The sources said that ADQ acquired about 27% of Ethydco for about $280m. The acquired stake belonged to the National Investment Bank and Egyptian Natural Gas Company (GASCO). The acquired stake belonged to the Egyptian General Petroleum Corporation (10.5%) and the Ministry of Finance (13.11%). The Sovereign Fund of Egypt is currently working on transferring the targeted shares to the Pre-IPO Fund in order to complete the transaction. Egypt’s Sovereign Fund launched the Pre-IPO Fund with the aim of warehousing state-run companies to partly or fully sell them to strategic investors and maximize their values.

Source: Daily News Egypt July 18, 2023 19:37 UTC