Cairo – Mubasher: Egypt’s Ministry of Investment has submitted an IPO scheme for key public sector’s companies to the presidential office, said the Presidential Spokesman in a press release.
The release did not reveal any details about the scheme or the yet-to-be listed companies.
In March 2016, Egypt’s prime minister assured that the government has no intention to sell public-sector companies, but it plans to reform and effectively run them for bringing revenues through floating some of them.
In this respect, the central bank’s governor said the bank is planning to float a 50% stake of the Arab African Bank and a 10% stake of Bank of Alexandria on EGX.
Since FY15 listing of Telecom Egypt, Sidi Kerir Petrochemicals, and Alexandria Mineral Oils, the government has not approved registering extra public firms on the Egyptian Stock Exchange.
