The Egyptian Ministry of Petroleum and Mineral Resources, the Ministry of Investment and International Cooperation, and NI Capital announced CI Capital Investment Banking, Emirates NBD Capital Limited, and Jefferies International Limited as the winners of the Public Engineering for the Petroleum & Process Industries’ (Enppi) consortium.
The three banks will be required to run and manage Enppi’s initial public offering (IPO) as the company will sell between 22% and 24% of its stakes to raise up to $150m, Bloomberg informed.
“We are keen to see the success of this IPO program in broadening the ownership base in state-run companies through private sector participation,” Minister of Investment and International Cooperation, Sahar Nasr, stated, adding that the IPO will be running in the fourth quarter of 2017.
The stake sales are part of broader efforts to revive an economy battered by unrest since the 2011 Arab Spring uprisings, reported Amwal Al Ghad. Inflows have surged since Egypt’s Central Bank abandoned currency controls in November to secure a $12b loan from the International Monetary Fund.