Egypt selling off state-owned companies for first time in 12 years

The Egyptian government has announced the start of its initial public offering of some state-run companies during the next two months, a step allegedly aimed at bolstering the country’s stock exchange.
The International Monetary Fund head of delegation for Egypt, Chris Jarvis (L), Egypts Minister of Finance Amr al-Garhy (C) and Central Bank of Egypt chief Tarek AmeR (R) attend a joint press conference in Cairo on August 11, 2016. IMF has reached an initial agreement with Egypt for $12 billion in funding over three years, the fund said. The Egyptian government hopes the deal will provide a lifeline amid a dollar shortage, dwindling foreign reserves and an economy battered by years of unrest. / AFP / STR
The International Monetary Fund head of delegation for Egypt, Chris Jarvis (L), Egyptian Minister of Finance Amr El-Garhy (C) and Central Bank of Egypt chief Tarek Amer (R) attend a joint press conference, Cairo, Egypt, Aug. 11, 2016. - STR/AFP/Getty Images
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Ahmed Aleem
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CAIRO — Egyptian Prime Minister Sherif Ismail announced July 3 that the government is discussing the necessary procedures for the sale of shares of some state-owned companies on the stock exchange, with Engineering for the Petroleum and Process Industries company (ENPPI) being the first, to be followed by several public sector companies and banks within the next two months.

This is Egypt’s first initial public offering (IPO) of a state-owned company in 12 years. In 2005, Egypt sold shares in Telecom Egypt, Alexandria Mineral Oils Company and Sidi Kerir Petrochemicals Company.

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