Egyptian authorities are in talks with local and international investment banks to be advisers for its initial public offering (IPO) program. A senior official confirmed that Egypt is seeking banks to advise the government on selling stakes in state-run companies on the stock exchange, reported Bloomberg.
Minister of Investment and International Cooperation, Sahar Nasr, stated that the plan focuses on IPOs that would “broaden the ownership” of the companies among Egyptians, bolster local capital markets and help the government raise revenue.
Egypt has hired HSBC and EFG-Hermes to advise on the planned IPO of state-owned lender Banque du Caire, while officials have said the program would also include oil companies.
Nasr said in an interview with Bloomberg Television, “We’re re-branding Egypt, improving the business environment and making sure that more investments come.”
Late 2016, the Egyptian Ministry of Petroleum had listed eight petrochemical companies to the Ministry of Investment and ICapital to study the launch of an initial public offering (IPO) through the Egyptian Stock Exchange (EGX) and other global markets.