Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) has been selected by the Sovereign Fund of Egypt (TSFE) to act as a financial advisor on the promotion of companies affiliated to the National Service Products Organization (NSPO) to private investors, Bloomberg reported on Monday, citing the CEO of TSFE, Ayman Soliman, as saying.

Soliman said that the sovereign fund is mulling the sale of ownership in three additional NSPO-affiliated companies in 2021, following last week’s announcement that up to 100% of Wataniya Petroleum Company and Siwa-based National Co. for Producing & Bottling Natural Water (Safi) will be offered for sale in the first quarter (Q1) of 2021.

The three companies haven’t been named; however, Soliman said that the initial plan is to sell up to 100% of 10 firms held by the Ministry of Defence’s NSPO.

The fund is collaborating with the NSPO in picking the assets and promoting them to investors.