Egypt to float at least 20 state-owned companies in 2023

The Egyptian prime minister, Mostafa Madbouly, said on Wednesday that the government hopes to list at least 20 state-owned companies in 2023 as part of a larger strategy aimed at generating more revenues for the cash-strapped country. Not all companies will be listed on the EGX (the Egyptian stock market); some will see major shares sold to strategic investors. Those investors are expected to restructure state-owned companies, raise more capital and generate more job opportunities, Madbouly said in a press conference held after the cabinet meeting. “The objective is to invite more citizens and the private sector to take part in the development process, and to have them manage and hold shares in government-owned entities. This is our strategic goal,” he told reporters. Reducing the state footprint in the economy and empowering the private sector have been among the key conditions set by the International Monetary Fund to approve a $3-billion loan to Egypt. Mabdouly said his cabinet was working around the clock to finalize the list of companies that are expected to be floated and a detailed plan will be revealed next week. However, the EGX annual report released last month had named a number of government-owned companies that are expected to go public. The names include Alex Bank, Misr Insurance, ENPPI, Assiut Oil Refining Company, Middle East Oil Refinery Company, The Egyptian Ethylene & Derivatives Company, Banque du Caire, Misr Life Insurance, Egyptian Drilling Company and ELAB. The same report also mentioned listed state-owned companies that are expected to hold further IPOs including Alexandria Mineral Oils, Housing and Development Bank, eFinance, Madinat Nasr for Housing and Development, Heliopolis Company for Housing and Development, Egyptalum, Sidi Kerir Petrochemicals Company, Abu Qir Fertilizers and Chemicals Industries Company and Alexandria Container and Cargo Handling Company. (Writing by Noha El Hennawy; editing by Seban Scariaseban.scaria@lseg.com)

Egypt to float at least 20 state-owned companies in 2023

DISCOVER MORE

Saudi: Zain declares 157% higher profits in 2022

Egypt: Orascom Construction posts higher consolidated profits at nearly $134.5mln

Boursa Kuwait’s AGM approves cash dividend of $57.7mln

Banking woes, Fed keep investors on edge in nervous U.S. stock market

Deutsche Bank tumbles as jittery investors seek safer shores

Strength in megacap stocks masks broader U.S. market woes

ADX welcomes Emirates NBD Capital as a custodian amid post trading service enhancements

Union Coop distributes 22% cash dividends and 5% returns on shareholder purchases

Banking turmoil: Fitch Solutions revise 2023 gold price forecast to $1,950 an ounce

2 African development banks invest $16bln in oil, gas projects

GCC central banks track US Fed move; hike key rates by 25bps

Will gold face more downside or upside after Fed's rate hike?

UAE exchange firm Al Ansari upsizes IPO on strong investor demand

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

Egypt: E-finance announces dividend for 2022

Mideast Stocks: Most Gulf markets end lower as oil prices drop; Egypt up

Yellen tries to assuage investor fears as bank stocks slide

Mideast Stocks: Most Gulf markets drop in early trade on weak crude

LATEST VIDEO

VIDEO: LSE-listing will facilitate more funding opportunities for us, Dar Global CEO

ZAWYA COVERAGE

Will gold face more downside or upside after Fed's rate hike?

Kenya signs $250mln deal with UK to boost food production

PODCAST: IFC is ready to back governments privatisation plans with capital

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

China supports accounting firms, including Deloitte, doing business in the country

Dubai: Some private schools start notifying parents about fee hikes

UAE: Public transport fare ranks among the cheapest in the world, says new study

Ancelotti to Brazil would be a no-brainer, CBF president says

German workers' strike over pay is matter of survival, union boss tells Bild

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE