EgyptAir to sell off 20 percent of its shares

Daily Star Egypt Staff
1 Min Read

CAIRO: National carrier EgyptAir announced Saturday it is to sell off 20 percent of its shares on the stock market, with the airline s employees given priority to invest. EgyptAir is in the process of selecting an international firm to prepare a study on how the sale, the first by the state-owned company to the public, should be carried out, company boss, Atef Abdul Hamid, told journalists. He said the total value of the shares on offer was around LE 4 billion ($698 million), without giving the price for individual shares. Earlier this month, Civil Aviation Minister Ahmed Shafiq hinted the company may offer shares to the public in order to generate some capital, which it hoped to reinvest in new aircraft and to upgrade services. Founded in 1932, EgyptAir is one of the world s oldest carriers with a fleet of some 40 aircraft. In 2002, it was transformed into a holding company with seven subsidiaries. The company operates some 400 weekly flights to 66 domestic and international destinations. AFP

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