Sisi: Egypt to sell shares in state-owned cement firms

Egypt is looking to sell shares in some state-owned cement firms in the coming period in the latest step to revive the economy, President Abdel Fattah al-Sisi said on Wednesday.

The Egyptian presidency announced in early 2016 plans to list shares in “successful” state-owned companies and banks on the local bourse, in a move aimed at jump-starting investment and boosting economic growth.

The last time state-owned companies were listed on the exchange was in 2005 when shares of Telecom Egypt, the state’s landline monopoly, and oil companies Sidi Kerir Petrochemicals and AMOC were floated.

Egypt in March announced names of 23 state companies that will sell stakes from this year under its plan to raise 80 billion pounds ($4.4 billion) through minority share offerings on the Cairo bourse.

They included Banque Du Caire, one of the country’s largest banks, major oil companies Middle East Oil Refining (MIDOR) and Engineering for Petroleum and Process Industries (ENPPI), as well as Misr Insurance Company.

Comments
Loading...