Egypt’s state-owned oil firm ENPPI will sell up to 15 percent of its shares in an initial public offering on the Cairo bourse, Oil Minister Tarek el-Molla said Tuesday.
It will be Egypt’s first state-owned stock market listing in 13 years as part of the government’s programme to float stakes in dozens of state-owned companies. The government would retain majority stakes in these firms while helping via the IPOs to increase the size and liquidity of Egypt’s stock market.
The last time state-owned companies were listed on the exchange was in 2005 when shares of Telecom Egypt, the state’s landline monopoly, and oil companies Sidi Kerir Petrochemicals and AMOC were floated.
Engineering for the Petroleum and Process Industries, or commonly known as ENPPI, is a major engineering and EPC contractor. It provides full integrated engineering, procurement, construction supervision, and project management services for oil and gas, chemical, petrochemicals, power sectors and other related industries in Egypt, Middle East, North Africa, and South America.