Date for ENPPI stock listing still undetermined

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Sun, 03 Dec 2017 - 11:41 GMT

BY

Sun, 03 Dec 2017 - 11:41 GMT

File -Egyptian stock market

File -Egyptian stock market

CAIRO – 3 December 2017: "Listing the shares of the Engineering Company for the Petroleum and Process Industries (ENPPI) in the Egyptian Exchange (EGX) will not take place in the first quarter of 2018," Executive Director of NI Capital Ashraf Ghazaly said Sunday.

"State-owned consultancy firm NI Capital, which advises the initial public offerings (IPOs) of government-owned companies, still needs more time as this process takes time," Ghazaly added.

Speaking at the fourth CEO Thoughts conference, launched Sunday by Al-Mal GTM think-tank, Ghazaly said that around 24 percent of ENPPI’s shares will be offered for listing.

The government is launching an IPO program that will offer shares in several state-owned companies over the next three to five years in fields such as petroleum, services, chemicals and real estate to help boost state finances.

"The Egyptian Exchange is set to make a decision regarding stock market listing of state-owned companies and banks in the first quarter of 2018," former Chairman of the EGX Mohamed Omran said in July.

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