Egypt’s government to offer 25% of Misr Aluminium’s shares to sovereign funds

Daily News Egypt
2 Min Read
he Egypt Aluminium Company (Egyptalum)

Minister of Public Enterprise Sector Hisham Tawfik said that the government plans to offer 25% of the shares of Misr Aluminium to Arab sovereign funds within the framework of the private sector participation programme. 

He explained that the investments will be injected in the form of a capital increase and that the company’s shares will be offered in the coming period.

During press statements on the side-lines of Al-Mal GTM Conference, Tawfik added that Prime Minister Mostafa Madbouly announced that seven hotels will be separated and then merged later so that a share ranging between 20 to 30% of them will be offered in the Egyptian Exchange (EGX) as part of the government’s plan to support the Egyptian capital market. 

The seven hotels will not include the subsidiary of Misr Hotels, which the private sector owns about 50% of.

Tawfik also added that the government is able to develop spinning and weaving factories and bear the investment cost and is seeking to find an operator and manager with technical expertise to enter as a partner. Moreover, he announced that the state plans to start developing factories mid-2023.

He explained that the state currently owns six cotton ginneries that can produce twice the current capacity of Egyptian cotton. The state is also focusing on developing oil mills for extracting oils from cotton seeds.

Furthermore, the minister stressed that the private sector is a 50% partner in the establishment and development of oil extraction plants, in addition to one oil filtering and packing plant, provided that its development is completed by the end of this year.

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