Egypt moves 3 petroleum firms toward stock market offerings

Egypt has temporarily listed three state-owned petroleum companies on the Egyptian Exchange as part of its state ownership offerings programme, alongside Al Maamoura for Real Estate Development and Tourism.

The three companies are Engineering for the Petroleum and Process Industries (Enppi), with issued capital of $357 million; the Egyptian Linear Alkyl Benzene Company (Elab), with $210 million; and Petroleum Marine Services, with $120 million.

Islam Azzam, Chairman of the Financial Regulatory Authority, said the temporary listings are a key procedural step ahead of the companies’ planned offerings on the Egyptian Exchange. He added that the move is expected to support market competitiveness, attract investment and bring more strategic-sector companies to the exchange.

Egypt’s State-Owned Enterprises Unit is targeting the listing of around 30 government-owned companies, including 20 from the public business sector and 10 from the petroleum sector.

Minister of Petroleum and Mineral Resources Karim Badawi said the listings reflect Egypt’s efforts to widen private-sector participation, strengthen governance and transparency, and create new growth opportunities for petroleum-sector companies.