Egypt to resume IPOs of state-run firms starting October – sources

Egypt’s government plans to resume its programme to sell stakes in state-run firms by the beginning of next October, with IPOs of two firms expected to be on offer, sources with knowledge told Amwal Al Ghad on Sunday.
Authorities in Egypt had launched the IPO programme about four years ago to either list anew or sell additional stakes in state-run companies, but the initiative stalled amid a market downturn due to the coronavirus pandemic.
The programme is part of a broader plan to revive Egypt’s economy as authorities had hoped to raise around 100 billion Egyptian pounds ($6.37 billion) from the sale of stakes in more than 20 companies.