Egypt to launch second phase of state IPOs in September

ENPPI is expected to launch its IPO in the first half of 2019

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: Egypt’s government will commence the second phase of the state’s initial public offering (IPO) programme in September as planned, the public enterprise minister told Enterprise.

The schedule set for the second phase of the IPO programme will not be affected by any market turbulence, Hisham Tawfik affirmed.

Engineering for the Petroleum & Process Industries (ENPPI) is one of the state-run firms selected to implement an IPO in the second phase, Tawfik revealed.

In March, the country’s oil minister, Tarek El-Molla, expected that oil and gas contractor ENPPI would launch its share sale in the first half of 2019.

The public enterprise ministry will hold a meeting with investment banks this week to set the dates for offering shares of Alexandria Containers & Cargo Holding and Abu Qir Fertilizers according to market conditions.

In March, the Egyptian government launched the first phase of the IPO programme by offering an additional stake of 4.5% in tobacco producer Eastern Co.

Source: Mubasher

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