By: Ahmed Allam
Cairo – Mubasher: A ministerial committee will be held within the coming two weeks to discuss the state-run initial public offering (IPO) programme, finance minister Mohamed Mait said on Thursday.
President AbdelFattah El Sisi stressed the significance of finalising the IPO programme of the public sector companies at the earliest possible time, the minister added on the sidelines of his tour in the Large TaxPayer Center (LTC).
In June, Mait said that the government would implement the first share sale of the public sector firms under the IPO programme in July or August.
Egypt plans to list 15% to 30% stakes of 23 firms on the Egyptian Exchange (EGX) during the first phase of the IPO programme with a total value of EGP 80 billion.
The government seeks to finish the share sale scheme of the state-owned companies within 24 - 30 months with a combined market value of EGP 430 billion.
Eastern Co is expected to be the first state-run firm to float an additional stake on the EGX as part of the government IPO programme, an official has said.
In the same vein, Engineering For The Petroleum & Process Industries (ENPPI) is projected to be the second state-run company to offer a stake on the Egyptian bourse in the next period under the programme. ENPPI’s IPO may be in the first three months of the current fiscal year, or in October.
The government IPO programme aims at expanding shareholder base and increasing the Egyptian bourse’s market capitalisation, in addition to raising trading volume and value.
Translated by: Kholoud Mohamed Hussein
