The stock market can be a great platform for state-owned companies to finance their future plans. According to Alborsa news, Dr. Mohamed Omran, Chairman of The Egyptian Exchange & The Federation of Euro-Asian Stock Exchanges (FEAS), 3 state-owned petroleum companies are in the process of being listed in the Egyptian stock market with a combined capital of EGP 8.5bn.
The companies are Middle East Oil Refinery (MIDOR) at an estimated capital of EGP 8.4bn, the Egyptian company for refrigeration by natural gas (Gas Cool) with a capital of EGP125.5m and the joint stock petroleum marketing company, Nile Petroleum with a capital of EGP 50m.
The EGX management is continuing its efforts with government bodies to list more state-owned companies in the Egyptian market.
The listing of the three petroleum companies is part of four planned IPOs in the coming months, Investment Minister Ashraf Salman announced on Monday.
The government also plans to list the Food Industries Holding Company (FIHC) to raise LE3-4 billion, Supply Minister Khaled Hanafy told Reuters in February.
In 2014, Egypt’s stock market listed 13 new companies, with capital totaling 1.9 billion EGP, 10 times 2013’s achievement, EGX Chairman Mohamed Omran said in an interview with Youm7 and The Cairo Post in February.