The initial public offering (IPO) of Misr Petroleum Company (MPC), which is working under the umbrella of the Ministry of Petroleum and Mineral Resources, will start in two months as the company has already been evaluated, Prime Minister, Sherif Ismail, stated, according to Al Bawabah News. The listing comes in line with the Ministry’s plan to list state-owned companies.
The public sector’s IPO will start by offering the shares of the Engineering for the Petroleum & Process Industries (Enppi), which will be followed by other state-owened firms and banks in order to activate the EGX, Al Youm7 reported, citing the Prime Minister.
Moreover, Egypt is working on the Executive Regulations of the Investment Law, which is expected to have its first draft ready by August 2017. The Executive Regulations is planned to be compatible with all sides and with the Egyptian Law, added Ismail during the press conference held in the Cabinet’s headquarter on July 3.
Egypt is expected to raise up to $150m from Enppi’s IPO.