Egypt to list military-owned companies in stock market

The pre-listing process of two Egyptian military-owned companies, Wataniya and Safi, in the stock market has been approved and will be going into action on Wednesday, said the Egyptian Cabinet on Sunday.

The government is set to list four more companies in the market, but are yet to be specified, the government mentioned in its statement.

“This step helps with increasing the rate of foreign investments, encourage the private sector’s participation in the economic growth and expand asset basis,” the statement added.

Petrol station operator, Wataniya, and water company Safi, which are owned by the National Service Projects Organisation and the Defense Forces, will be listed by a listing advisor that will be contacting the investors and provide the two companies’ data.