Egypt to offer shares in 4-6 state firms, raising up to $850 mln this year

Ahram Online , Monday 19 Mar 2018

The government announced a list of 23 companies where shares will be floated in the next two-and-a-half years

Egypt will float shares in four to six state companies this year, with the aim of raising EGP 12-15 billion ($680-$850 million), Minister of Finance Amr El-Garhy told Reuters on Monday.

Shares in state oil company Engineering for Petroleum and Process Industries (ENPPI) will be offered on the Egyptian Exchange in September, El-Garhy said.

Egypt announced on Sunday a list of 23 state companies to be targetted, with the government floating 15-30 percent of the shares of each company on the Egyptian Exchange in the next two-and-a-half years, in a bid to raise about EGP 80 billion ($4.6 billion).

These include Banque du Caire, Misr Insurance, Bank of Alexandria, Housing and Development Bank, E-Finance, Enppi, Middle East Oil Refinery (MIDOR), Alexandria Mineral Oils (AMOC), Sidi Kerir Petrochemicals (Sidpec), Abu Qir Fertilizers, and Eastern Company.

The government's programme of floating shares on the Egyptian Exchange is aimed at increasing revenues and drawing in investors.

Egypt had signed a $12 billion loan with the International Monetary Fund in 2016 to spur growth, bring back confidence for investors in the Egyptian economy and plug the budget deficit.

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