The Engineering for the Petroleum and Process Industries (ENPPI), the Egyptian Linear Alkyl Benzene Company (ELAB), and the Petroleum Marine Services Company (PMS) are now officially temporarily listed on the Egyptian Exchange (EGX).  The move marks the actual launch of the first phase of the petroleum sector’s privatisation program, which aims to maximize the utilization of state assets, broaden the ownership base, and increase private sector participation in the Egyptian economy.

The temporary listing is structural phase where the company is placed on the exchange boards to establish governance and transparency as a precursor to sell a stake of the company either via an initial public offering or to an investor. This progression takes place following final financial valuations conducted by an independent certified financial advisor to determine the fair value of each company, ensuring optimal returns for both the state and investors.

The listings feature an issued capital of $357 million for ENPPI, $210 million for ELAB, and $120 million for PMS, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

Karim Badawi, Minister of Petroleum and Mineral Resources, attended the start of the trading session that witnessed the listing, noting that the selection of ENPPI, PMS, and ELAB followed rigorous studies evaluating their strong financial positions, operational efficiency, and competitive advantages. He noted that these metrics make them highly qualified to attract investors and establish sustainable value.

Elaborating on their operational roles: the minister described ENPPI as one of the region’s largest engineering and energy powerhouses,  PMS as the primary arm for marine infrastructure and oil and gas field services and ELAB  as a pioneer in the Egyptian petrochemical industry, generating high economic returns and added value.

The ministry is concurrently finalizing the procedures required to list an additional group of petroleum sector companies during the upcoming phase.