Egypt likely to resume government IPO program in early 2025: TSFE’s CEO
Updated 7/1/2024 6:29:00 AM
Arab Finance: Egypt is expected to resume its initial public offering (IPO) program by early 2025, CEO of the Sovereign Fund of Egypt (TSFE) Ayman Soliman told Asharq Business.
Egypt initiated the program in March 2023 to offer stakes in around 32 companies and banks across 18 sectors. The program was initially set to run until March 2024 but was later extended to December 2024.
The government has raised up to $3.1 billion so far from the IPO program since its inception, preceded by $2.5 billion from divestments of government assets in 2022.
The state’s current offering plan targets exiting from seven sectors, including pharmaceuticals, chemicals, and construction, in addition to cutting investments in seven sectors, including power plants, and opening investment opportunities for the private sector in four sectors.
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