FinMin: Egypt eyes $675-$900 mln a year from IPOs of state firms

Egypt is targeting from 6 and 8 billion Egyptian pounds ($675-$900 million) a year from planned selling shares in state-run companies, finance minister Amr el-Garhy said Thursday.

Choosing the state companies and banks to run in IPOs will be as pursuant to the country’s economic reform programme, he added.

Egypt will sell stakes of between 20 and 30 percent in state companies that it decides to float on the stock exchange, el-Garhy further told reporters in a conference on Thursday.

Egypt is planning to list some state-owned petroleum companies and banks as it seeks to cut an inefficient public sector and raise funds.