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Egypt names five public sector companies to be publicly listed

Ahram Online , Tuesday 17 Jul 2018
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Views: 4585

Egypt announced on Tuesday the names of the first five public sector companies to be publicly listed on the Egyptian stock exchange this year, the Egyptian government said.

In a statement released on Tuesday, the cabinet announced that stated-owned Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container and Cargo Handling, Abou Kir Fertilizers, and Heliopolis Housing would be listed.

The five companies are already listed on the stock exchange but the government will increase the public stakes offered in the listing to decrease the shares owned by the state.

The cabinet did not specify the exact timing of the share offering or the size of the shares in its statement.

In statements to media earlier this week, Public Sector Minister Hisham Tawfik said that the companies would be listed in the stock exchange in the last quarter of 2018.

According to the International Monetary Fund, the Egyptian government has agreed to publicly list not less than four state-owned companies in the stock exchange as part of its package of economic reforms.

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