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Egypt plans to sell stakes in 32 state-owned companies within year

The announcement comes as the government is moving to reduce the state’s footprint in the economy, and includes two military-owned enterprises and three banks.
A general view of the Egyptian Stock Market in the capital Cairo on January 6, 2013.

CAIRO — Egypt’s Prime Minister Mustafa Madbouly unveiled on Wednesday the names of the more than 30 state-owned companies of which the government plans to sell shares within a year through direct sales to strategic investors and listings on the Egyptian Exchange (EGX), in a renewed push to revive the authorities’ long-stalled privatization plans. 

The list, announced after a meeting of the Council of Ministers, includes 32 companies from 18 economic fields, more than initially expected. Among them are three banks, two military-owned enterprises, and several companies in the energy and transportation sectors. Some of them have been in the privatization pipeline for years. 

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