The Egyptian Ministry of Electricity and Renewable Resources has delayed the initial public offerings (IPOs) of three firms onto the Egyptian Exchange until electricity subsidies are lifted, Al Mal News reported.
The ministry is planning to sell stakes in three companies which are operating Siemens’ power plants in Beni Suef, Burullus, and the new administrative capital. These three sites have a total capacity of 14.4-MW and are collectively worth $7.44-million.
The IPOs have been delayed because of the difficulty of evaluating the assets and the inability to verify them until electricity subsidies have been abolished, a government official stated. The official expected the offering to take place in 2021, the same year in which the electricity prizes will be liberalized.