ZH&P to advise Egypt ENPPI on first state-run IPO – sources

Egypt’s state oil firm ENPPI is expected to appoint local law firm Zaki Hashem & Partners (ZH&P) as legal adviser for its planned initial public offering (IPO), sources familiar with the matter told Amwal Al Ghad.

The IPO, which is part of the government’s programme to float stakes in dozens of state-owned companies and officials predicted will value ENPPI up to $150 million, is set to take place in the second half of the current year.

The government’s IPO programme, which will take place over three to five years, will include dozens of state-owned companies. Ghazaly said these would include companies from the petroleum, services, chemicals, shipping, maritime and real estate sectors.

IPOs managed by state investment bank NI Capital will offer no more than 24 percent of the shares of the state-owned companies.