Three investment banks, CI Capital, Beltone Financial, and Arqaam Capital will compete for Engineering Company for the Petroleum and Process Industries (ENPPI)’s initial public offering (IPO). The banks plan to submit offers to the state-owned NI Capital, which is responsible for the government’s IPOs program, reported Al Mal News.

The Egyptian Exchange management has received a letter from ENPPI to agree on listing its shares on the stock market in preparation for implementing IPO plan.

The Ministry of Petroleum and Mineral Resources had announced last March its intention to offer some affiliated companies including ENPPI on Egyptian Exchange. The ministry said it plans to put a 24% stake of ENPPI on the financial market in cooperation with NI Capital.

Beltone’s Head of Investment Banking, Mohamed Al Akhdar, stated that Beltone will put forward a proposal to NI Capital to manage ENPPI floatation. He pointed out that Beltone is going to approach the government investment bank NI Capital to know requirements in preparation for putting in its offer.