Egypt’s sovereign fund inks deal to promote military-owned assets

Cairo – Mubasher: Egypt’s sovereign wealth fund signed a cooperation agreement with the National Service Products Organization (NSPO).

Under the deal, the fund will help in restructuring and marketing some assets and subsidiaries of NSPO, affiliated to the Ministry of Defence, to private investors, according to a statement on Monday. 

The agreement will help draw more investments to the fund and widen its ownership base, the fund’s chairman and minister of planning and economic development, Hala El-Saaed revealed.

This move is in line with the President Abdel Fattah El-Sisi’s directives concerning the flotation of military-affiliated companies on the Egyptian Exchange (EGX).

The fund will conduct the required feasibility studies for the selected assets, the fund’s chairman Ayman Soliman revealed, noting that private investors might acquire up to 100% of these assets. 

Mubasher Contribution Time: 04-Feb-2020 08:05 (GMT)
Mubasher Last Update Time: 04-Feb-2020 08:05 (GMT)