Emirati Agthia competes with local investors to buy Egypt’s Safi

Fatma Salah
3 Min Read

The Sovereign Fund of Egypt (TSFE) has received bids to buy the National Company for Natural Water in Siwa (Safi), sources close to the government IPO programme said.

The sources added that a number of local and Gulf companies are competing to buy the Egyptian company, and among those offers is the Emirati food company Agthia, which also works in the water bottling activity.

A government statement revealed last week that the database of the Safi Water and Wataniya companies for the distribution of petroleum products has been opened.

The statement added that offers will be received during the current month of May, in preparation for the award in accordance with the specified timetables, and it was emphasized that there are major alliances between Egyptian and foreign companies that have expressed their desire and interest in progress.

The sources pointed out that among the inquiries that the fund received from investors was the possibility of acquiring 100% of the company’s shares, in addition to the possibility of purchasing a water bottling and packaging plant only without the rest of the company’s activities.

During the weekly meeting of the economic group, Prime Minister Mostafa Madbouly said that the government is serious about implementing the proposals program, and is keen to continuously follow up the progress of work in this file, pointing out that there are agreements that are already being terminated, and their details will be announced soon.

Agthia, owned by the ADQ Fund, one of the sovereign funds of the Emirate of Abu Dhabi, has been active in several local deals during the recent period, acquiring the Ismailia Poultry Company and acquiring 60% of the Auf Group, one of the largest companies specialized in the manufacture and sale of coffee and snack products in Egypt.

The government is seeking to accelerate the offering program after a disappointing start, and aims to collect $2bn during the current and next months from concluding exit deals from a number of companies.

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