Egypt targets up to $5.8 billion from state IPOs – dep finmin

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Egypt seeks to raise 100 billion Egyptian pounds ($5.8 billion) through initial public offerings (IPO) of state-owned companies, Deputy Finance Minister Khaled Abdel-Rahman said on Tuesday.

The government has embarked in January this year an IPO programme that is offering minority stakes in dozens of state-owned companies over 23 months.

The programme will basically support the market, boost the volume of trading, and the liquidity rates, Abdel-Rahman said at the 10th conference of the Arab Federation of Exchanges (AFE) which is taking place in Cairo.

Egypt hopes the share sales will raise the badly needed funds for the state and boost the private sector as the country implements austerity measures backed by the International Monetary Fund (IMF) and struggles to contain inflation and debt.

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