ICEC

Egypt expects IPO of state-owned oil company ENPPI in H1: bourse chief

Egypt expects an initial public offering of state-owned oil company ENPPI during the first half of the current year, stock exchange chairman Mohamed Farid said at a conference on Tuesday.

Egypt plans to embark on its first sale of shares in a state-owned company in 12 years, aiming to raise up to $150 million from a stock market listing of Engineering for the Petroleum and Process Industries (ENPPI) in the first of a series of public offerings.

Egypt expects to raise 5-7 billion Egyptian pounds ($276-$387 million) through state-owned company IPOs during the 2017-2018 fiscal year beginning in July, deputy finance minister Ahmed Kouchouk told Reuters earlier in May 2017.

A government IPO programme over the next three to five years is expected to offer shares in dozens of state-owned companies in areas such as petroleum, services, chemicals, shipping, maritime and real estate.

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