A Local Investment Bank will run three Egyptian Oil Firms’ IPOs: Minister

A local investment bank is probably to run the listing of three state petroleum companies on the Egyptian stock market before the end of this year.

Oil Ministry Sherif Ismail said Monday his ministry intends to task a local investment bank within the third quarter of the current year with running the three state petroleum companies’ planned initial public offerings.

The companies are Middle East Oil Refinery, the Egyptian Company for Refrigeration by Natural Gas (Gas Cool), and the joint stock petroleum marketing company, Nile Petroleum, the minister added.

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