Arab Finance: The sale of the stake offered in the holding company managing seven hotels will be carried out via a capital increase in US dollar for strategic investors, CEO of The Sovereign Fund of Egypt (TSFE) Ayman Soliman told Al Arabiya in an interview on April 4^th.

This move aims at boosting the efficiency of these hotels to pave the way for offering them on the stock market, Soliman pointed out.

The fund has already received offers to participate in raising the holding company’s capital and they will be presented to the Prime Minister for reviewal, he added.

On another note, the CEO said that the process of offering both National Company for Producing and Bottling Natural Water (Safi) and Wataniya Petroleum Company to a strategic investor is being finalized within a month.

Moreover, Soliman revealed that the Pre-IPO Fund currently includes 8 companies, with 4 more firms to be added soon.

On February 21st, Minister of Public Business Sector Mahmoud Esmat announced that international companies were conducting the fair value (FV) study for seven state-owned hotels in Egypt in preparation for offering some shares in them to strategic investors.

A private company was established with a capital worth EGP 10 million, in which the Holding Company for Tourism and Hotels (HOTAC) and the Egyptian General Company for Tourism and Hotels (EGOTH) hold large stakes.

It was previously reported that the TSFE seeks to offer a 30% stake in the holding company to Gulf funds and investors.

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