Engineering for the Petroleum & Process Industries (Enppi) has signed a contract with three banks to manage the company’s initial public offering (IPO) on the Egyptian Exchange Market (EGX), Egypt Oil & Gas reports.
The government signed the agreement with CI Capital, Jefferies, and Emirates NBD, according to an official press statement.
Although the release did not state when the IPO would take place, Enppi CEO Mohamed Hathoot said in February that the company would offer stakes by the end of 2018.
The sale has repeatedly been delayed over the past couple of years. The company was originally scheduled to go public in December 2017, while EGX Chairman Mohamed Farid later said in January that it would instead take place in the first half of 2018.
The contract was signed by Alaa Hegazy, head of Enppi, and CI Capital Managing Director Hesham Ashraf Gohar, in the presence of Minister of Petroleum Tarek El Molla, and Minister of Finance Mohamed Maait.