Egypt to list more state companies on stock exchange
Egypt is selling state firms amid its economic crisis and Gulf entities are particularly interested in acquiring them.
The Egyptian government is selling two state companies.
Yesterday the Egyptian cabinet approved the listing of the National Company for Petroleum and the National Company for Natural Water in Siwa on the Egyptian stock exchange, the state-owned news outlet Al-Ahram reported.
The National Company for Petroleum runs gas stations in Egypt. The National Company for Natural Water in Siwa produces both water and olive oil, according to the National Service Products Organization. The organization is part of the Egyptian Ministry of Defense.
Why it matters: The Egyptian government announced its intention to list state and military-owned companies on The Egyptian stock exchange earlier this year. The government was motivated by the poor state of the Egyptian economy, including Egypt’s budget deficit and high debt to gross domestic product ratio. Gulf states are particularly interested in acquiring them.
