Eastern Co., AMOC, Alexandria Containers Handling and Abu Kir Fertilizers,  are slated for next month.