SCA to offer 20% stake in its subsidiary on EGX
Updated 6/22/2023 9:57:00 AM
Arab Finance: Egypt's Suez Canal Authority (SCA) will offer a 20% stake in its subsidiary, Al Rabat Company, on the Egyptian Exchange (EGX) within the framework of the country’s initial public offering (IPO) program, SCA’s Chairman Osama Rabie announced in an interview with Ahmed Moussa’s Ala Mas’ouleety on June 21st.
Rabie stressed that SCA’s total assets will not be privatized, leased, sold, or offered as they are public assets.
The SCA is being revamped from its own budget, not the state’s one, Rabie highlighted.
He also noted that the Suez Canal’s sovereign fund exceeded EGP 100 two years after launch, adding that he expects the canal’s revenues to increase by 35-50% in the upcoming fiscal year.
Moreover, he said that the canal will take over 15% of the world trade within two years, while expecting the canal’s global trade to increase to 15% from 12% during the same period.
It is worth noting that the Suez Canal recorded the highest annual revenues in its history, amounting to $9.4 billion in fiscal year (FY) 2022/2023.
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