The Egyptian government plans to issue global depository receipts (GDRs) for Engineering for the Petroleum & Process Industries (Enppi) on the London Stock Exchange (LSE), governmental sources told Al Borsa News.

Under the GDR program, an international bank will purchase shares in Enppi and securitize them on the LSE.

Enppi will issue the GDRs alongside the planned initial public offering (IPO) of 24% of the company’s equity on the Egyptian Exchange (EGX).

The source told Al Borsa that the move aims to diversify the parties participating in the privatization program.

Enppi’s IPO is expected to take place during the second phase of the government’s privatization program, which will take place during Q1 2019, the sources added.

Earlier this week, Enppi signed a contract with three banks to manage the company’s IPO on the EGX, Egypt Oil & Gas reported.