Cairo – Mubasher: Egypt’s Minister of Finance said the government expects proceeds between EGP 6 billion to 8 billion from offering stakes in public companies for public offering on the Egyptian Exchange (EGX).
The government plans to float from 20% to 30% stakes in public companies in order to magnify the real value of the assets owned by the country rather than selling them, said Amr EL-Garhy, finance minister on the sideline of economic conference.
Last June, government spokesman stated there is a plan to attract indirect investments between $5 to $10 billion from an IPO program for stakes in public companies.
“Deciding which public companies and banks will join the expected IPO program is to be determined according to a strategic plan for the economic sectors as whole,” said EL-Garhy.
