Egypt to sell shares in five or six state firms end-June 2020: PM

Egypt will sell stakes in five or six state-owned enterprises at the end of June 2020 to encourage private sector and citizens to invest, Prime Minister Moustafa Madbouly said on Wednesday.

Last year, Egypt announced a programme to sell minority stakes in 23 state-run enterprises over the next few years, but it was delayed due to turbulence in emerging markets.

The statement late on Tuesday came as Egypt’s stock market tumbled 10.7 percent this week, erasing almost all gains made in 2019 in trading between Sunday and Tuesday after fallout from protests in Cairo and other cities over the weekend.

Source: Reuters Africa