Egypt confirmed plans to sell stakes in 23 state-owned companies to raise 80 billion Egyptian pounds and draw more investors to the Cairo exchange, Reuters reported March 18.
The list of companies slated for privatization includes entities in sectors ranging from banking and real estate to petroleum. The government plans to sell stakes of 15% to 30% in the companies over the next 2.5 years, starting in two to three months, Reuters said, citing a statement from Egypt's Finance Minister Amr El Garhy to television channel CBC.
One of Egypt's largest banks, Banque du Caire SAE, Misr Insurance Co. and major oil companies Middle East Oil Refinery Ltd., Engineering for the Petroleum & Process Industries and Sidi Kerir Petrochemicals Co. are among those marked for stake sales, Egypt Today reported, citing the country's finance ministry. The list also includes two real estate companies.
Some of the companies are already traded on the exchange while others will hold IPOs.
The last time Egypt sold shares in some of its state-owned companies was in 2005, whenlandline monopoly Telecom Egypt Company SAE, Alexandria Mineral Oils Company and Sidi Kerir Petrochemicals were listed on the bourse.
As of March 16, US$1 was equivalent to 17.61 Egyptian pounds.
