Egypt to float 20-30% shares in public business sector firms: PM

Egypt will offer between 20 and 30 percent of shares in public business sector companies in initial public offering, the country’s Prime Minister Sherif Ismail said on Thursday.

The government is working on upgrading all the public-sector firms including those operating in iron and steel as well as textile sectors, the prime minister added.

Earlier this year, Egyptian presidency announced plans to list shares in state-owned bank and companies on the stock market, in a move aimed at jump-starting investment and boosting economic growth.

“The coming period will witness offerings of parts of the capital of successful Egyptian companies and banks on the bourse,” said presidential spokesman Alaa Youssef in a statement earlier on January.