Egyptian Minister of Investments, Dalia Khorshed, stated that Engineering for the Petroleum & Process Industries (Enppi) and Alexandria Mineral Oils Company (AMOC) will launch an initial public offering (IPO) during the first phase of privatizing public firms in the Egyptian stock exchange (EGX) during 2017, reported Al Borsa.
Khorshed explained that IPO plan for shares in the companies is not settled yet as it is pending the approvals of their board of directors. She added that the ministry will start promoting the companies, which will be offered, after reaching n agreements with the boards of directors. The promotion process will go through three levels. The first will highlight the general investment climate in Egypt, followed by promoting the oil and gas industry. The final stage will focus the he companies themselves.
The ministry of investments had announced in 2016 that the government intends to offer shares of state owned companies in IPOs in order to attract around $5b to $10b investments within three years. The first phase of the program was planned to include Enppi, AMOC, and Sidi Krir for Petrochemicals Company( SIDPEC).