The Sovereign Fund of Egypt (TSFE) has started receiving bids from competitors to acquire Wataniya Petroleum which is owned by the National Service Projects organization (NSPO), sources told Daily News Egypt. The fund showed strong flexibility in the process of issuing shares, as it replied that there is no maximum limit for selling shares in the company. The sources pointed out that there was a promotional tour of the assets carried out by the Sovereign Fund of Egypt with a number of financial and legal advisors during the past week to promote the Egyptian assets. Egypt announced its intention to offer 32 government companies within the government offering program. Wataniya, which was established in 1993, owns about 255 service stations and fuel for cars, and has 20 stations under construction, and 25 stations in the planning stage, according to the website of the National Service Projects Agency.

Source: Daily News Egypt May 24, 2023 19:11 UTC