Egyptian financial adviser NI Capital will announce the banking winner for the state-owned Enppi’s planned initial public share offering (IPO) in early June.

A senior source with knowledge told Amwal Al Ghad, “NI Capital is likely to announce the investment bank that wins a mandate on Enppi’s listing of 24% of shares on the country’s bourse by early next June.”

The investment banks seeking to win a role in Enppi’s IPO include Beltone Financial Holding and Prime Holding. The IPO should be complete between 6-9 months.

Egyptian presidency announced in early January 2016 that Egypt would offer shares of “successful” state-owned companies and banks on the local bourse, its first public offering of government, owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir.