Egypt's state treasury to net EGP 10bn from gov’t IPOs in FY18/19 - Minister

By: Ahmed Allam

Cairo – Mubasher: The Egyptian finance minister is expecting between 5 and 4 state-run firms to float shares on the Egyptian Exchange (EGX) worth a total of EGP 25 billion in the first quarter of 2019 within the framework of the second phase of the government initial public offerings (IPOs) programme.

The state treasury’s stake in the IPO scheme is expected to reach EGP 10 billion for fiscal year 2018/2019, Mohamed Maait added in an interview with Mubasher on Tuesday.

Offering shares of Eastern Co and Alexandria Mineral Oils Co (AMOC) will begin next October, the minister added.

“The IPOs plan is still going on,” he stressed, noting that a committee consisted of the ministry’s consultants is working on evaluating the current situation due to the recent volatile scene seen in the emerging markets.

He expected the second group of offerings to include companies to be listed on the EGX for the first time.

MUBASHER Contribution Time: 04-Sep-2018 11:16 (GMT)
MUBASHER Last Update Time: 04-Sep-2018 12:40 (GMT)