Egyptian stock market - File photo
CAIRO - 12 March 2023: The Egyptian government will start the procedures for offering the National Service Projects Organization (NSPO) and the National Company for Natural Water in Siwa (SAFI) on the Egyptian Stock Exchange (EGX) next Wednesday, through the offering advisor, who will communicate with investors and make available the data of the two companies.
“The offering process aims to maximize the value of the two companies and attract investors from the local or foreign private sector,” according to the cabinet spokesman, Ambassador Nader Saad.
“It was also agreed, through the committee concerned with following up the offerings program, to offer four other large companies through international investment banks,” Nader Saad added.
This came during a meeting held by the Prime Minister, Sunday, to follow up on the executive steps of the previously announced government proposals programme.
The prime minister indicated the government's keenness to follow up the executive steps of the proposals program, which was previously announced, and which comes within the implementation of the outputs of the state ownership policy document, and contributes to increasing foreign investment rates, enhancing the participation of the private sector in economic growth, and expanding the ownership base.
Previously in February, Egypt’s Prime Minister, Mostafa Madbouli, announced that a total of 32 companies will be floated on the Egyptian Exchange (EGX) over a year.
Offering companies on the stock exchange will be through a public offering or by selling a share to strategic investors, the prime minister clarified, noting that the offering of the current 32 companies will extend from the first quarter of this year until the first quarter of 2024.
At least a quarter of the 32 companies (eight companies) will be offered in the first 6 months, Madbouli said.