Egyptian Minister of Finance, Amr El Garhy, stated that the North African Country plans to receive EGP 6b out of selling state-owned firms’ stakes in the Egyptian Stock Exchange (EGX) during fiscal year 2017/2018, reported Reuters.
Selling the state firms’ stakes come as the Egyptian government aims to generate revenue and increase investments. The companies with stakes to be offered are mostly from the oil and gas sector as well as the financial sector, Al Mal News informed.
Egypt targets selling at least from 20% to 30% stakes through the stock exchange offerings. This practice may help in making the Egyptian bourse stronger and in attracting more investments.
In 2016, as informed by Egypt Oil&Gas, the Egyptian Ministry of Petroleum and Mineral Resources had presented eight oil and petrochemical companies to the Ministry of Investment and Capital National Investment Bank to study the launch of an initial public offering (IPO) through the EGX and other global markets.