Prime Minister Mostafa Madbouly said the government aims to raise $2 billion from its IPO program by the end of June next year.
He pointed out that a unit to manage the government’s IPO program is being formed.
The prime minister added during a press conference that an adviser to the prime minister will be appointed to manage the IPO program and an international adviser will assist the government in the process.
Madbouly explained that the Sovereign Fund of Egypt (TSFE) is negotiating with investment agencies to implement the bid program while the central bank prepares the banks that will be bid.
He pointed out that in addition to Wataniya and Safi, the fund is preparing more than 10 companies linked to the armed forces to include them in the offering program.
The government’s IPO program includes 32 state-owned companies, which will be offered on the Egyptian stock exchange or a strategic investor, or both.
The list of companies to be offered includes three banks, four state-owned real estate companies and a number of hotels owned by the Ministry of Public Enterprises.
The companies offered are active in 18 different economic sectors and activities, including the insurance sector, the power and energy sector and the petroleum sector, in addition to the companies offered in the fields of transport and container handling.
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