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Arab Finance: The three newly temporarily listed petroleum companies on the Egyptian Exchange (EGX) are expected to trade in US dollars, Hashem El Sayed, Assistant Prime Minister and head of the State-Owned Companies Unit, told Argaam.
The companies, Engineering for the Petroleum and Process Industries (Enppi), Egyptian Linear Alkyl Benzene (Elab), and Petroleum Marine Services (PMS), were admitted to the EGX through temporary listings as part of the state's initial public offering (IPO) program to attract foreign and Gulf investors.
El Sayed noted that the stake size for planned IPOs has not yet been determined and will be determined after fair value assessments are completed and presented to the Cabinet.
Addressing the possibility of dual listings on the Saudi Exchange (Tadawul), he indicated that this option is possible if considered by the relevant authorities and the companies' shareholders.
Over the past few months, the government has completed the temporary listing of 20 of the 30 companies included in its state IPO program.
Meanwhile, the remaining 10 companies, including three affiliated with the public business sector and seven operating in the petroleum sector, are expected to be listed during the next quarter.
In recent remarks, El Sayed highlighted that the government’s planned IPO program does not include listings of armed forces-linked companies on EGX this year.
