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CAIRO: The CEO of the Sovereign Fund of Egypt has revealed that the country plans to sell three companies owned by the National Service Projects Organization (NSPO) of the Armed Forces in 2021, representing a historic opening of part of the economy to private investment.
Ayman Soliman said the sale of more assets is being studied. He did not specify the three companies.
He said the fund intends to select three state companies to be listed on the stock exchange in the first quarter of 2021, noting that this comes in cooperation with the NSPO, which is affiliated to the Defense Ministry.
“The initial market listing is one of the fund’s targets ... The goal of the fund is to create an investment opportunity in order to maximize the value of the current assets of companies with the investor or developer who participates in this opportunity,” he added.
“Partial or total liquidation or exit will be by agreement between the two parties, like any agreement made in investment funds.”