On Sunday, newspapers reported that Misr Aluminum Company, a subsidiary of the Holding Company for Metallurgical Industries, is considering appointing an independent financial advisor to determine the company’s fair value in preparation for selling a share of it to the Saudi Sovereign Fund. The Saudi Sovereign Fund is also awaiting approval from the Financial Supervisory Authority for sale.
On Wednesday, Al Sharq said that the negotiations of the Qatar Investment Authority with the Egyptian government to buy 20% of Vodafone Egypt’s shares in return for more than one billion dollars are accelerating. The Qatar Investment Authority, which has assets of $445 billion, is seeking to acquire a fifth of Vodafone Egypt’s shares.
The Egyptian government owns 45% of Vodafone Egypt, while Vodafone Group owns 55% of the company. Vodafone Egypt was the focus of attention for the Saudi Telecom Company, the largest operator of telecommunications services in the Kingdom of Saudi Arabia. However, in January 2021, it was announced that negotiations between the Saudis and the Egyptians had ended without an agreement being reached. Four mobile phone service companies operate in Egypt: Vodafone Egypt, a subsidiary of Vodafone Group, Orange Egypt, a subsidiary of Orange S. A., Etisalat Egypt, a subsidiary of Etisalat, and Telecom Egypt, owned by the Egyptian government. Qatar’s sovereign fund deposited $1 billion with the Central Bank of Egypt this month when Qatar is close to acquiring stakes in major Egyptian companies.