Egypt to float shares in 4-6 companies during 2018: EGX Vice Chairman

Egypt will offer shares in four to six companies in 2018, seeking to gain from 12 to  15 billion Egyptian pounds ($680 million -$850 million), according to  Mohsen Adel, Vice Chairman of the Egyptian Exchange (EGX).

The real estate sector will have two companies listed, while the customer services and Industry sectors will each have one company listed.

This comes as part of the state’s program to float some state-owned companies in the Egyptian Exchange under a five-year program announced in 2016 to attract investment and invigorate the stock market.

on the other hand, The Ministry of Finance announced Sunday that the Egyptian government elected 23 state companies for the first phase of the state IPO program, with total shares value amounting to 80 billion Egyptian pounds.

Market value of the soon-to-be-listed companies stands at 430 billion pounds, the statement said, adding that the government intends to float about 15-30 percent of the companies in the Egyptian Exchange (EGX).

The program is expected to be implemented in a period that ranges between 24-30 months.