Egypt will list three state-owned petroleum companies on the stock market (EGX) within four weeks, investment minister Ashraf Salman announced Tuesday.
The three companies are with a combined capital exceeding 8.5 billion Egyptian pounds (US$1.1 billion).
Speaking to Amwal Al Ghad on Tuesday, Minister Salman said listing the three companies is part of the Egyptian government’s strategy to restructure the public sector firms alongside increase their volume of businesses in the coming period.
The companies are Middle East Oil Refinery (MIDOR) at an estimated capital of US$1.1 billion, the Egyptian company for refrigeration by natural gas (Gas Cool) with a capital of 125.5 million pounds, and the joint stock petroleum marketing company, Nile Petroleum with a capital of 50 million pounds.
The government has not listed state-owned companies on the stock exchange since 2005, when Telecom Egypt, Sidi Kerir Petrochemicals and Alexandria Mineral Oils Company offered shares.