Egypt plans to sell shares in 10 state-owned firms over 3 years: minister

Egypt plans to list 10 state-owned companies, including ENPPI on the stock market over the next three years, Investment Minister Sahar Nasr announced Monday.

The Egyptian presidency announced in January that Egypt would soon offer shares of “successful” state-owned companies and banks on the local bourse – its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir.

The state-owned oil and transport companies are “the best prepared” for the current phase to sell between 10 and 20 percent of their shares on the stock market, Nasr said.

Government-owned financial institution NI Capital seeks to offer shares of Engineering for the Petroleum and Process Industries (ENPPI) before the end of 2017, NI Capital chief executive told Reuters earlier in June.