Egyptian Oil firms to raise EGP8.5 billion in IPOs – Bourse Chief

Three of Egypt’s state-owned petroleum companies are planning Initial Public Offerings (IPOs) worth more than 8.5 billion Egyptian pounds (US$1.1 billion), the Egyptian bourse’s chief Mohamed Omran, announced on Tuesday.

The joint stock company, Middle East Oil Refinery (MIDOR) plans to raise $1.1 billion (8.38 billion pounds), he said.

The Egyptian company for refrigeration by natural gas (Gas Cool) and the joint stock petroleum marketing company, PetroNeel, are also planning to raise capital of 125.5 million pounds and 50 million pounds respectively.

The listing of the three petroleum companies is part of four planned IPOs in the coming months, Investment Minister Ashraf Salman announced on Monday.

The government also plans to list the Food Industries Holding Company (FIHC) to raise 3-4 billion pounds, Supply Minister Khaled Hanafy told Reuters in February.

Egypt’s stock exchange has not undertaken state-owned listings since 2005, when Telecom Egypt, Sidi Kerir Petrochemicals and Alexandria Mineral Oils Company offered shares.

But plans to again list state-owned companies, with the aim of restructuring them through a partnership with the private sector, were announced by Egypt’s premier in May of last year.

Source: Ahram Online