Wednesday 18, July 2018 by Kudakwashe

Egypt begins process of offering stakes in five state firms

 

Officials hope the sales will bring in around EGP 100 billion ($5.6 billion).

  

Egypt will begin the procedures for offering stakes in five public sector companies in an effort to boost growth and attract investment, said Prime Minister Mostafa Madbouly’s office.

The five companies that would see additional stakes offered are Heliopolis Housing, Alexandria Mineral Oils Co as well as Abou Kir Fertilizers & Chemical Industries, Alexandria Container & Cargo Handling and Eastern Tobacco.

The announcement follows through on pledges by the government to sell stakes of as many as 20 public sector companies on the Egyptian exchange. Some of the companies, including the five named as part of the first phase, are already traded on the bourse.

Also, discussed in the meeting between the premier and several ministers, as well as central bank Governor Tarek Amer was the size of the stake to be offered. The statement didn’t provide additional details.

 

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