File Photo: Enppi Building (Photo: Ahram)
Egypt's Ministry of Petroleum announced on Friday the signing of an agreement with investment alliance bank CI Capital, Jefferies Bank and Emirates NBD to offer and promote 24 percent of the Egyptian Engineering for Petroleum and Process Industries (ENPPI) in the Egyptian Stock Echange EGX.
The Ministry of Petroleum agreed in March to put up to 24 percent of the shares of ENPPI in the Egyptian stock exchange as part of the government's plan to offer shares from more than 20 companies within three years.
The Egyptian presidency announced in January 2016 that Egypt would offer stakes in successful governmental companies and banks in the stock market.
The last public offering was in 2005 when shares of Telecom Egypt, Alexandria Mineral Oils Company AMOC and Sidi Kerir Petrochemicals Sidpec were sold.
Egypt business sector minister Hesham Tawfik said in September that the country will offer additional shares in five state-owned companies on the Egyptian Exchange during three months at a price that increases or decreases 10 percent from the market price.
The Egyptian government has been working on a program to offer shares of dozens of its owned companies over the next three to five years in sectors such as oil, services, chemicals, shipping, marine services and real estate to help support the state's public finances.
The Ministry of Finance said earlier in September that the government would start the offering program with a 4.5 percent stake in Eastern Tobacco Company.