The Sovereign Fund of Egypt (TSFE) has allegedly received purchase offers for the National Company for Natural Water in Siwa (Safi), news outlets reported this morning, citing unnamed sources close to the government’s IPO program.

The sources told local media that several local and Gulf companies are vying to acquire the Egyptian company. Among the interested buyers is UAE’s food and beverage company, Agthia.

Sources indicated that some investors are seeking to possibly acquire 100% of the company’s shares, with others showing interest in purchasing only the water bottling and packaging plant, excluding other activities of the company.

Last week, the government announced that the Safi Water and Wataniya companies' database for petroleum product distribution has been opened. The statement highlighted that offers will be accepted throughout May, following specific timelines, in preparation for the final selection process.

It also emphasized the presence of significant partnerships between Egyptian and foreign companies, expressing their eagerness to make progress.

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 Poultry Company and buying a 60% stake in Auf Group.