Egypt Receives 7 Offers to Acquire Wataniya Shares

Egypt Receives 7 Offers to Acquire Wataniya Shares

Egypt has received seven international and local offers to acquire shares of the National Company for the Sale and Distribution of Petroleum Products (Wataniya), Egyptian Planning Minister Hala Al-Saeed told Al-Sharq.

This indicates the imminent announcement of the winner of the long-awaited deal.

Wataniya is wholly owned by the National Service Projects Organization (NSPO), which at the same time owns 20% of the shares of Taqa Arabia, which is considered among the contenders to buy the company.

The government is currently working on “filtering the offers and choosing the most suitable one soon,” Al-Saeed added on the sidelines of the Joint annual meeting of the Arab financial institutions, held in Cairo.

Wataniya Company, which was established in 1993, owns about 255 service and car fuel stations, and has 20 stations under construction, and 25 stations in the planning stage, according to the website of the National Service Projects Authority.

Last February, Egypt closed the door to receiving final offers to buy Wataniya, which comes as part of Egypt’s efforts to sell some of its assets to investors, and it succeeded in raising up to $3.1 billion since March 2023 when it launched the government companies’ offering program to date and was preceded by $2.5 billion through exits from government assets in 2022.

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Sarah Samir 3501 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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