Egypt to announce winning bid of Wataniya stake sale soon

Egypt received seven offers, both international and domestic, for the acquisition of shares in the National Company for Petroleum Products Marketing and Distribution (Wataniya), with Minister of Planning and Economic Development Hala El Said sharing that the winning proposal will soon be unveiled.

El Said, speaking at the Joint annual meeting of the Arab financial institutions in Cairo, mentioned that the government is presently engaged in evaluating offers and intends to make a selection soon.

Since May 2023, the government opened the bid process acquiring stakes in the state-owned Wataniya as part of Egypt's broader plan to list 40 companies for its initial public offering (IPO) program, with the deadline for bids set for February 2024.

As part of the ongoing $8 billion loan program with the International Monetary Fund (IMF), Egypt remains steadfast in reducing the government's involvement in the country’s economy, opting to exit certain sectors to encourage private sector involvement.