Egypt will list 12 companies in the IPO program by the end of 2022: PM Madbouly – Economy – Business
Prime Minister Mostafa Madbouly. Al-Ahram
The prime minister made the announcement at a press conference held on Sunday to discuss the government’s plan to deal with the global economic crisis.
Egypt’s IPO program, launched in 2019, was postponed due to the outbreak of the COVID-19 pandemic in March 2020.
The government resumed implementation of the program in 2021 with the listing of the state digital services platform e-finance.
Madbouly said seven of the country’s largest ports will be combined into one company and seven public enterprise sector hotels will be brought together under one roof.
These mergers should pave the way for these companies to be offered in global financial markets, he said.
Madbouly also announced that the government will announce state policy on company ownership before the end of May, aiming to increase the private sector’s share of economic activity from the current 30 percent to 65 percent over the next three years.
The prime minister said the state intends to offer state-owned assets totaling US$40 billion over the next four years for local and overseas private sector participation.
The government will also announce which manufacturing sectors it plans to stop investing in and focus on over the next three years in light of Egypt’s Vision 2030 and Sustainable Development Plan.
Madbouly added that the government has allocated EGP 130 billion as a financial package to deal with the direct negative effects of the war in Ukraine and a further EGP 335 billion to deal with its indirect effects.
Referring to the industrial sector, Madbouly said the government is considering switching to the POT system to use industrial land, adding that land prices would be levied according to utility value and in installments.