Banque Misr Prepares to Sell its Shares in 13 Companies

The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)
The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)
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Banque Misr Prepares to Sell its Shares in 13 Companies

The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)
The new branch of the Bank of Egypt in the New Administrative Capital. (The bank’s website)

Egypt's Banque Misr is preparing a file to exit its investments in some companies as part of a government program to reduce state ownership in the local economy.

The deals will be announced after coordination with the committee for public procurement, according to an official source who refused to be named.

The source told the Arab World News Agency that the bank is preparing to sell its shares in 13 out of 176 companies in its portfolio, adding that the companies subject to exit are profitable.

The 13 companies range between the industrial, petrochemical, and public services sectors, including medical insurance, transportation, navigation, tourism, agriculture, and food industries.

The source did not specify a timeframe for the process, noting that among the companies that will be exited include Egyptian Ethylene and Derivatives Company (Ethydco) and Alexandria Specialty Petroleum Products Company, 10 and 10.4 percent of which are owned by the bank respectively.

Last September, Sidi Kerir Petrochemicals (Sidpec) postponed a deal to acquire Ethydco fully.

The Egyptian government had announced a program to exit 32 companies and expand private sector ownership within the framework of an agreement with the International Monetary Fund (IMF) to obtain a loan worth $3 billion.

The government is preparing for a scheduled review from the IMF during the first quarter of 2024 to disburse a second tranche of the loan, a review that has been postponed since last March.



Gold Bolts Past Key $3,200 Mark on Dollar Slide, Safe-haven Flows

A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
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Gold Bolts Past Key $3,200 Mark on Dollar Slide, Safe-haven Flows

A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su

Gold prices breached the crucial $3,200/oz level for the first time on Friday, fueled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.
Spot gold was up 0.6% at $3,192.79 an ounce, as of 0555 GMT. Bullion scaled an all-time peak of $3,219.84 earlier in the session, and has gained around 5% this week.
US gold futures climbed nearly 2% to $3,237.50, Reuters reported.
"The rapid weakening of the US dollar seems to be the main driver of gold's rebound at the moment. That seems to reflect an ongoing exodus from USD-based assets, with stocks and bonds' selloff amid tariff policy uncertainty," said Ilya Spivak, head of global macro at Tastylive.
The dollar was down nearly 1% against its major peers, making greenback-priced bullion cheaper for overseas buyers. Major stock indexes also fell after US President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries.
China has been matching Trump's tariff hikes, sparking fears that Beijing could push duties on the US beyond the current 84%.
"$3,500 is the next round number people will be looking at. I suspect we won't get there immediately or without bumps along the way," Capital.com's financial market analyst Kyle Rodda said.
Apart from tariffs, central bank demand, expectations of interest rate cuts by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds also fueled the metal's rally this year.
US consumer prices fell unexpectedly in March but inflation risks are tilted to the upside, data showed.
Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.
Spot silver was steady at $31.2 an ounce, while platinum eased 0.2% to $936.55. Palladium gained 0.7% to $914.55.