State companies IPOs program begins in Q 4, says minister

Wednesday 04 July 2018 01:09 PM

Hala al-Said
Hala al-Said

By Ahmed Ashour:
“State-owned companies IPOs program is scheduled to be launched in the last quarter in 2018”, said minister of planning Hala al-Saeed.
In press statements on the sideline of Government Excellence Conference, she said that the government sees that offering state-owned companies on EGX during summer would be inadequate, adding that timing is important for the program success.
Answering Al Mal newspaper question regarding the government’s plan to create a fund to manage government buildings and ancient buildings to exploit ministries premises after moving to the New Administrative Capital, she stated that Egypt Sovereign Fund will be followed by a number of other sub-funds.
Earlier, Al Mal reported that 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.