Cairo – Egypt’s prime minister Mostafa Madbouly announced that his government plans to offer stakes in 32 state-owned enterprises over the course of a year starting from the first quarter of 2023 until the first quarter of 2024, through direct sales to strategic investors and listings on the Egyptian Exchange (EGX).
Madbouly explained that the list includes companies distributed over 18 economic activities, including Banque du Caire, The United Bank, and the Arab African International Bank, as well as Misr Technology Services (MTS), El Nasr Housing and Development Company, Al Maadi for Development and Construction, El Mostakbal for Urban Development, and Misr Concrete Development Company.
He added that the list includes Helwan Fertilizers Company, National Petroleum Company, Egyptian Propylene and Polypropylene Company (EPP), El Nasr Mining, Egyptian Company for the Production of Ethylene and its Derivatives (ETHYDCO), Egyptian Drilling Company, Egyptian Linear Alkyl Benzene Co. (ELAB), Sinai Manganese Company.
Moreover, the companies set to be offered included Egyptian Ferrous Alloys, Canal Company for Mooring and Lights, Port Said Container & Cargo Handling Co., Damietta Container & Cargo Handling Co., Al Salihiya Investment and Development Co., hotels owned by the Ministry of Public Business Sector, Misr Life Insurance, Misr Insurance, Gabal El Zeit wind farm, Zafarana Wind Farm, Beni Suef power plant, Beni Suef Power Plant, Safi Water Bottling Co., Chemical Industries Development (CID), Paints and Chemical Industries Company (Pakin), Alamal Alsharif Plastics e Misr Pharmaceuticals Company.
EGX chairman Rami El Dokany welcomed the announcement of the list of state-run companies whose stakes will be sold, as per the government’s public offering program.
He told the Brazil-Arab News agency (ANBA) that the schedule for these public offerings is subject to the supervision of the Egyptian government and ministerial committee responsible for the offering program.
He emphasized that the EXG is capable of accommodating all sizes of offerings. Dokany said these offerings lead to the expansion of the base of institutional and individual investors, as well as leading to an increased market efficiency and capacity of providing new products and financial guarantees, thus catering to all types of investors.
Translated by Georgette Merkhan & Guilherme Miranda
