Beltone to finalise state-run food firm’s listing studies in 6 months – minister

Egypt plans to finalise technical, financial, and financial studies, dedicated to list the state-run Food Industries Holding Company (FIHC) on local bourse, within six months, supply minister said Wednesday.

Minister Khaled Hanafy further told Amwal Al Ghad that his ministry chose the investment bank; Beltone Financial to conduct the studies of listing FIHC in an initial public offering on the country’s bourse.

Egypt last listed state-owned firms on the stock exchange in 2005, when Telecom Egypt, Sidi Kerir Petrochemicals and Alexandria Mineral Oils Company offered shares.

“This listing will be the first of its kind in Egypt… the first listing of a state holding company on the capital market. The expected value is three to four billion pounds, that is a personal assessment,” Hanafi said in an earlier statement last February.