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Saturday, 19 October 2019

Egypt expects to raise EGP 5-7 bln pounds from state IPOs: Deputy finance minister

Reuters , Tuesday 23 May 2017
Views: 2719
Views: 2719

Egypt expects to raise EGP 5-7 billion ($276-$387 million) through initial public offerings (IPO) of state-owned companies during the 2017-2018 fiscal year beginning in July, deputy finance minister Ahmed Kouchouk told Reuters on Tuesday.

That is lower than the EGP 7.2 billion the ministry in a draft budget for the 2017-18 fiscal year said it expected to raise through an initial public offering of Banque Du Caire.

Egypt has been struggling to revive its economy since a popular uprising in 2011 drove away tourists and foreign investors.

The last time state-owned companies were listed on the exchange was in 2005 when shares were floated in Telecom Egypt and oil companies Sidi Kerir Petrochemicals and AMOC.

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