The Sovereign Fund of Egypt (TSFE) is planning to list government-owned businesses under the Ministry of Public Business Sector on the Egyptian Stock Exchange (EGX), a top TSFE official said.

Chief Investment Officer Abdullah El-Ebiary told attendees the Portfolio Egypt 2022 conference that the fund is preparing Safi and Wataniya Petroleum for Initial Public Offering (IPO) on the Egyptian Stock Exchange by the end of 2022.

Safi (National Co. for Natural Water in Siwa) produces natural water and olive oil while Wataniya (National Company for Petroleum) operates service stations across the country.

El-Ebiary said TSFE’s role is to prepare the companies and equip them for IPOs, which also includes restructuring the companies, and getting their valuations done,

He added that TSFE is also focused on developing Egypt into a production and export hub for green hydrogen.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)