Offering public sector companies on EGX shortly is improbable, minister

Tuesday 26 June 2018 01:22 PM


By Maha Abu Wadn:
Minister of Finance Mohamed Maeet said that state-owned companies IPOs program requires more time, adding that executing any IPO is unlikely in the near future.
The government announced a program for offering stakes in 23 state-owned companies and banks over a period of 24-30 months.
Former finance minister Amr El Garhy estimated the value of stakes intended to be offered during the current year at EGP 15bn.
Maeet stressed the continuity of state-owned companies IPOs program, adding that the ministry of finance heads the ministerial committee responsible for IPOs program.
He said that the members of the ministerial committee will meet with minister of state-owned enterprises soon.
It should be recalled that the government announced the program in parallel with launching economic reform strategy in cooperation with the International Monetary Fund (IMF) last year to expand shareholding in public sector firms and to rejuvenate the capital market.