Cairo – Mubasher: Egypt’s state-run initial public offering (IPO) programme will attract market capitalisation of about EGP 400 billion to the Egyptian Exchange (EGX), the deputy finance minister said.
The government IPO scheme aims to develop and raise the efficiency of state-owned companies and enhance the EGX’s trading liquidity and volume in a bid to draw more local and foreign investments, Khaled Abdel-Rahman revealed in a statement on Wednesday.
The finance ministry selected 23 state-owned companies for the first phase of the government IPO programme, Abdel-Rahman added, noting that nine companies will offer additional stakes, while 14 new companies will implement their IPOs for the first time.
Egypt plans to increase the EGX’s market capitalisation by 45%, or EGP 450 billion, from EGP 2 trillion.
