Privatisation Programmes in the MEDA Countries...Les programmes présentés proviennent de deux...

Privatisation Programmes in the MEDA Countries

PAPERS & STUDIES N°19

January 2005


2

Contents Summary ...........................................................................6

The issue of privatisations in MEDA countries ..........................7

Résumé............................................................................11

La question des privatisations dans les pays MEDA..................12

1. EGYPT ........................................................................14 1.1. National Paper Company............................................................... 14 1.2. Transport & Engineering Co. ........................................................ 15 1.3. Tanta Flax & Oil Co ...................................................................... 16 1.4. Mokhtar Ibrahim Contracting........................................................ 17 1.5. El Maamoura Housing................................................................... 18 1.6. Paints & Chemicals - Pachin ......................................................... 19 1.7. Rowad Misr for Tourism Investment ............................................ 20 1.8. Alexandria for Metallurgical Oil- AMOC..................................... 21 1.9. Delta Sugar Company ................................................................... 22 1.10. El Nasr for Clothes & Textiles- Cabo ......................................... 23 1.11. Nasr City for Housing and Urbanization ..................................... 23 1.12. Elmehan Eltebia for Pharmaceuticals.......................................... 24 1.13. Misr Company for Mechanical & Electric Projects (Kahromica)25

2. MALTA .......................................................................27 2.1. Maltacom....................................................................................... 27 2.2. The Bank of Valletta ..................................................................... 27 2.3. Other projects ................................................................................ 27

3. JORDAN ......................................................................29 3.1. Airports Hotel Company/Alia Hotel.............................................. 29 3.2. Shabsogh Complex........................................................................ 29 3.3. Electricity Distribution Company/ EDCo...................................... 29


3

3.4. Irbid District Electricity Company/ IDECo................................... 30 3.5. Jordan Phosphate Mines Company/ JPM ...................................... 30 3.6. Jordan Post Company.................................................................... 31

4. TUNISIA...................................................................... 32 4.1. Company « Tunisie-Lait »............................................................. 32 4.2 Skanes Palace International Hotel .................................................. 32 4.3. Sousse Palace Hotel ...................................................................... 33 4.4. Tunisian Tire Industries Company « STIP » ................................. 33 4.5. Water treatment station ................................................................. 34 4.6. The Tunisian Lime Company « STC ».......................................... 35 4.7. Tunisian Automotive Industry « STIA » ....................................... 35 4.8. The Sidi Saad Company, located in the governorate of Kairouan. 36 4.9. Electromechanical Construction Public Company, "SACEM" ..... 37 4.10. Conversion of the Port of Tunis into a marina ............................ 38 4.11. Port of Radès containers and trailers station ............................... 39 4.12. Car parking project...................................................................... 40 4.13. Nour El Ain Hotel ....................................................................... 41 4.14. GANZ railway equipment – TUNISIE S.A (MFGT) limited liability company.................................................................................. 41 4.15. The Lakhmes Company, located in the governorate of Siliana ... 42 4.16. Dairy Farms Production Company, located in the governorate of Beja ...................................................................................................... 43 4.17 . Dalia Hotel ................................................................................. 44 4.18. Mezzouna Plastics Complex, “CPM”.......................................... 44 4.19. Residence Club Skanes Hotel...................................................... 45 4.20. Banque du Sud “ BS” .................................................................. 45 4.21. Boujâafar Hotel ........................................................................... 46 4.22. The Baten el Ghozal Company, located in the governorate of Sidi Bouzid .................................................................................................. 46 4.23. Sahel Mechanical Workshops, “AMS” ....................................... 47 4.24. Enfidha Airport ........................................................................... 48 4. 25. Metal construction and maintenance workshops of Gabes (ACMG) ............................................................................................... 49


4

5. TURKEY......................................................................51

6. MOROCCO ..................................................................54 Draft privatisation programme in 2005 ................................................ 54 Public-private partnership on agricultural lands................................... 55

7. ALGERIA ....................................................................57

8. LEBANON ...................................................................58

9. ISRAEL .......................................................................59

10. PALESTINIAN AUTHORITY .......................................60

11. SYRIA .......................................................................61

Sources ............................................................................62


5

References ANIMA is a European project devoted to helping 10 Southern Mediterranean and Middle Eastern countries partners of the EU (“MEDA” countries: Algeria, Palestinian Authority, Egypt, Israel, Jordan, Lebanon, Morocco, Syria, Tunisia, Turkey), plus Cyprus and Malta (now EU members), to acquire strategies and tools to attract foreign investments. The Invest in France Agency (AFII), assisted by the ICE (Italy) and the Direction des Investissements (Morocco), is running this project, which is financed by the European Union, MEDA Programme.

Contract n°: ME8/B7-4100/IB/99/0304.

© AFII-ANIMA 2005. Reproduction prohibited without the authorisation of AFII. All rights reserved

Authors This document is the fruit of a collective endeavour to which have contributed namely:

Data collection and reporting: Yassine El Moutchou (ANIMA -Invest in France Agency / DI Maroc).

Summary: Yassine El Moutchou and Philippe Parfait (ANIMA -Invest in France Agency).

Revision : Louise Gibbons and Bénédict de Saint-Laurent (ANIMA -Invest in France Agency).

Warning The information hereafter is an indication.

ANIMA declines any responsibility for its content.


6

Summary The following document lists various privatisation programmes currently underway in the MEDA countries. The information has been sourced from either MEDA IPAs or ANIMA’s own research. The bulk of the opportunities are concentrated in North Africa. Algeria alone represents 90% of all opportunities listed. This can be explained by the weight of the government in the domestic economy and the fact that Algeria started its privatisation programme after the other countries. Although few opportunities are listed for Jordan, Lebanon and Syria, in the next few years a lot more is expected to come as the State plays a strong role. Because of the dominant position of Algeria in the following document, it is hard to draw general statistics for the MEDA zone. However, with or without Algeria, between a quarter and a third of all opportunities are within an industrial activity. If the numbers are high - almost 900 opportunities-, it should however be noted that most of the projects are concerning mid-size companies1. Exceptions can be highlighted in Malta (with banking, telecoms, post and airport privatisations), in Morocco (Tangier port), and in Israel. Most of the high profile privatisation in the MEDA countries took place a few years ago, especially as far as the telecoms, transport and energy sectors are concerned. Most opportunities, except 59 of the total number (6,6%), are to be found in competitive sectors (tourism, construction, manufacturing, agriculture) and will attract European and world SMEs.

1 The fact that these opportunities are are rather low profile could become a problem for the governments of MEDA countries. For example, Turkey had to temporarily withdraw plans to privatise 25 companies in 2004 due to low bidding or lack of interest from investors.


7

The issue of privatisations in MEDA countries Government involvement in industrial activities which could in the long term be carried out more efficiently within the private sector is often negatively perceived. Though rapid changes are occurring in this respect, Algeria, Syria, and Lebanon, all still have a very dominant public sector. Figure 1 below clearly shows that government-owned companies still provide a large part of the MEDA country’s revenues. The MEDA average stands at 15.5%. Algeria still generates 60% of its revenues from State-owned activities or companies (mainly in energy) and Morocco a mere 4%. The Maghreb countries within the region therefore illustrate the differences in the liberalisation and the privatisation of the region’s economies. MEDA is however very far from the situation of the 70s or the 80s, when the level of government revenues drawn from State-owned activities reached 80% on average. The concept of a welfare State was then considered a norm. Governments were involved in all sectors of the economy: from owning local manufacturing, trading and agriculture to fixing quotas and giving subsidies. At the time, this attitude was reinforced by the fact that local, private investors had limited resources and there was some mistrust and resentment towards foreign investors in what was a post-colonial transition period.

Things started to change at the beginning of the 90s. Confronted with political and economic instability and social unrest at home, MEDA governments realised that they could benefit from inflows of foreign capital and they started to implement liberalisation policies.


8

Figure 1. Share of government revenues from public enterprises

% of total revenues

60%

3%

12%

4%

14%

17%

7%

4%

24%

7%

6%

2%

3%

4%

5%

3%

7%

7%

0% 20% 40% 60% 80%

Algeria

Cyprus

Egypt

Israel

Jordan

Lebanon

Malta

Morroco

Syria

Tunisia

Turkey

Czech Rep.

Hungary

Poland

Slovakia

Slovenia

China

Thailand

Definition: Include mostly revenues from property and tax as a percentage of total revenue. Data refer to the most recent year available during the period specified. Source: Economist Intelligence Unit, Country reports (1999-2001) Privatisation started to take place and thus became a widely used strategic tool for governments around the Mediterranean, who


9

were looking for better ways to manage public company portfolios.

Since that time, MEDA governments have included on a yearly basis the sale of State-owned activities or licences within the budget and finance law votes. The objective is to ease the management burden and responsibility of the State, as well as to open up some sectors of the economy to competition.

Privatisation programmes for 2005, as outlined in this document, (cf. breakdow in figure 2 below) prove that the trend is here to stay.

In order to retain and strengthen FDI inflows, governments have had to implement measures and reforms to accompany the privatisation programmes, be they macro-economic or in order to improve and modernise the currency and tax management systems. This has contributed greatly to an improvement in transparency. The combination of privatisation with deep-rooted measures and reforms is also a great step towards not only improving the image of MEDA countries to outside investors but also reassuring local investors.

The whole process is rather encouraging and positive in the MEDA region. Many privatisation success stories have been widely covered by the international media (e.g. Maroc Télécom) leaving hopes for international investors that more is yet to come and that long term economic strategies and stability are not unrealistic and vain hopes. It must be acknowledged however that there is still some room for improvement from country to country.


10

Figure 2. Breakdown of projects listed by sector and by main countries

Sector Morocco Turkey Egypt Tunisia Jordan Algeria Israel Malta Post & telecom

5 - - - - - 1 2

Agri-business

1 9 1 5 1 171 - 2

Construc-tion

1 - 4 1 - 161 - -

Transport 3 2 - 4 - 15 - 3 Chemical 2 6 2 1 1 38 - - Port 1 - - - - 10 - - Energy 1 - - - 2 - 1 1 Electricity electronic & metal industry

- 7 1 3 - 73 1 -

Real estate - 3 1 - 1 - - - Textile - 1 1 - - - - - Banking &insurance

- 2 - 1 - - 2 1

Tourism - 1 1 6 1 16 2 - Other - 3 2 4 - 301 - 1 Total 13 34 13 25 6 785 7 10


11

Résumé Ce document, qui n’est pas exhaustif, dresse un panorama des programmes de privatisation en cours dans certains pays MEDA. Les programmes présentés proviennent de deux sources principales: les API et ANIMA. La majeure partie des projets recensés est concentrée en Afrique du nord. LʹAlgérie représente, à elle seule, 90% des opportunités. Ceci peut être expliqué par la forte présence de l’Etat dans les activités économiques dites de production (60% des revenues de l’Etat provient de ses participations). Bien que peu de projets soient déclarés pour la Jordanie, le Liban et la Syrie, nous estimons qu’ils possèdent un potentiel élevé, vu le poids encore important des revenus provenant des établissements publics dans les recettes globales de l’Etat (Syrie 24 %, Liban 17 %, Jordanie 14 %).

En raison du nombre de projets algériens, il est difficile de dresser des statistiques générales et détaillées pour la zone MEDA. Cependant, avec ou sans lʹAlgérie, entre un quart et un tiers des opportunités porte sur des activités industrielles. Malgré le nombre élevé d’opportunités - 893 recensées-, la plupart des projets sont de taille relativement modeste2, sauf à Malte (banque, télécoms, poste, aéroport) au Maroc (port de Tanger) et en Israël. Les « grosses » privatisations (télécoms, énergie) sont souvent déjà réalisées. La plupart des projets présentés, sauf 59, soit 6,6%, concerne des secteurs en concurrence (tourisme, industrie, construction, agriculture) et attireront des PME européennes ou mondiales.

2 Le fait que ces projets soient de profil moyen pourrait créer certaines difficultés pour les gouvernements. Par exemple, la Turquie a dû temporairement retirer des plans pour privatiser 21 compagnies en 2004 à la suite d’appels d’offres infructueux ou du manque dʹintérêt des investisseurs.


12

La question des privatisations dans les pays MEDA

La figure 1 ci-dessus montre la part encore élevée des revenus provenant des entreprises publiques dans les recettes des gouvernements MEDA. Cette part oscille entre 4 % pour le Maroc ou Israël, et 60% dans le cas de l’Algérie (à cause en particulier du poids du secteur énergétique), alors que la moyenne est de l’ordre de 15,5% (hors Chypre et Malte). Ce poids encore important du secteur public dans les revenus des pays MEDA ouvre certainement des opportunités au secteur privé, notamment dans le cadre de la libéralisation en cours ici ou là. Néanmoins, il importe de signaler que l’on est quand même loin du niveau de 80% de recettes étatiques par le secteur public, atteint autrefois par certains pays MEDA. Ainsi, il apparaît clairement que des avancés substantielles ont été réalisées pour réduire ce poids. Cette situation a été encore plus marquée jusqu’au début des années 1980, lorsque le concept de l’Etat providence était à son apogée. A cette époque, les pouvoirs publics des pays MEDA intervenaient directement dans plusieurs activités de production, tout en assurant un service public (subventions, fixation des prix). Une telle attitude avait sa raison d’être, compte tenu des capacités encore limitées des investisseurs privés locaux et de la méfiance vis-à-vis des investisseurs étrangers, surtout dans une période où la plupart des pays MEDA était dans une logique post -coloniale. Toutefois, dès le début des années 1990, l’Etat a commencé à diminuer son engagement dans plusieurs secteurs en favorisant l’initiative privée. Par la suite, il a été question de désengagement et c’est ainsi que le concept de privatisation a commencé à s’imposer comme une solution, pour les pouvoirs publics locaux, à certains problèmes financiers auxquels ils étaient confrontés.


13

La privatisation est désormais un outil stratégique de gestion du patrimoine public et de la libéralisation des secteurs clés dans les pays MEDA. Ainsi, comme les années précédentes, presque tous les pays ont prévu dans l’élaboration de leur loi des finances 2005 la cession d’une part ou de l’intégralité d’ établissements publics ou la préparation de l’ouverture de tel ou tel secteur à la concurrence. Conscients, depuis le début de ce processus, de l’importance des privatisations pour attirer les investissement directs étrangers (IDE) les gouvernements ont entrepris, depuis les années 1990, des réformes tant au niveau macro-économique que pour la modernisation des systèmes de gestion. La mise en en place de ces réformes a permis notamment l’amélioration de la transparence vis à vis des investisseurs nationaux et étrangers. Le déroulement des diverses opérations de privatisation, dans la région MEDA, est plutôt encourageant et montre l’intérêt des investisseurs. Des difficultés existent cependant dans certains pays, avec un engouement variable pour les programmes de privatisation. Le nombre de projets concrets recensés dans le présent document est de 893, répartis comme suit (cf. figure 2 ci-dessus) : Egypte 13 ; Malte 10 ; Jordanie 6 ; Tunisie 25 ; Maroc 13 ; Israël 7 ; Turquie 34 ; Algérie 785.


14

1. EGYPT 1.1. National Paper Company Profile: The company was established in 1934 as a privately owned company and started operation in 1940 after the construction of its factories in Tabia, West of Alexandria. The company was nationalized in 1961 and became a fully state-owned company. In 1971, Alexandria paper company (ALBA) was incorporated into NPC. Main Activities : The companyʹs production line is notably varied (20 types of paper) in addition to the printing paper and the Craft Liner which have good standards.

Key Strength The company enjoys a reputable brand name, well known for

its quality of production. The company has a sizable market share of Card-board

reaching 30% Key Risks : The company faces competition from two reputable public enterprises as well some privately owned companies. The market share of its competitors vary from 15-30% of the linear production. Affiliated to the Holding Company for Chemical Industries Ownership Structure : The Company is 100% owned by the Holding Company for Chemical Industries


15

Key Financials Value in LE000 (1 Euro : 6 Egyptian Livre) 2000/2001 2001/2002 2002/2003 Operating Revenues 64028 73619 103078 Net Profit 261 2048 10390 Working Capital 43884 52728 47541 Total Investment 100166 105968 102074 Salaries 10964 12739 16765 No. of Workers 1225 1157 1112

1.2. Transport & Engineering Co. Profile : TRENCO was established in June 1946. The company has 5 production lines for rubber tires all located in Semoha in Alexandria Governorate. The company is specialized in Production of tires for Heavy, medium and light transport trucks, passenger car and motorcycles tires and inner tubes for all mentioned tire types.

Main Activities : Production of tires and inner tubes for heavy, medium and light trucks, as well as passenger cars.

Key Strength The company is the only public enterprise specialized in the

field of producing different kinds of tires. The company’s market share of the normal trucks tires reached

33% in 2003. The company has a well established market share in some of

the Arab Countries. It exports to Tunisia, Lebanon, Jordon , Saudi Arabia, and Libya. The company also exports its products to Cyprus and Kenya.


16

Key Risks : The company faces competition in the local market from some private sector companies beside some exported tires of international brand names. Affiliated to the Holding Company for Chemical Industries

Key Financials Value in LE000 2000/2001 2001/2002 2002/2003 Operating Revenues 188255 158684 123736 Net Profit 0 -95688 -332613 Working Capital -140555 -96418 -273745 Total Investment 189338 250819 50638 Salaries 37905 38468 40121 No. of Workers 3562 3572 3569

Ownership Structure : The Company is 100% owned by the Holding Company for Chemical Industries

1.3. Tanta Flax & Oil Co Profile: The company was established in 1954 and was nationalized in 1961. The companyʹs main activity is to produce the flax crop from A to Z without any residues in order to get industrial products that are economically beneficial. The company has 8 production Lines all located at the same area in Tanta in Gharbia Governorate. Main Activities: The company is specialized in the manufacturing and trading of Flax and wood products. The company’s main products are: Flax threads, Flax oils, Wood for furniture production as household, doors and windows, particle board, furniture as well as the production of urea. Key Strength : Since its establishment, the company has upgraded and developed its equipment, and added new industries like the


17

particle board, Furniture and urea Formaldehyde. The company has an established export market in several countries like Syria, Belgium, China, Romania, and Turkey. Key Risks : The company faces competition from some private sector companies in the local market.

Affiliated to the Holding Company for Chemical Industries

Key Financials Value in LE000 2000/2001 2001/2002 2002/2003 Operating Revenues 27168 44877 47541 Net Profit 3944 508 5445 Working Capital 32178 36503 45913 Total Investment 62337 63485 69921 Salaries 8194 8161 8325 No. of Workers 1142 1103 1071

Ownership Structure : The Holding Company for Chemical Industries owns 57%, where the National Investment Bank owns 43%.

1.4. Mokhtar Ibrahim Contracting Profile : Mokhtar Ibrahim Company was established in the year 1952. The company is a pioneer one in the field of construction, and contraction. It also deals with all related activities whether commercial, industrial, export or imports. It is also specialized in land reclamation. Main Activities : The company is specialized in Building, construction, contracting of drainage stations, potable water, roads, bridges, and all relating construction activities locally and worldwide. Key Strength : The company enjoys a reputable brand name, well recognized in the local market.The company also has a well


18

established activities outside Egypt, namely in some Arab Countries such as Oman Key Risks : The company faces competition from some public owned enterprises as well as some of the privately owned companies. Affiliated to the Holding Company for Building & Construction


Ownership Structure : The Holding Company for Construction owns 87%, where the Employee shareholder Association owns 10%, the remaining 3% are owned by others.

1.5. El Maamoura Housing Profile : Elmaamoura Housing was established in 1964. It is specialized in land reclamation, Housing, construction of touristic building and managing them, leasing and investing in the agricultural lands, sale or renting lands. The company is located in Alexandria Governorate. The company’s paid in capital reached LE75million distributed over 7.5 million shares. Main Activities : Land reclamation, Housing, construction of touristic sites, leasing and investing agricultural land, as well as sale or renting lands. Key Strength : The company is considered one of the most reputable and well known companies in Alexandria Governorate


19

specialized in the construction of touristic sites in the northern coast. Affiliated to the Holding Company for Housing, Tourism & Cinema


Ownership Structure : The Company is 100% owned by the Holding Company for Housing, Tourism & Cinema

1.6. Paints & Chemicals - Pachin Profile : Paints and Chemicals company was founded in 1958, currently it is affiliated to Law 159/1981. The company owns three production lines located in Cairo and Alexandria Governorates. The company was granted ISO 9002 certificate in 1998. Pachin owns 99.95% of Obour Company for Paints and Chemical Industries which enjoys tax exemption for 10 years according to Law 8/1998. Main Activities : Manufacturing of all kinds of paints and polishes. Key Strength : The company enjoys a very reputable brand name, well known in the Egyptian market for its products quality. The company plans to establish a plant for industrial paints and another one for ink. Both are located in Obour City. Pachin will establish two new affiliated companies for that sole purpose.


20

Ownership Structure : The Holding Company for Chemical Industries owns 39.8%, and the private sector owns 55%, where the rest is owned by different insurance company such that: Misr for Reinsurance owns 0.4%, National Agency for Social Insurance owns 3.3%, Misr Insurance company owns 1.2%, ElShark Insurance owns 1.4%.

Key Financials Value in LE000 2000/2001 2001/2002 2002/2003 Total Fixed assets 32318 152976 152058 Revenues 149149 252753 304004 Net profit 57755 65327 67591 Salaries - - 21150 N° of workers - - 1088

1.7. Rowad Misr for Tourism Investment Profile : Rowad Misr for Tourism Investment was founded in the year 1987 according to Law 159/1981.

The company enjoys tax exemption according to Law 1/1973 for both the tourism activity as well as Hotel facilities, each according to its date of establishment.

The company paid in capital reached in 2003 LE100millions distributed over one million shares. The shares’ par value is LE100. Main Activities : Establishing hotels and touristic villages as well as dealing with all needed services and utilities. Key Strength : The company is well recognized in the field of Tourim in the Egyptian Market. It owns several touristic sites in different toursitic areas such as El fayrouz village in Sharm Elsheikh, Coral village in Newibaa, and Borg Elarab Hotel in the northern coast of Alexandria Governorate.


21

Ownership Structure : The Private sector owns 51.7%, where Misr Hotels company owns 25%, South Sinai fund owns 8.3%, El Shark Insurance owns 7.5%, and National Insurance owns 7.5%.

Key Financials Value in LE000 2000/2001 2001/2002 2002/2003 Total Fixed assets 159278 159220 157898 Revenues 12619 10190 17094 Net profit 12035 9648 18494

1.8. Alexandria for Metallurgical Oil- AMOC Profile : Alexandria for Metallurgical Oil- Amoc was founded in the year 1997 according to Law 8/1997. The company owns two projects; one for the production of metallurgical oils and the other for solar production. All are located in Max in Alexandria Governorate. Primary experience of the company had a positive impact on the Balance of Payment. Exports of solar production reached $34 millions where the exports of oil production reached $51million. The company’s paid in capital reached LE820million in 2003 distributed over 8.2million shares. The Share par value is LE100. Main Activities : Production of raw and finished metallurgical oil. Key Strength : The company owns two promising projects in Alexandria. The first has a total area of 283 thousand m2 and specialized in the production of metallurgical oil. Where the other has a total area of 210 thousand m2 and targets solar production maximization.

Key Financials Value in LE000 2000/2001 2001/2002 2002/2003


22

Total Fixed assets 78800 112700 1216000 Revenues - - 267197 Net profit - - 2500 Ownership Structure : The National Bank owns 26.3%, Alexandria Petroleum owns 20%, Misr Bank owns 20%, Misr Insurance owns 10%, Cooperative Society for Petroleum owns 5%, Government Insurance Fund owns 10%, Misr Petoleum owns 5%, and Elshark Insurance owns 3.7%.

1.9. Delta Sugar Company Profile : Delta Sugar Company was founded in the year 1978. It is currently affiliated to Law 230/1989.

The profits of the company is 75.5% exempted starting taxed since 1/1/2000 till 31/12/2004.

The company owns some agricultural lands reclaimed for agricultural testing.

The company’s paid in capital reached LE299million in 2003 distributed over 29million shares. The Share par value is LE10.

Main Activities : Manufacturing of sugar and beet. Key Strength : The company has shares in a well recognized and reputable companies. It owns 15% of United Company for Package Production and 22% of Fayoum Company for Sugar.


Ownership Structure : Sugar &integrated Industries company owns 52.8%, Kima Company owns 6.3%, Elshark Insurance owns


23

13%, Egyptian Authority for Wakfs owns 6.4%, Alexandria Bank owns 6.3%, Nasr Social Bank owns 3.1%, where Private sector owns 12%.

1.10. El Nasr for Clothes & Textiles- Cabo Profile : El Nasr for Clothes & Textiles- Cabo was founded in the year 1940 according to Law 159/1981.

The company is a well recognized one in the Egyptian Market for its quality of products from textiles and ready made garments.

The company’s paid in capital reached LE225million in 2003 distributed over 7,784,205 shares. The Share par value is LE29. Main Activities : Manufacturing, marketing and trading of textiles and ready-made garments. Key Strength : The company is considered a pioneer one in the field of textile and ready made garments. Ownership Structure : Holding Company for Spinning & Weaving owns 6.9%, where the Egyptian Co. for Reinsurance owns 0.3%, Misr Insurance Company owns 10%, and the Private Sector owns 82.8%


1.11. Nasr City for Housing and Urbanization Profile : Nasr City for Housing and Urbanization was founded in the year 1959. It is currently affiliated to Law 159/1981.


24

The company is a well recognized one in the Egyptian Market in the field of housing and construction. The company’s paid in capital reached LE80million in 2003 distributed over 16 million shares. The Share par value is LE5.

Main Activities : The company deals in all activities related to urbanization and development projects. It is also specialized in land division and utilities supply. In addition to design and engineering consultation activities.

Key Strength : The company is enjoys a well recognized market share in the Egyptian Market.


Ownership Structure : The Holding Company for Construction owns 25%, and the Misr Insurance Company owns 0.3% , where the Private Sector owns 74.8%

1.12. Elmehan Eltebia for Pharmaceuticals Profile : The company was founded in the year 1984 according to Law 43/1974. The Company started operation in 1990. The company owns 5 production lines all are located in Abou Sultan in Ismailia. The company’s paid in capital reached LE313million in 2003 distributed over 31.3 million shares. The Share par value is LE10. Main Activities : Pharmaceuticals manufacturing, production of all kinds of medicine, special food, cosmetics. The company also distribute its products inside and outside Egypt.


25

Key Strength : The company is enjoys a well recognized market share in the Egyptian Market.

Key Financials Value in LE000 2000/2001 2001/2002 2002/2003 Total Fixed assets 160714 155335 NA Revenues 264056 279970 NA Net profit 37418 39375 NA

Ownership Structure : Industrial Development Bank owns 12%, and the Suez Canal Authority owns 3.4%, where the Private Sector owns 84.6%.

1.13. Misr Company for Mechanical & Electric Projects (Kahromica) Profile : Misr Company for Mechanical & Electric Projects (Kahromica) was founded in the year 1971. It is currently affiliated to Law 159/1981. The company’s paid in capital reached LE10million in 2003 distributed over 2million shares. The Share par value is LE5. Main Activities : Implementation of mechanical and electric projects inside and outside Egypt. Key Strength : The company owns shares in a well reputable companies. Kahromica owns 5% of the German-Egyptian Company for Electrical Products (Egimac) and 10% of the Egyptian Company for Engineering Systems and Electric Power.



26

Ownership Structure : Holding Company for Construction owns 29% where the Private Sector owns 71%.


27

2. MALTA The Privatization Unit in Malta is currently working on two privatisations processes, which are :

2.1. Maltacom In regard to Maltacom, government intends to sell out all its shareholding to a strategic partner. Government is opting for this strategy as the telecommunications industry is fast approaching global consolidation while the future expansion for Maltacom is built on huge investment in product development and in new services that would offset the gradual decline in fixed telephony. The Government wants to have a strategic partner in this area who invests in Malta and in the Maltese.

2.2. The Bank of Valletta This applies also for the Bank of Valletta, for which it is now public knowledge that agreement has been reached with the other major shareholder to sell out their combined shareholding. Governmentʹs first priority is that in the prospective strategic partner, government would seek the right commitment towards further growth of the bank which has a key role in our economy. It is hoped that these two processes will be completed next year provided that the bids that government would have for its consideration will provide the best offer to provide for more negotiations.

2.3. Other projects Also, The Government is reviewing its position in other projects : Kordin Grain Terminal : a grain processing operation within

the Grand Harbour


28

Maltapost : postal services Libyan Arab Maltese Holding Co. Ltd : a holding company

with a portfolio of interests in manufacturing, tourism and other related services. Interprint : printing sector (sale of shares) Malta Dairy Products : a milk processing operation Malta International Airport Tug Malta (a port tugging operation) EneMalta : a strategic partners are being sought for the

National Energy Company Other projects in the tourism/hospitality sector such as hotels, printing company, air supplies and a travel processing company are also destined for privatization. This is a vast and ambitious program. However, Malta is determined to see it through. This privatization Program is not set for completion in one year but will be spread over a number of years.


29

3. JORDAN 3.1. Airports Hotel Company/Alia Hotel Objective : Privatization, through total sale, of Government’s shares in “Jordan Airports Hotel Company- Alia Hotel”. The company’s capital amounts to JD 8 million. Profile: The GoJ currently owns 100% of the shares of the company. Alia Hotel is a four star hotel, 35 Km away from the capital Amman and adjacent to the airport over a piece of land measuring 42,000 m. The land is totally owned by the Treasury. A five floors hotel with 314 rooms (suites, single and double rooms), a restaurant with a 200 seats capacity, a transit lounge (400 persons), ballroom (500 persons) and a bar (75 persons). Privatisation status: The Council of Ministers’ resolution no. 2536 dated August 10th 2004, endorsed the privatization / total sale of the Hotel. The transaction is scheduled for completion by Q3 2005.

3.2. Shabsogh Complex The Council of Ministers endorsed on August 25th 2004 the privatization of the Jordanian Real Estate Compounds Company/ Shabsogh Complex through a total sale of the GoJ’s ownership in the company amounting to 90% of total shares; the company’s capital amounts to JD 3.134 million). The transaction is scheduled for completion by third quarter 2005.

3.3. Electricity Distribution Company/ EDCo Objective : Total Privatization/ Total Sale


30

Description : EDCo owns and operates a distribution network serving approximately 123.5 thousand consumers in the south, Jordan Valley and eastern parts of the Kingdom, representing around 14% of total consumers in the country. Privatisation status : Ad for sale are expected to be published soon in two daily international newspapers. The transaction is scheduled for completion during the second half of 2005

3.4. Irbid District Electricity Company/ IDECo Objective : Total Sale of GoJʹs ownership in the company. Description : IDECo owns and operates the electricity distribution network in the northern part of the country, namely, Irbid District. Distribution is provided to around 215.8 thousand consumers representing about 22% of total consumers in the kingdom. IDECo. Is a shareholding company with 55.4% of the shares owned by the Government of Jordan. In 1961, IDECo. was granted a 5o-year concession to distribute electricity in four governorates in the northern part of Jordan, namely, Irbid, Mafrak, Jerash and Ajloun. Privatisation Status : Ad for sale are expected to be published soon in two daily international newspapers. The transaction is scheduled for completion during the second half of 2005.

3.5. Jordan Phosphate Mines Company/ JPM Objective : Partial sale of 40% of JPMC shares slated for privatisation.

Description :

- The GoJ endorsed the restructuring and privatisation of JPMC whereby a 40% of the JPMC total shares shall be offered for privatisation while the government plans to retain 26%; the GoJ currently owns 66.7% of JPMC.


31

- Globally, JPMC maintains a leading position among phosphate producing and exporting companies. Privatisation status : HSBC, the financial advisor, is currently assisting the GoJ in restructuring and privatisation procedures. The transaction is expected to be completed during the second half of 2006.

3.6. Jordan Post Company Objective: Privatisation through Strategic Partnership. Description : The GoJ endorsed the restructuring and privatisation Jordan Post; legal amendments have been introduced separating the postal services from the Ministry of Telecommunications and Post. Jordan Post Company has been registered as a shareholding company totally owned by the Government and open for private sector participation. Privatisation status : A Market survey Study shall be conducted in the Kingdom; and among the priority options for privatisation is Strategic Partnership; Expected completion date is set at end 2005.


32

4. TUNISIA 4.1. Company « Tunisie-Lait » location : Sidi Bouali (Governorate of Sousse) Founded : 1978 Activity : Production of milk and daine products Employees : 423 (as of 30/04/2003) Company capital : 16 MTND (June 2003)

Structure of capital Publicly held shares: 61.88 % Privately held shares: 38.12 %

Production and commercialization

Total production (milk and dairy products): 61.820 million liters (in 2002) Local market share: 15 % (in 2002)

Total assets : 51.672 MTND (end 2003) Turnover : 48.126 MTND (end 2003) Privatisation mode : Sale of a block of shares representing 74.63% of company capital

Tunisie Lait Point kilométrique 122- Route de Tunis - 4040 - Sidi Bouali Tel : (+ 216) 73.247 440 (+ 216) 73 247 382 Fax : (+ 216) 73. 247.369 Site web : www.tunisielait.com

4.2 Skanes Palace International Hotel Location : Monastir Business : Hostelry Capacity of lodging : 228 rooms and 4 suites


33

Employees : 84 Capital : TND 6.195 million Main shareholder : STB 99.75% Total assets : TND 9.695 million (2002) Terms : sale of STB shares

4.3. Sousse Palace Hotel Location : Sousse Business : Hostelry Capacity of lodging : 380 beds Employees : 44 Capital : TND 9.800 million Main shareholders : STB 96.94% Total assets : TND 20.822 million (2001) Terms : Sale of STB shares

4.4. Tunisian Tire Industries Company « STIP » Location : MSAKEN (Governorate of Sousse) and Menzel Bourguiba (Governorate of Bizerte)

Founded : 1980

Employees : 1,410 (end 2003) Activity : Production and sale of tires and other manufactured rubber items Company capital :42.078 MTD (end 2003) Structure of capital : 51.59% of shares are held publicly or para publicly 48.41% of shares are held privately Total assets : 177.718 MTD Turnover : 57.049 MTD (end 2003) Privatisation mode : Sale of a block of shares representing 51.59% of company capital


34

STIP Head office: Centre Urbain Nord, Boulevard de la Terre PO Box 77, 1003 Tunis El Khadra Tel: (216) 71 230 400 / 71 232 300 Fax: (216) 71 236 888 / 71 237 222

Email: amine.dg @stip.com.tn

4.5. Water treatment station Location : West of Tunis, governorate of Ben Arous Programme : Financing and construction of a waste water treatment station collected from the side basis of West and South of Tunis, and its transfer system of waste and their exploitation over 22 years period Characteristics of the project : Construction of a waste water treatment station in El Allef able to treat 214600m3 / day year 2016 and 255000m3 / day in 2026 Construction of a transfer system of waste water to STEP El Allef ( 31 Km of forcing back length in double pipes and 3 pumping stations ) Studies : Proviosional feasibility study October 2001 Legal framework : Concession under BOT scheme for 25 years (3 years for infrastructure construction and 22 years for its exploitation ) Investments : TND 220.4 million ( TND 26.9 million for expanding STEP, starting from 2016 in order to meet the needs of 2026 ) Implementation : 36 months Market share : 20% ( representing the water quantities to be treated by the water treatment station of West and South of Tunis, as of the treatable capacity in Tunisia

The Sanitation National Office, ONAS


35

32, rue Hédi Nouira 1001 Tunis Tel: (216) 71 343 200 Fax: (216) 71 350 411

4.6. The Tunisian Lime Company « STC » Location : Head office: Tunis. Factory: Thala ( Governorate of Kasserine ) Activity :Lime production (surface and natural lime) Production capacity : Surface lime 100,000 (tons/year) (2003)/ Natural lime 200,000 (tons/year) (2003) Production : Surface lime 9,060 (tons) (2003)/ Natural lime 4,402 (tons) (2003) Sales : Surface lime 9,130 tons, of which 1,795 tons are exported (2003)/ Natural lime 4,584 tons (2003) Total assets : TND 5.921 million (in 2003) Turnover : TND 1.345 million (in 2003) Privatisation mode : Sale of a block of shares or assets

STC 14 rue de New Delhi 1002 Tunis Belvedere Tel: (216) 71 289 567/ 782 651 Fax: (216) 71 790 851

4.7. Tunisian Automotive Industry « STIA » Location : Headquarters : Tunis / Factory : Sousse Founded : 1961 Activity : Manufacture of industrial vehicles, coaches and buses Jobs : 751 (as at 31/12/2003) Registred capital : 20 MTND

Main shareholders


36

BNA : 49.99% STB-INVEST: 49.99% Total assets : 115.149 MTND (2003) Chiffres d’affaires : 88.360 MTND (2003) Turnover : Certification ISO 9002 Method of privatisation: Shares traded publicly (99.99%).

STIA Adresse 14 bis, rue Ali Bouchoucha, Montfleury 1008, Tunis Tél. : (216) 71 399 615/ 77 440 100 Fax : (216) 71 396 127/ 73 440 149 E-mail : [email protected] Site web : www.stia.com.tn

4.8. The Sidi Saad Company, located in the governorate of Kairouan Location : Governorate of Kairouan Founded : October 1986 Company capital : TND 0.920 million

Main shareholders : 60.8% held by the National Agricultural Bank (BNA)

39% held by the Tuniso-Saudi Investment and Development Company (STUSID) Employees : 92 operators, including 12 supervisory staff and workers. Total area : 5,381 hectares, of which 776 hectares near the Sidi Saad dam are irrigated (irrigated public land) Geographic distribution Two separate locations (2,216 and 3,165 hectares)

Main assets


37

2,681 head of sheep 1,867 trees in long-established olive groves 413 hectares of newly-established non irrigated groves 100 hectares of newly-established plantings farmed intensively 664 hectares of irrigated large scale crops Restructuring mode

Rental of land, buildings and groves for a period of 25 years, renewable for a further 15 years. Sale of moveable assets (sheep, cattle and agricultural

material...) Number of lots : 2 farms

4.9. Electromechanical Construction Public Company, "SACEM" Location: Industrial zone of Sidi Rezig-Tinja, governorate of Bizerte Founded in: 1966 Business: Manufacture and sale of electric machines, transformers and electric engines and water heaters Production: 4,500 transformers/year ; 10,000 electric water heaters/year Product: Transformers (tri-phased and mono-phased) and electric water heaters Part of the market: 90% of the sales of transformers in Tunisia Employees: 227 (as at 31/12/2003) Capital : TND 5.174 million

Main shareholders

STEG : 9.06% STB ex BDET: 85.93 % Private shareholders: 4.62%


38

Total assets : TND 12.831 million (in 2002) Means of privatisation : Sale of a block of shares representing 95.38% of the firm’s capital.

SACEM Z.I Aéroport, Ariana, BP 199-1080 Tunis Cedex Tél : (216-71) 940 250 Fax : (216-71) 941 145 E-mail :[email protected] Site web: www.sacem-tunisia.com

4.10. Conversion of the Port of Tunis into a marina Location: Downtown Tunis, governorate of Tunis Programme Development of a marina Urban development of the area surrounding the port (some

228 ha) Characteristics of the project Development of a marina to berth about 710 boats Development and sale of plots in the range of 228 ha around

the port corresponding to 2.4 – 2.8 m2 of covered space capable of housing some 15,000 inhabitants Studies Studies for converting the Port of Tunis into a marina (October

1995) Detailled plan for the area surrounding the Port of Tunis,

January 2004 Legal framework BOT concession for a marina Mixed economy company or execution by private investors for

development of land around the port Investments


39

About 23 million Tunisian dinars for the marina About 33 million Tunisian dinars for development of the area

around the port (exclusive of the price of land) from STEP starting in 2016, to meet needs in 2026 Market share 90% of requirements for the marina will be in place, compared

to Tunisia-wide needs Area around the port:

o 20% for housing (6000 homes) o 24% for offices (250 000 m2 ) o 28% for hotels (1000 beds) o 30% for commerce (150 000 m2 )

Société d’Etudes et de Promotion de Tunis Sud 52, Rue Ibn charaf, 1002 Tunis 1001 Tunis Tél. : (216) 71 790 188 Fax : (216) 71 793 923 E-mail : septs.boc@email-ati-tn

4.11. Port of Radès containers and trailers station Programme : Construction of a station for containers and trailers in the port of Rades, used only for loading and unloading operations and housing the containers and related services Location :Region of Ben Arous Area : 40 hectares Characteristics : A quay with 477m length and about 600 m depth for the treatment of container carriers equipped with 4 to 5 dock frames to handle ro–ro ships Legal context : Concession under BOT scheme Investment : TND 100 million Project implementation : 2002 –2006 (10th plan)


40

Ministry of Communication Technologies and Transport 3, bis rue dʹAngleterre, 1000 Tunis Tel. : (216) 71 359-000 (216) 71 324 948/ 1854 E-Mail : [email protected]

4.12. Car parking project Programme : conclusion of contracts on a BOT basis for the construction and exploitation of multi – storied car parking ( vertically and underground )

Characteristics M’dak El Halfa parking (300 places) parking (underground) at Avenue de Paris (500 places) parking at “Bab El Jazira” within the framework of the

reconversion of the central market of Tunis parking at the louages car stations of Bab Saadoun ans Moncef

Bey parking at the bus stations of Belhaouan ( Thameur Garden )

and Barcelone Square integrated project at Med V parking ( connexion between

public and private transport – parking – construction of a room to regulate the traffic throughout the entire sector) Legal context : concession under BOT scheme over a period of 20 years Facilities : possibility of the construction and exploitation of shops Cost of one place : between TND10,000 and TND15,000

Municipalité of Tunis Tél. : (216) 71 571 198 Fax : (216) 71 560 477


41

4.13. Nour El Ain Hotel Location : Aïn Draham, governorate of Jendouba Business : Hostelry Capacity of lodging : 122 beds Employees : 42 Capital : TND 2.299 million

Main shareholders - Public shares : 85% - Private shares : 15% Total assets: TND 3.394 million (2000) Terms : Sale of assets Société touristique de Ain Draham, STAD Tel.: (216) 78 655 000

4.14. GANZ railway equipment – TUNISIE S.A (MFGT) limited liability company Location : Governorate of Gabes Activity : Production of railway equipment, metal industries and mechanical/electrical maintenance Founded : 1986 Capital : 1.555 MTND Main shareholders : Tuniso-Emirates Investment Bank (BTEI) : 25.40% Tunisian Chemical Group (GCT) : 25.38% Tunisian National Railways Company (SNCFT) : 9.64% GANZ (Hungarian company) : 26.15% MAV (Hungarian company) : 13.31%

Total assets : 7.250 MTND (in 2002) and 8.498 MTND (in 2003) Turnover : 7.497 MTND (in 2002) and 7.091 MTND (in 2003) Employees (September 2004) : 333, 17 of whom are contractual


42

Privatisation mode : Sale of certain assets

MFGT: P.O. Box 84 Zone Industrielle de Gabes 6000 Gabes Tel: (216) 75 272 200 / 75 272 553 Fax: (216) 75 271 442 Email: [email protected]

4.15. The Lakhmes Company, located in the governorate of Siliana Founded : July 1985 Employees : 93 operators, including 20 supervisory staff and workers Total area :1,603 hectares of which 720 hectares near the Lakmes dam are irrigated barrage Lakmes. Geographic distribution : The company manages two farms, one composed of 1,033 hectares and the other composed of 570 hectares

Main assets

450 head of dairy cows 300 head of sheep 222 hectares of olive groves established some time ago 46 hectares of newly established groves cultivated intensively 1,030 hectares of large scale crops

Restructuring mode

Rental of land, buildings and groves for a period of 25 years, renewable for a further period of 15 years.


43

Sale of certain moveable assets (sheep, cattle and agricultural material). Number of lots : 2 farms

4.16. Dairy Farms Production Company, located in the governorate of Beja Founded : March 1985 Company capital : 2,495 MTD 5.61% held by the National Agricultural Bank (BNA) 3.14% held by the Tuniso-Saudi Investment and Development

Company (STUSID) 5.23% held by the Tuniso-Kuwaiti Development Bank (BTKD)

Employment : 139 operators, including 29 supervisory staff and workers. Total area : 2,262 hectares of which 1,156 hectares are irrigated, linked to a large degree to irrigated public land Geographic distribution : Land is made up of two separate units: 1,790 and 472 hectares

Main assets

760 head of dairy cows 850 head of sheep 167 hectares of long-established plantings 129 hectares of newly-established plantings, farmed

intensively 900 hectares of large scale irrigated crops Remaining 1,000 hectares made up of large-scale crops and

pastureland.

Restructuring mode


44

Rental of land, buildings and plantings for a period of 25 years, renewable for a further 15 years. Sale of moveable assets: sheep, cattle and agricultural

material... Number of lots : 2 farming units

4.17 . Dalia Hotel Location : hammamet north , governorate of Nabeul Business : hostelry Employees : 21 Capacity of lodging : 96 rooms and 4 suites Capital : TND 3.312 million

Main shareholders

- STB : 45.30% - Private shares: 54.70% Total assets : TND 2.174 million (2002) Terms : sale of STB shares

4.18. Mezzouna Plastics Complex, “CPM” Location : Mezzouna, governorate of Sidi Bouzid Founded : 1990 Business : Production of plastic bags Productionʹs capacity : 20,000,000 bags / year Employees : 254 (212 permanent) Capital : TND 7.250 million

Main shareholders

Public shares : 99.99%

Private shares : 0.01% Total assets : TND 4.208 million (in 2002)


45

Terms : Sale of some assets

CPM Social siege : rue El Arbi Zarrouk BP N 9. 3000 Sfax Tel.: (216) 74 299 004 Fax: (216) 74 298 811

4.19. Residence Club Skanes Hotel Location : Monastir Business : Hostelry Capacity of lodging : 972 beds Employees : 34 Capital : TND 7.5 million

Main shareholders

STB : 61.2% STAR : 20.8% IMER Company : 11.06% STB INVEST : 6.66%

Total assets : TND 14.980 million (2001) Terms : Sale of STB shares

4.20. Banque du Sud “ BS” Location : Tunis Business : Depository bank (commercial bank) Founded : 1968 Employees : 1,465 (end of 2002) Number or branches : 89 (end of 2002) Capital : TND 100 million Main shareholders (05/11/2003) Public shares : 33.54 %


46

Private Tunisian shares : 49.5 % Private foreign shares : 16.96 % Total share holder’s equity : TND 161.3 million (in 2002)

Net income for the year : TND 10.5 million (in 2002) Banking net income : TND 76.9 million (in 2002) Terms : Shares in capital traded publicly

Banque du sud 95, Avenue de Liberté, 1002 Tunis Tel: (216) 71 785 600 Fax: (216) 71 243 743

4.21. Boujâafar Hotel Location : Sousse Business :Hostelry Capacity of lodging : 468 beds Employees : 3 Capital : TND 14 million

Main shareholders

State owned companies : 47.47% Public companies : 37.93% Private companies : 14.6%

Total assets : TND 32.154 million (2002) Terms : Sale of STB shares

4.22. The Baten el Ghozal Company, located in the governorate of Sidi Bouzid Location : Governorate of Sidi Bouzid Founded : April 1987 Company capital : 0.960, of which 99 are held by the National Agricultural Bank (BNA)


47

Employees : 38 operators, of which 6 are supervisory staff and workers Total area : 1,601 hectares of which 279 hectares irrigated by two deep wells Geographic distribution : The farm is made up of two separate units (901 and 700 hectares)

Main assets

661 head of sheep trees in long-established groves hectares of newly-planted non irrigated groves hectares of newly-planted trees farmed intensively 198 hectares of irrigated large scale crops

Restructuring mode

Rental of land, buildings and groves for a period of 25 years, renewable for a further period of 15 years Sale of moveable assets (sheep, cattle and agricultural

material...) Number of lots : 2 farming units

4.23. Sahel Mechanical Workshops, “AMS” Location : Governorate of Sousse Business : Manufacture of stainless products, taps and hardware Company incorporated in ; October 1962 Employees : 760 (au 31/12/2002) Capital : TND 8.067 million Stock market : AMS is listed on the stock market since 1994 ISO 9001 certification : Every activity of AMS is certified according to ISO 9001 referential (1994 version) since July 2001.

Main shareholders :


48

Public shareholdings : 77.83% Private shareholdings : 22.17 %

Market share

Leader in Tunisia 80 % for sanitary taps 60 % for households articles Area : Total area 81,533 m² / Covered area 23,090 m² Turnover : TND 18.697 million (in 2002) Total assets : TND 30.978 million (in 2002)

Terms

Sale of some « hardware » assets owned by A.M.S Sale of some « stainless steel » assets owned by A.M.S. Sale of a block of shares representing 77.66 % of the firm’s

capital.

AMS Boulevard Ibn Khaldoun 4018 Sousse Tel.: (216) 73 231 111 Fax: (216) 73 230 386 web: www.ams.com.tn e-mail: [email protected]

4.24. Enfidha Airport Programme : Construction of an airport located in the East Center of Tunisia (Enfidha) between two tourist zones Hammamet and Sousse- Monastir Location : Enfidha, governorate of Sousse Maximum capacity : 30 millions passengers


49

Completion schedule : The works of the first phase should be fulfilled over a three year period Legal context : Concession under BOT scheme Investment : About 585 million TND for the first phase (5 million passengers- initial capacity) Works achievement : 2002-2006 (10th plan)

The Office of Civil Aviation and Airports, OACA Tel.: (216) 71 754 000 Fax: (216) 71 781 460

4. 25. Metal construction and maintenance workshops of Gabes (ACMG) Location : Gabes Activity : Construction, assembly and maintenance of metal and electrical items Founded : 1977 Capital : 2.5 MTND

Structure of capital

Tunisian Chemical Group (GCT) : 32.75% El Bouniane : 17.00% Tunisian Banking Company (STB) : 11.25% Tunisian National Railways Company (SNCFT) : 5.70% National Agricultural Bank (BNA) : 5.00% Companies with public holdings : 10.80% Private companies : 17.50%

Total assets : 1.236 MTND (in 2002) and 1.145 MTND (in 2003) Turnover : 0.820 MTND (in 2002) and 0.496 MTND (in 2003) Employees : (September 2004) All employees work for MFGT (1)

Privatisation mode : Sale of certain assets ACMG:


50

Address: P.O. Box 84 Zone Industrielle de Gabes 6000 Gabes Tel: +216 75 272 200 / 75 272 553 Fax: +216 75 271 442 Secretariat of State in charge of Privatisation at the Prime Ministry Directorate General for Privatisation 4 rue Ibn Nadim 1073 Montplaisir, Tunis Tel: +216 71 280 970 / 71 282 467 Fax: +216 71 281 675 Email: [email protected] Web site: www.tunisieinfo.com/privatisation 1TND = 0.777 USD = 0.686 EUR = 90.416 JPY (2003 average) MTND : million Tunisian dinars


51

5. TURKEY

NAME OF THE COMPANY

PRIVATISATION METHOD

CURRENT SITUATION

- SİDAŞ (meat processing) Asset Sale Last bidding date is January 18, 2005

- Bergama A.Ş. (meat . p) Share Sale Last bidding date is January 18, 2005

TEKEL (Salt Pan) - Kayacık Salt Pan Asset Sale Preparations

continuing - Kaldırım Salt Pan Asset Salet Preparations

continuing - Yavşan Salt Pan Asset Sale Preparations

continuing - Ayvalık Salt Pan Asset Sale Preparations

continuing - Kağızman Salt Pan and Kristal Salt Refinery

Asset Sale Contract stage

ATAKÖY MARINA-TOURISM-HOTEL

Block Sale Contract stage

Participations of TEDAŞ (Electricity distribution)

Share sale/Transfer of operational rights

Preparations continuing

SEKA (Pulp & Paper) - İzmit Premise Asset Sale Preparations

continuing - Assets of General Directory

Asset Sale Preparations continuing


52

NAME OF THE COMPANY


CURRENT SITUATION

Motor Vehicles Inspection Station

11 bids for the 1st and 12 bids for the 2nd region have been received.

Eti Aliminium Inc. and Oymapınar Dam

Block sale/Transfer of operational rights

Preparations continuing

Turkish Coal and Mining Ind.

Share Sale Preparations continuing

Yeni Çeltek –Coal and Mining Inc.

Share Sale Preparations continuing

KEMERKÖY-Electricity Generation Inc.


YENİKÖY-Electricity Generation and Trade Inc.


SEKA Çaycuma Social Facilities

Asset sale Last bidding date is December 23, 2004

TEKEL Cigarette Ind. Enterprises and Trading Inc.

Asset sale Last bidding date is February 18, 2005

National Lotary Transfer of license THY-Turkish Airlines 23% has been

offered to the public

TÜGSAŞ-Building in Istanbul

Asset Sale

Sümer Holding (Textile) Participations & Assets

Block sale/Asset sale

TEKEL ( idle real estates) Asset Sale ERDEMİR (Iron & Steel) PETKİM (Petrochemicals) ISE, public offering

and/or block sale


53

NAME OF THE COMPANY


CURRENT SITUATION

ASELSAN (Electronics) Manavgat İçme Suyu Tesisleri (Drinking Water Facilities)*

Istanbul Stock Exchange

Toll Motorways-Bosporus Bridges

Istanbul Gold Exchange

TÜRK ŞEKER (Sugar Processing)

TEDAŞ (Electricity Distribution)

Has been taken into the Programme on April 2, 2004

BAŞAK SIGORTA A.Ş. (Insurance)

Has been taken into the portfolio and Programme on September 6, 2004

BAŞAK HAYAT SIGORTA A.Ş. (Insurance)

Has been taken into the portfolio and Programme on September 6, 2004


54

6. MOROCCO Since the beginning of the privatisation programme in 1993, 66 companies were transferred to the private sector, including 26 hotels, generating a total receipt of 54,2 Billions DH. 14,9% of the capital of Maroc Telecom was also transferred to private investors generating 9.8 billions de Dh.

Draft privatisation programme in 2005

Company Activity Société de Productions Biologiques et Pharmaceutiques Vétérinaires (BIOPHARMA).

Veterinary pharmaceutical product

Société Marocaine du Thé et du Sucre (SOMATHES).

Tea & sugar trade

Société Nationale de Commercialisation de Semences (SONACOS).

Marketing of seeds

Société de Dragage des Ports (DRAPOR).

Port maintenance operations

Société Commerciale de Charbons et Bois (SOCOCHARBO).

- Trade and retail of wood and coal, - Import-export

Briqueterie Tuilerie Nord Africaine (BTNA).

Construction materials & ceramics

Société Chérifienne des Sels (SCS).

Salt mines

Société des Sels de Mohammedia (SSM).

Salt mines


55

Company Activity Port de Tanger MED Tangier Port-Med

Concessions for the 2007 operation of the following facilities : - The Container Warf, - The Cereal Warf, - The Ro-Ro terminal - Hydrocarbon Warf, - The Logistics free Zone.

SUNABEL Sugar Product SURAC Sugar Product

COMANAV Maritim transport

Public-private partnership on agricultural lands Also, the Government of Morocco is in process of developing a public-private partnership concerning the Moroccan state-owned agricultural lands. An international invitation was launched on 25th October 2004 opening up to tender the long term development.

In fact, there are 56.000 hectares to be privatised by way of partnership agreement. 208 projects have been selected across the main Moroccan agricultural sectors: citrus fruits, grapes, olive and olive oil, deciduous and stone fruit, dairy farming and industrial vegetable. This tender process is scheduled to take place from 25th October 2004 to 21th feb 2005. The results will be communicated on 21 June 2005.

For more information please visit the web site (www.agripartenariat.ma).

Société de Développement Agricole (SODEA) Avenue El Haj Ahmed Cherkaoui (Agdal)


56

B.P. 6280 - Madinat Al Irfane Rabat Tél : +212 (037) 77.72.98 Fax : +212 (037) 77.64.11 Email :[email protected] Or Yassine El Moutchou ANIMA/Department of investment Tel : +33 4 96 11 67 68/ +33 6 19 28 36 40 Fax : +33 4 96 11 67 61 Email : [email protected] http://www.animaweb.org http://www.invest.gov.ma


57

7. ALGERIA The Algerian privatisation programme is currently being revitalised. A large number of public companies should be privatized. The only exception, petrol industry, which is to remain protected. Also in the programme, concessions for water, energy, transport and telecommunications. The local subsidiary of Orascom which, for a short while, has benefited from a mobile telephone operator’s licence has shown satisfactory penetration results (100,000 subscribers). Alstom, also, has been retained for a 300 MW gas operated power station costing 58 million US$ at Ain Beida (East coast). Number of companies that could be privatised Sector Number of companies Other activities 228 Agriculture & Agri-business 171 Construction 161 Electric, electronic & metal industry

73

Service 50 Chemical industry 38 Energetic & hydraulic services 23 Tourism 16 Transport 15 Port 10 More information can be found on the following link : http://www.mdppi.dz/Annuaire.asp.


58

8. LEBANON In Lebanon, the electricity sector will be subjected to several calls for tender in the near future. The government has decided to dramatically reduce public subsidies to the tobacco sector and to launch its privatisation.

The Lebanon has chosen in 2003 an operator for the treatment of water in North Beirut, a project worth around a planned 90 million Euros in BOT.

Another operator should be chosen for the management of the container terminal in the Port of Beirut for the next ten years. However, the termination in 2002 of the licences of the 2 mobile telephone operators (Cellis and LibanCell), in fact extended until the end of 2003, has given a signal likely to disturb the market.


59

9. ISRAEL The Israeli government launched a privatisation plan as early as 1993. In the firing line, the banking sector. Today, there remain 91 public enterprises, which represent a mere 5 to 10 % of GDP.

In 2003, the Israeli government cut the Gordian knot with the privatisation of El Al: due to a lack of interest from among transport partners, the government sold part of its shares on the stock market, keeping a small majority of the capital only, along with the personnel of El AL.

Since the beginning of the privatisation programmes in 1991, 35 companies were transferred to the private sector generating a total receipt of 87,5 $Billions. The organisations to be privatised in the coming year (2005)

Company Activity Oil Refineries Ltd Refining of Crude Oil Bezeq (30%) Telecommunication services Israel Aircraft Industries Indsutry

Industrial Developpment bank Banking

Tadmor Hotel Schol Tourism

Atarim, Tel-Aviv Tourism Develeoppement

Tourism

Bank of agriculture Banking


60

10. PALESTINIAN AUTHORITY In the Palestinian Territories, offers are awaited for the supply of water and the treatment of sewage at Gaza, a 13 million Euro project in BOT. Once political conditions permit, it may be estimated that a good number of infrastructures to be rebuilt in the country will be conceded to the private sector.


61

11. SYRIA Syria stands out with the absence of an overall programme of privatisation, although recent openings have been mentioned. The industrial sector still belongs to the State to the level of 80 %. With the exception of the two mobile telephone networks, the perspectives are also limited for concessions. On the other hand, private investments are welcome in all sectors.


62

Sources Algeria : Agence de Développement des Investissements

(ANDI)

www.andi.dz

http://www.mdppi.dz/privatisation.asp

Egypt : General Authority For free Zones and Investment (GAFI)

Israel : Investment Promotion Center (IPC)

Jordan : Jordan Investment Board (JIB)

Lebanon : Investment Development Authority of Lebanon (IDAL)

Malta : Malta Enterprise

Morocco: Ministry of Finances and Privatisation

Direction des Investissements (Ministère des affaires économiques et Générales)

Palestinian Authority : Palestinian Investment Promotion Agency

Tunisia : Foreign Investment Promotion Agency (FIPA);

Syria : Ministry of Industry

Turkey : General Directorate of Foreign Investment (GDFI);

Web site of Prime Minister : Administration des privatisations http://www.oib.gov.tr/program/2003_programme.htm

ANIMA: www.animaweb.org

Date post:	13-Oct-2020
Category:	Documents
Upload:	others
View:	3 times
Download:	0 times

Privatisation Programmes in the MEDA Countries...Les programmes présentés proviennent de deux...

Documents