Egypt to offer 10 more Armed Forces’ companies on stock exchange: PM

CAIRO – 29 April 2023: Egypt is preparing to offer 10 more companies belonging to the Armed Forces on stock exchange after it had offered shares in army-owned Wataniya Petroleum Company and National Company for Producing and Bottling Water (Safi), Prime Minister Mostafa Madbouli said on Saturday.

In a press conference, Madbouli said Egypt is continuing its government’s initial offering programme (IPO).

“The state will not refrain from the implementation of this program,” Madbouli said, adding that more companies will be announced through the program.

Earlier this month, Egypt said it has received offers from investors to purchase shares in both Safi and Wataniya as part of its IPO programme.

In March, The Sovereign Fund of Egypt (TSFE) started the process of offering 32 state-owned companies under the IPO programme to individuals and strategic investors.

The IPO programme is one of the goals under the State Ownership Policy Document approved by President Abdel Fattah El-Sisi in December, which aims to enhance the private sector.