Egypt is working on the preparation of around 50 state-owned firms to be offered under its initial public offering (IPO) program in collaboration with the World Bank’s International Finance Corporation (IFC), Prime Minister Mostafa Madbouly announced on July 11th.
Madbouly emphasized that the government IPO program is 100% Egyptian and is being implemented within the State Ownership Policy Document.
On June 18th, Egypt signed a five-year agreement with the IFC to act as its strategic advisor to the state’s IPO program.
The Egyptian premier also stressed that the country’s IPO program is unrelated to the International Monetary Fund (IMF) or other institutions.
As for the previously announced 32 companies offered for sale under the state’s IPO program, Madbouly pointed out that the offering of about 25% of the stakes targeted to be provided in them has already been completed, with the remaining assets to be offered over the coming period.
In February, Egypt announced that it would offer stakes in up to 32 companies for sale on the Egyptian Exchange (EGX) to strategic investors or a mix of both.
