The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, announced that the government agreed on listing 24% of the shares of Enppi in the Egyptian Stock Exchange Market (EGX), reported Amwal Al Ghad.
El Molla added that NI Capital, which is a financial company associated with the National Investment Bank, will assess the fair value of Enppi prior to starting the initial public offering (IPO) process.
Since January 2016, Egypt has announced its intentions to offer shares of a number of state-owned companies and banks on the local bourse. However, Enppi’s listing will be the country’s first public offering of companies owned by the government since 2005.
The minister stated in November 2016 that the firms offered in the IPO would also include the Middle East Oil Refinery company (MEDOR) and the Ethylene and Derivatives Company (ETHYDCO).