Egypt expects to raise up to $150m from the initial public offering of the Engineering for the Petroleum & Process Industries (Enppi) as the government pushes ahead with a plan to sell stakes in state-controlled companies.
CEO of state-owned investment bank NI Capital, Ashraf Ghazaly, said that managers will be hired next week for the sale of 22% to 24% of Enppi, according to Amwal Alghad .
Ghazaly added that the authorities are also studying selling stakes in companies in oil and gas, chemicals, utilities and shipping, possibly generating billions of dollars. The IPO program has the potential to be very successful, but the company needs to move a lot faster on obtaining clearances from the government, he added.
The stake sales are part of broader efforts to revive an economy battered by unrest since the 2011 Arab Spring uprisings. Inflows have surged since Egypt’s central bank abandoned currency controls in November to secure a $12b International Monetary Fund loan.