Government aims to collect $2bn from IPO programme by end-June: Prime Minister

Daily News Egypt
2 Min Read

Prime Minister Mostafa Madbouly has said that the government aims to collect $2bn from its IPO programme before the end of next June.

He pointed out that a unit will be formed to manage the government IPO programme.

The Prime Minister added, during a press conference, that an advisor to the Prime Minister will be appointed to manage the IPO programme, and an international consultant will assist the government in the process.

Madbouly explained that the Sovereign Fund of Egypt (TSFE) is negotiating with investment agencies to implement the offering programme, while the Central Bank is preparing the banks that will be offered.

He pointed out that the fund is preparing more than 10 companies affiliated with the armed forces to include them in the offering program, in addition to Wataniya and Safi.

The government IPO programme includes 32 state-owned companies that will be offered on the Egyptian Exchange or to a strategic investor, or both.

The list of companies to be offered includes three banks, four state-owned real estate companies, and a number of hotels owned by the Ministry of Public Enterprises.

The offered companies operate in 18 different economic sectors and activities, including the insurance sector, the electricity and energy sector, and the petroleum sector, in addition to offering companies in the transportation and container handling sectors.

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