Egypt to begin listing procedures of two military-owned firms on March 15th
Updated 3/12/2023 4:30:00 AM
Arab Finance: Egypt will begin the procedures of listing two military-owned companies, namely National Company for Producing and Bottling Natural Water (Safi) and the National Petroleum Company (NPC), also known as Wataniya Petroleum Company, on the Egyptian Exchange (EGX) on March 15th, according to a cabinet statement on March 12th.
The offering process of both companies would begin through the IPO advisor who will contact investors to make the data of the two companies available for them.
The names of advisors for each transaction have not been disclosed yet.
The announcement was made by Prime Minister Mostafa Madbouly in a cabinet meeting, in the presence of Planning Minister Hala El Said and Finance Minister Mohamed Maait.
The officials also agreed to offer four major companies to investors through international investment banks, the statement added, without revealing the names of these firms.
On February 9th, the Egyptian Cabinet announced that it is looking forward to offering shares in up to 32 state-run firms for sale on the Egyptian Exchange (EGX), to strategic investors, or a mix of both.
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