Egypt Prepares IPOs of 8 State-Owned Companies on EGX

Arab Finance: The Egyptian government is currently preparing for the initial public offerings (IPOs) of eight state-owned companies on the Egyptian Exchange (EGX), Hashem El Sayed, Assistant Prime Minister, noted.

Under the state's target to list around 20 companies affiliated to the Ministry of Public Business Sector on the EGX, the total number of listed ones reached 12, he said.

These companies are affiliated with the Chemical Industries Holding Company (CIHC), the Metallurgical Industries Holding Company, and the Holding Company for Construction and Development (HCCD).

Moreover, the government is also working to list 10 petroleum-sector companies on the EGX in the coming period.

These remarks came during a meeting chaired by Prime Minister Mostafa Madbouly with the economic ministerial group to review the latest developments in the state IPO program and the process of updating the state ownership policy document.

El Sayed previously stated that 40 companies would be transferred to the Sovereign Fund of Egypt (TSFE) as part of the government's efforts to optimize the utilization of state-owned assets.