Egypt to sell 24% shares in state-owned Enppi: oil minister

Egyptian government has approved listing 24 percent share of state-owned company Engineering for the Petroleum and Process Industries (Enppi) on the local stock market, Oil Minister Tarek el-Molla announced Tuesday.

NI Capital, a financial company affiliated to the National Investment Bank, will evaluate the fair value of Enppi ahead of starting initial public offering process, the Egyptian minister added.

Earlier, El-Molla said that the government were assessing some state-owned petroleum companies for their suitability for a possible listing on the Egyptian stock market or share issuances, adding that planned IPOs would take place before the end of the current financial year.

The minister did not disclose the names of the remaining companies or the value and date of any planned initial public offerings.

The presidency announced in January 2016 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.

Enppi was established in 1978, and is currently working under the Egyptian Investment Law 8 for 1997, with a paid in capital of $220 million. The state-run Egyptian General Petroleum Corporation (EGPC) is the principal shareholder owning 97 percent of the total shares.
Enppi is a major engineering and EPC contractor that provides full integrated engineering, procurement, construction supervision, and project management services for oil and gas, chemical, petrochemicals, power sectors and other related industries in Egypt, Middle East, North Africa, and South America.