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Egyptian petroleum companies to raise LE8.5 bn in capital: Bourse head

The listing of three state-owned petroleum companies is part of four planned IPOs in the coming months

Waad Ahmed , Tuesday 7 Apr 2015
Bourse head Mohamed Omran
Bourse head Mohamed Omran (Photo: Al-Ahram)
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Views: 2053

Three of Egypt’s state-owned petroleum companies plan Initial Public Offerings (IPOs) worth more than LE8.5 billion, Mohamed Omran, the head of the bourse, announced on Tuesday.

The joint stock company, Middle East Oil Refinery (MIDOR) plans to raise $1.1 billion (LE8.38 billion), he said.

The Egyptian company for refrigeration by natural gas (Gas Cool) and the joint stock petroleum marketing company, PetroNeel, are also planning to raise capital of LE125.5 million and LE50 million respectively.

The listing of the three petroleum companies is part of four planned IPOs in the coming months, Investment Minister Ashraf Salman announced on Monday.

The government also plans to list the Food Industries Holding Company (FIHC) to raise LE3-4 billion, Supply Minister Khaled Hanafy told Reuters in February.

Egypt's stock exchange has not undertaken state-owned listings since 2005, when Telecom Egypt, Sidi Kerir Petrochemicals and Alexandria Mineral Oils Company offered shares.

But plans to again list state-owned companies, with the aim of restructuring them through a partnership with the private sector, were announced by Egypt’s premier in May of last year.

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