The government continues to review global companies and institutions’ reactions concerning listing 32 Egyptian state companies on the EGX or selling them for strategic investors, Cabinet Spokesman Nader Saad said.

These companies and institutions have either requested further details or voiced an interest in investing in the Egyptian stock exchange to capitalize on the promising opportunities it offers, Saad added in a statement following a meeting chaired by Prime Minister Mostafa Madbouli to follow up the progress made in implementing the government Initial Public Offering (IPO) programme.

He noted that the government is handling this file in accordance with the outcome of the State Ownership Policy Document, which seeks to outline the State’s relation with the private sector in various economic sectors and enhance the sector’s participation in development projects, in line with the structural reforms in progress.

Governor of the Central Bank of Egypt (CBE) Hassan Abdullah and CEO of the Sovereign Fund of Egypt (TSFE) Ayman Soliman attended the meeting, along with ministers of planning and finance, and a host of senior officials.

In a press conference earlier this month, Madbouli revealed that the 32 Egyptian state companies will either be listed on the EGX or sold for strategic investors within a year, which starts with the current quarter and lasts till the first quarter of 2024, in accordance with the State Ownership Policy Document.

These companies work in 18 different fields. The government will list 25 percent of these companies within six months. These companies include two-military owned companies: water company Safy and gas stations operator Wataniya.

The list also includes three banks which are Banque Du Caire, the United Bank and the Arab African Bank.

Source: State Information Service Egypt