Egypt expands IPO program with new companies and sales in Q1 2024



Tue, 12 Dec 2023 - 03:19 GMT


Tue, 12 Dec 2023 - 03:19 GMT

CAIRO - 12 December 2023: Egypt's initial public offering (IPO) program is set to witness new companies and sales of state-owned companies in the first quarter of 2024, as stated by Ayman Soliman, the CEO of the Sovereign Fund of Egypt (TFSE), during an interview with CNN Arabia.

Soliman disclosed that the IPO program is slated for expansion in 2024, with a pipeline of companies expected to be included. These will encompass infrastructure and financial services companies, although specific details were not provided at this time.

Recently, TFSE achieved significant milestones by concluding agreements to sell shares in state-owned companies, amounting to a total value of $2.5 billion. This forms part of Egypt's larger target of $5 billion for the current fiscal year (FY23/24).

Furthermore, TFSE confirmed that it had already received $5 billion from the sale of state shares in 13 companies between March 2022 and July 2023.

The IPO program currently features a comprehensive list of 35 companies and assets. Notably, three of these companies, namely Eastern Company, Telecom Egypt, and Al Ezz Dekheila, have already divested stakes to private investors.

With the expansion of the IPO program and the inclusion of new companies, Egypt aims to attract investment and stimulate economic growth in various sectors.



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