Tuesday 31, July 2018 by Kudakwashe

Egypt aims to raise between $450-$560 million from IPOs of parastatals

 

The Government is launching an IPO programme offering minority stakes in dozens of state-owned companies over the next three to five years.

  

The Egyptian government seeks to raise between EGP 8 and EGP 10 billion ($450-$560 million) from floating shares in state-owned companies in fiscal year 2018/2019.

In a statement, the ministry of finance said that the IPO is focused areas such as petroleum services, chemicals, shipping as well as maritime and real estate to help boost state finances.

Ahmed Kouchouk, Deputy Finance Minister, told reporters that the companies are Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container as well as Cargo Handling, Abu Qir Fertilisers and Heliopolis Housing, reported local daily, Daily News Egypt.

  

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