Ayman Soliman, CEO of the Sovereign Fund of Egypt (TSFE), revealed that the companies that will join the pre-IPO fund will be announced after the climate conference COP27 scheduled in November.
The fund aims to prepare state-run companies for public offering on the stock exchange. The government previously announced that it aims to offer shares in government companies in the stock market during 2022 between a public and secondary offering, provided that they are from various sectors, and its inclusion in the fund is expected to reach about EGP 6bn.
The launch is in line with the initial public offering program in Egypt and before it by taking advantage of the entry points of private shares of companies lining up for the public offering program and with their exit during the coming years in anticipation of receiving foreign direct investments in the stock market.
Suleiman added that the Gulf and international sovereign funds are interested in the companies that were included in the fund prior to the offerings, and it will be agreed that they will subscribe to increase the capitals of those companies.
Hala El-Said, Minister of Planning and Economic Development, said earlier that a subsidiary fund of the TSFE was established, through which the shares to be offered to investors through the Governmental Offerings Committee will be prepared. She said in a statement that this sub-fund will have the right to manage the offerings.