"Overall, seven companies are planned to be offered by Q1 of next year in the oil, petrochemical, and transport sectors," Metwally added in an interview with CNBC Arabia.

He revealed that some of these companies are not included in the list of the 32 companies announced by the government and some of them are not traded on the EGX.

The new offerings include IPOs and direct investments by strategic investors, Metwally noted.

Telecom Egypt Offering

Metwally stated that 9 percent of total subscriptions in Telecom Egypt's new offering came from Gulf investors, while the remaining 91 percent were Egyptian.

Foreign investors submitted orders at the lowest price for the company's stock, which resulted in accepting fewer bids from them, the top executive commented.

The average price of the stock was determined based on the average price in the last three months.

Egypt's privatization programme

On Sunday, the Egyptian government offered a 10 percent stake in Telecom Egypt in two tranches totalling 170.7 million shares, as part of the government’s privatization programme, according to a cabinet statement.

The offer included an EGP 3.7 billion ($122.2 million) stake for 9.5 percent of the company's principal or 162.1 million shares valued at EGP 23.1 ($0.75) each.

In February, Prime Minister Mostafa Madbouly disclosed government plans to offer 32 state-owned companies operating in 18 sectors to strategic investors within a year. However, Telecom Egypt was not among the companies included in the disclosed list.

Egypt’s Paint and Chemicals Industries (PACHIN) was the first such company on the list to be sold off after the UAE’s National Paints acquired 81 percent of the company's shares for EGP 770.4 million (about $25 million) in early May.

Two other companies on the list, National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum Company, have not seen much progress despite being mentioned in a plethora of statements. The government announced earlier in May that it will start receiving bids for the companies over the month.