The initial public offering (IPO) of 24% of the Engineering for the Petroleum and Process Industries (Enppi)’s stakes in the Egyptian Exchange Market (EGX) will take place at the end of 2018, said Mohamed Hathout, Head of Enppi, according to Al Borsa.

The offering procedures will be completed in cooperation with the offering advisor, NI Capital Company, which is a subsidiary from the Egyptian Ministry of Investment and International Cooperation, Hathout pointed out.

The ministry of investment seeks using the IPO of state-owned firms in the EGX as a means of indirectly attracting foreign investments through a five-year IPO program.

Stock Exchange Chairman, Mohamed Farid, stated at a conference on January 9th that Egypt expected Ennpi’s IPO to take place during the first half of 2018, according to Amwal Al Ghad.

The North African country is seeking to sell shares in Enppi in 12 years in order to raise up to $150 million from the state-owned company’s listing in the first of a series of public offerings.