By Waleed Abd-Elsalam
Cairo – Mubasher: The Egyptian government set a three-to-five-year frame for public companies' initial public offerings (IPOs), said Dalia Khorshid, investment minister.
"The public are expected to partake in this move through public subscription. Investment banks will play a role in carrying out the IPOs", the minister added on the sidelines of a conference held by the Egyptian Capital Market Association.
In May, Egypt’s Ministry of Investment submitted an IPO scheme for key public companies to the presidential office, said the minister, unveiling neither the number nor the volume of these IPOs.
This progress proves prime minister's earlier statement that the government has no intention to sell public-sector companies, but plans to reform them and increase their revenues.
The central bank’s governor previously said the bank is planning to float a 50% stake of the Arab African Bank and a 10% stake of Bank of Alexandria on the Egyptian Exchange
Translated by Ahmed El-Sayed Ali
