The Egyptian government has announced the names of 23 state-owned firms to be listed for initial public offering (IPO) on the Egyptian Exchange (EGX), Al Ahram Newspaper reported.

It is predicted that the minority share offerings will raise around EGP 80 billion for the state coffers.

The companies to be listed include Engineering for Petroleum and Process Industries (Enppi), Middle East Oil Refining (MIDOR), Banque Du Caire and Misr Insurance Company.

The government will announce its decision about which companies will be included in the first phase of the IPO program in September or October 2018, Egyptian Minister of Finance, Amr El Garhy, told Al Masry El Youm.

Minister of Petroleum and Mineral Resources, Tarek El Molla, told Al Ahram Gate earlier in March that Enppi will list 24% of its stakes, the first stage of the IPO program.