EGYPT – Ayman Shahin Export, an export management and manufacturing company, has invested US$20 million in a new Moussy malt beverage factory in Egypt.

The factory was established with technical assistance from the Danish beverage company Carlsberg, which owns the Moussy brand.

The new plant, spanning an area of 8,000 square meters, has a production capacity of about 30,000 bottles/hour.

Group chairman Ayman Shaheen told Zawya Projects that the factory supports the Egyptian government’s goal of local manufacturing and will operate sustainably by rationalizing energy and water consumption and avoiding environmentally harmful chemicals.

He added that the project targets a sales volume of up to US$13 million and an export volume equivalent to 25 percent of the factory’s production capacity in the first 12 months.

Meanwhile, Local media outlets in Egypt have reported that UAE’s food and beverage company, Agthia is part of a lineup of investors seeking to possibly acquire 100% shares of the National Company for Natural Water in Siwa (Safi).

Owned by one of Abu Dhabi’s sovereign funds, Agthia has been active in Egypt’s M&A scene lately, engaging in several local deals, including the acquisition of Ismailia Pourtly Company, and buying a 60% stake in Auf Group.

Safi was established in 1996 in Siwa Oasis, and it owns four factories, one of which is for the water industry, another for olive oil production, the third for pickled olives production, and the fourth is a salt production complex.

In 2020, the Sovereign Fund of Egypt (TSFE) picked Wataniya and Safi to be offered to the private sector as a first phase, with the initial public offerings (IPOs) to be launched eventually on the EGX.

The CEO of the Sovereign Fund of Egypt Ayman Suleiman said the Sovereign Fund of Egypt will raise its capital after the completion of the evaluation of the assets of the Misr Insurance Holding Company, which has recently been included under the Sovereign Fund of Egypt.

Egypt, which started a sweeping economic reform program about seven years ago, has been reworking to revamp and re-energize state-owned companies and attract foreign investors who have so far largely been attracted to the North African nation’s debt market and energy industry.

The Sovereign Fund of Egypt (TSFE) will help promote the chosen companies and could also invest in some of the stakes.

“We are targeting anchor investors to partner with the fund to acquire these assets, and the fund aims to hold a minority stake with a view to a future IPO to a wider investor base,” Soliman said.

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