Business
Egypt signs deal to transfer shares in Wataniya 172 fuel stations to Taqa Arabia
Egypt signs deal to transfer shares in Wataniya 172 fuel stations to Taqa Arabia
About this update from Taqa Arabia
Egypt signed an agreement on Thursday with Taqa Arabia EGX:TAQA to transfer ownership of a stake in 172 state-owned Wataniya fuel stations through a newly established company, Quick Fuel, according to a cabinet statement.Under the agreement, Taqa Arabia will acquire a 10% stake in Quick Fuel and will also have the option to acquire an additional 15% stake when the company is listed on the Egyptian stock exchange.Egypt said last year it would offer stakes in military-owned companies, which included Wataniya Petroleum, through its sovereign wealth fund.The IMF has made increasing the role of the private sector in the economy a requirement for Egypt's $8 billion loan program.